BPers,I searched the forums for a list of do's and don'ts for hard money lending without much luck so I'm going to see if I can get all the answers in one place. I am at a point in my REI where all my personal and pri...

@Bob B. will certainly, but should I change my coverage for home insurance, since now I don't have any requirements or anything from mortgage lender?

My reading comprehension is off today: who gets the 70 and who gets the 30?

There wasn't even an outlet in the bathroom on that wall.In terms of what to be prepared for.1) Hopefully you have loss of rent coverages for 6 mos on the house.

They will look at the rental property's income instead and come to a debt service coverage ratio or a property DTI (measures as the monthly property expense divided by the gross rental income). 

I like the debt-service coverage ratio (most use 1.25-1.4 so I will use 1.325).

Terminix can permanently fix the house issues and Exclude all the rats to solve the problem for $710 plus tax, (includes $100 discount) full coverage for 1 year with an option to continue guarantee.

Lenders on commercial deals typically want to see a debt service coverage ratio (DSCR) of net income = 1.25x debt service, at the very least.  

As long as they are on the same deed, you should be able to get one policy with some tweaks in coverage. 

lol Has anyone out there found a company that will write a policy for this kind of coverage??