All Forum Posts by: Anthony Webster

Advice needed with this comfort letter issue. My CPA did write me a comfort letter basically just confirming that I'm self employed. 

The lender originally wanted my CPA to state my expense factor percentage. My CPA said that he could not state it due to liability. The lender accepted the letter without the expense factor listed and we closed. Now TWO months after closing, the lender just emailed me asking for an addendum to the letter stating the expense factor. I reiterated that we already discussed this before closing and my CPA is not able to state an expense factor for anyone. They are saying that they have a CPA that will if I send them my tax returns, but this was a bank statement mortgage. 

What will happen if I send them my tax returns to give them to their CPA and my expense factor is above their required amount after write offs and I already closed on the property? What will happen if I ignore the request? 

Any advice would be appreciated.

I do have a primary, but the thing is that I want to upgrade and turn my current primary into a full rental. I'm already renting portions of it out and want to rent the room that I'm currently in once I get my new primary. 

I am adding it, but apparently my CPA didn't list the number of rental days down and I purchased a property half way through the year so it looks like like I have a loss.

I like Zelle because it's instant bank-to-bank transactions.

Financing dilemma - How to qualify for a new primary mortgage when you have rental properties financed?

As you get more rental properties, your income increases, but you still have to deal with DTI ratios. Let's say you have 5 properties and are making $150k with all your income, including your regular job. Even though you're making $12.5k a month, that's still only $6.2k a month you can use with a 50% DTI ratio. Add in the mortgages for your current properties and let's say that eats of $4.5k of that available 50% DTI.That leaves only $1.7k available to work with even though you still have a whole other $6.2k that won't be considered for usable income.

For the sake of argument, let's say the person was making half that for a total of $6.2k a month with no current debt... they would actually have $3.1k to work with even though they would have less income left over when purchasing. Pretty ridiculous.

As a real estate investor, what are options for someone who makes a lot, but is breaching past the DTI ratio for purchasing a primary residence?

Are there any financing options that don't take DTI ratios into account with a low down payment and interest rate? Or is it an option to use a no doc rental loan if I'm going to be renting out part of the house, but still living in it?

Would I have enough time to do a refinance on the rental and close on the new property in 30 days? I would need to find a lender that will refinance with 20% equity. 

My FHA loan is 14 months old.

I have a great deal with an offer that just got accepted, but it appears that guidelines have changes for financing owner occupied multi-unit properties. Does anyone know of any lenders that will do 5% down for owner occupied on a triplex? I already have one FHA loan so that isn't an option for me apparently.

Hey all,

I have a 3/3 townhouse that I bought at the beginning of this year. I lived there and rented out the two spare rooms until August when I purchased my current 3/2 home with a 1/1 guest house. I rented out the last room in the townhouse and am renting the guest house and master in the current home.

Right now I’m making about $1k a month in cashflow after all expenses including utilities. I’m considering taking out a $50k personal loan to get another rental now, renovate it, and then take out a home equity loan on it to pay off the personal loan after purchase and possibly even get enough cash out to put down payment on another rental. I would probably make an additional $600-800 a month in cashflow if it worked out.

Experienced investors, what are your thoughts on this? Would I run into any potential issues getting a home equity loan to pay the personal loan?