All Forum Posts by: Westlake John

agreed! its been 2 years since i posted this and prices are definitely higher. 

its reported on my tax return but the underwriter wants ' proof of receipt of rental income from the investment property'

i am currently applying for another mortgage and receive cash as rent from my rentals.

what is sufficient proof of rent? in my bank statements you just see the cash deposits. 

@Steven Foster Wilson

Yes all the funds from the cash out Refiance on property 1 will be used as a down payment for a investment property.

I am using a mortgage broker, not bank. They do not have seasoning period.

The mortgage broker did not mention any issue with ratios.

I am curious to know if anyone did anything similar.

Currently in contract for an investment property, I am doing a cash out refinance at the same time to fund the down payment

Question: For the cash out refinance will that need to close before we close on investment or can both closings happen on the same day?

I am wondering since I am using funds exclusively from a cash out refinance, do I need to deposit the funds in my bank and then close on the investment property a few days later? 

question, what service  are you using for rental collection? 

What would be the best advice when it comes to showing rental income on taxes?
I know showing a loss is a no go, but what else can I do to best position myself to qualify for more mortgages in the future? 

I have enough to pay actual cash for the property but want to use a hard money lender. 

Do I need to disclose I will actually use hard money to agent?

hello do you know of any banks that allow helocs with no appraisals besides pen fed? property Is habitable.

John Tames which credit union was it?