All Forum Posts by: Stephanie P.

I’ve tried that and the bank won’t renew my Lines of credit or continue to give me new mortgages without the co signer I said look at my payment history, my net worth etc… the bank says if my tax return doesn’t meet there criteria I’m out of luck they also said I’d need to own 15-20 houses and have that show on my tax return.. And I wouldn’t care to switch banks for future business but it’s jsut such  a bummer to have to leave these low interest rates I locked in. 
is there such a thing as ignoring the bank, but making the payments?

it seems like with conventional, Once the loan is made they leave you alone.. but with commercial it seems like they wanna bug you every year.

Any ideas based on this? 

I’ll try to keep this short..

I started buying property in 2018 using a local credit union and my dad as a co signer. Things were going smoothly I’ve never missed a payment I’m on auto pay and have plenty of reserves I have a great payment history to this day.

However my main lender at this bank got promoted and a local family friend took his place, my dad is unwilling to continue co-signing with this new lender because he “doesn’t like to do business with friends”.. he also is done with this bank. he got emotional. So I can’t just switch lenders at this bank to make him happy. 

I have 5 mortgages with this bank and don't really want to refi with another one because I have such a low interest rate 4%. I'm looking at over 8% for DSCR loans.

That being said since the loans are already there and I never miss payments do you think I can tell the bank sorry my co signer is unwilling to provide and new information and just keep making the payments. Or do you think they will call the loans due because they don’t want to take any risks? 

This has been a very bothersome issue for me. Interest rates don’t help. I don’t know what to do at this point. Please any advice will help. 

My wife and I are first in line to acquire a profitable wedding venue in Illinois. We need creative/quick financing on a $5mm property. We have an NDA, LOI, and a contract, so no questions about the property please.

We have a successful wedding officiant service business with 500k in total yearly revenue (265k NET) AND an 800 credit score.   We are expanding our business into a wedding venue business that has 900k in total yearly revenue (581k NET with addbacks).   

We want our monthly mortgage payment to stay around $30k.  The seller is willing to finance between $500k-$1mm and/or provide $500k cash at closing in the form of deposits on unexecuted weddings for working capital.   

We need a lender who will release the RE/business appraisal upon completion (not hold it until closing) so that we may use it for any further negotiations.  Looking for a 30 year loan at Prime +0, with 10% down (to include seller financing).  

There’s a good amount of cash flow here, so we need a lender who can close quickly with minimal conditions, fees, prepayment penalties, etc.   We need to move on this ASAP.   

Thank you for any advice and referrals you can provide!   -Brad

@Jenny Zhang

Your only hope will be HUD financing and HUD doesn't really work with acquisitions as the approval time is so long. Better on refinance of existing debt

Hi everyone, 

I am trying to get a list of lenders (local banks, credit unions) who do 30 years loan on apartment building (more than 4 units).  Can you help? 

Really appreciated,

Jenny

Hello, 

Do investors recommend using hard money and/or private money to invest in rentals for long term hold?

Hello BP community. I am about tapped out with conventional loans as I have 3 properties worth over one million total currently mortgaged against my name. I was Wondering what other finance options are out there that will be an option as i look to at least double my portfolio in the coming years. Anyone specific you would recommend. I am located and purchasing in the northeast. Appreciate your input

Hi, my partners and I are looking to buy a small to mid-sized multi-family property, but my one partner is also in the process of purchasing a car for $25K. To give you a background, he has no mortgage/rent payments, and with this car loan, his total monthly loan payments will be ~$600 versus an income (with commission) of ~$150K+. Our question is, how will this car loan affect our ability to apply for a mortgage? What about mortgages for multiple properties if we decide to buy more than one? Will there be a significant impact or should he be okay to purchase? Thanks!

I am 24 years old currently renting in Nashville. I have 30k saved up, but do not have strong W2 or 1099 income right now. Will this effect me pulling a FHA loan? Would co-signers help pull the loan? I have read the House Hacking book and plan to do just that when my current lease is up. Any thoughts on what the smartest thing to do here is and any plan of actions I should take?

Hello, BP community. 

This is my situation: 

I live in Florida with my parents and want to start investing in Real Estate. I have a good credit score and work for a foreign (Latin America) company. 

I want to do an FHA Loan for the low down payment requirements and to acquire my first home and house hack. Is it possible to do the FHA loan if I travel constantly (I am at home one week every month due to work while renting out the other rooms and potentially staying in a small bedroom inside the house.

Please let me know, thanks!

Best.