All Forum Posts by: Anne Whalen

@Nick G. @Shaun Weekes @Chris Mason thank you all for the great notes! One property is primary and the other is rental. Both in the Bay Area. Both hubby and I have excellent credit. The primary is on a 15 yr @2.99% and we'd prefer to keep the rate and continue to pay off the property. But this is also one reason why our DTI is unfavorable to us.

Another reason for DTI is that I took a W2 job last year after 5 years of 1099 income and now am back to 1099 but I'm told my income "track record" is now reset and I need to show 2 years of 1099 income starting this year...so suddenly the lenders would only consider my husband's income. Any insights if the direct or local lenders would consider differently?

Do lenders take into consideration the cash reserves I have access to? Another scenario is to buy a property in cash then refi. If I buy in cash then refi, does debt to income ratio need to be considered in that scenario as well? 

Thanks for sharing your advise and knowledge!

Hi BP Bay Area community. New investor here. I am trying to figure out the best way to leverage lending to buy additional properties. I have 2 properties with lots of equity (estimated: 800K). I looked into conventional loan, HELOC and cashout refi with Wells Fargo and was told that my debt to income ratio is too high (hubs is W2, I am 1099). I read that each lender have different criterias? Is that true? Anyone have recommendations for Bay Area local lenders?

@Bob Collett thanks for the recommendations! I just requested to connect with you through here. let's chat!

Bob Collett I'm looking to invest in Cleveland areas in the areas you manage properties. My husband will be in Cleveland next week to meet with people and to see neighborhoods. We are looking for RE, PM and contractor contacts. If you are available to meet, let's connect!

@Ariel Smith hi there! I just read your profile. i'm curious...I've always thought the location of my rental in San Jose was ideal for corporate housing. Can you share your experience managing fully furnished rentals and HomeSuites? Thanks!

@Mike Ferrante thank you for breaking it down for me!

@Tom Ott mine too. and the agents i bought from have all been paid by the seller. 

@Tom Ott thanks. which part isn't common? 

@Tom Ott  thanks for your response! i'm looking for buy and hold properties in B areas as investment properties. I just reread my post and I should clarify. The realtor wanted a commission guarantee for any properties purchased through her. For example, if I buy the property through her and the seller paid commission was less than her minimum, she requires that buyer pays the difference. In addition, she requires an exclusive right to represent contract. 

hi everyone, very interested in Cleveland area and how agent fees are structured. I spoke to someone who required a minimum payment and a contract. I've never had that in the properties I own in other markets. Is this normal in Cleveland? Please advise. Thanks!