All Forum Posts by: Zach Wain

Without knowing all of the details, credit card debt is a killer.  Removing all high interest rate debt before investing is my recommendation.

@Eric Edling - this may not be the fast answer, but if you want to continue to invest and borrow money, I would recommend proactively fixing your credit.  If you have not done so, reviewing your credit profile with a good lender is step 1.  Professional credit repair might be step 2.  If you have not done so already, its worth some time and attention

Without knowing your profile, HELOC rates should be in the 8%-10% range. Generally speaking of course

 @Ryan Fox - make sure you know what the closing costs are for the 6.5% rate.  $0 in closing costs or $15k in closing costs makes a big difference.  Rate is 1 half of the equation, closing costs are the other half!  

In my 16 years, I have not found a consistent mortgage lead source ever since lendingtree leads went downhill (5-8 years ago).  Zillow is not bad if you partner with a realtor and split costs in a zip code, but you have to find a zip code that is not super expensive...  The lead volume is low, but the pull through is half decent

@Account Closed - if your W2 income is strong and you do not have any business for self income, than you are talking about high write offs on your rental properties, right?  If its depreciation, that can be added back as income, besides that, if you are claiming all of your income the rental numbers should be pretty decent.

Is it one time renovation expenses that are the big write off?  Often times, with a letter of explanation and sometimes receipts we can remove those as a 1 time expense.  

Everyone loves to jump to Non QM higher rate, higher fee, and pre payment penalty loans but maybe there is a way to put a more creative eye on your tax returns to see if you can qualify for a conventional loan on your properties in the states...

@Mary El - Most lenders can pull the COE directly from the VA's lender portal. So no worries, it takes a few minutes...

The investors we have require 25% and the rates are very high on these products.  You may want to pursue a true commercial lender

@Henry - 10% down 4plex as a primary home. Non QM - FHA - VA? How many discount points did they pay?

Ashley - I love the strategy! VA loans are very flexible when it comes to debt to income ratio, obviously 0% down payment is a plus, and since you have a service connected disability there is no VA funding fee. VA loans are not very picky on credit score either. If you are over a 660-680 range, that will be the best pricing bucket for a VA loan.

Good luck!  If you have any loan questions feel free to reach out.