All Forum Posts by: Alan Lacey

I would certainly recommend shopping that around a bit just to make sure that is best available. Assuming dscr because that would be too much in fees to be allowed on a conventional deal

Rent value is based on the county and number of bedrooms. I can’t r ember where the link is to lists but if you google it it should come up on hud.gov somewhere

There is no seasoning requirement to refinance a conventional loan. If you called the lender that did the original loan they may just be trying to prevent themselves from getting portion of commission recaptured from an early payoff. There is a 12 month loan seasoning requirement for a cash out loan, and fha and Va have seasoning requirements for rate and term refinance, but assuming as it is investment property that is not applicable.

they would only list it as a fsbo if you are owner and not part of mls I would think.

This cpa/real estate podcast has quite a bit of info on all the STR tax components

https://podcasts.apple.com/us/podcast/tax-smart-real-estate-...

Quote from @Henry Lazerow:

@Alan Lacey so if someone had no job they would still be approved for any cashflowing property that brought their DTI up to sufficient ratios?

If they had required landlord history to use rental income above just offsetting the payment and rental income resulted in qualifying dti I guess, but that would not be a common scenario when using long term rental income. Maybe if you had a really large down payment and a free and clear primary etc.

That is correct, and without landlord experience it can offset debt. The lease has to be supported by rent schedule on appraisal, and not a lot of million dollar properties are going to pencil out even with the larger down payment requirements, but it could. The fnma guide is best reference there is handy chart in there https://selling-guide.fanniemae.com/sel/b3-3.1-08/rental-inc...

https://www.neighbor.com/?cq_cmp=20531807643&cq_term=&am...

you can’t, and you can’t do it as a second home because you are going to rent it immediately. No roi is worth committing occupancy fraud

Quote from @Nicholas DiSanti:

@Jason Wray Thanks for the response - this is a portfolio add to my partner and I's holding LLC. I actually like the suggestion you gave for the second home, I just don't know how I would swing it since we're targeting it as an add the the investment holding company as opposed to a solo purchase for myself.

I'm also not sure what requirements look like for using it as a 'second home,' as I'd never be there and almost certainly rent it immediately. 

It's a 30 year @ 3.5%, with great turn ket cash flow, hence why I'm trying to make it work. 

If property is free and clear the 12 month loan seasoning will not apply. The delayed financing option bases value on the appraised value not the purchase price, but you can only borrow price plus cost which still results in same concerns you have about that option. As others have mentioned you can take a different kind of loan out vs the property and then pay that off with standard refi. So if you have any affluent friends they could do a private loan and you can record that and refinance it pretty quickly. Run it by  your preferred lender, but believe last I checked that was a options.