All Forum Posts by: Becca Tew

Thank you @Andrew Postell, @Marty Johnston, @Stephanie Medellin, @Preston Schmidt, @Albert Bui and @Robert Auhll!!

The information you all provided was incredibly helpful! The result is it appears it will be most beneficial to hold off until my 2016 taxes are filed so I can count the property management income since it will be reported in 2 years of taxes at that point. This will give me much better rates and allow for a lower down payment. 

Also, this may be helpful for some of you buying your primary residence. I discovered a company called SoFi (social finance). It doesn't have the same strict rules but does require 10% down and over a 680 credit score. I'm impressed that they don't charge any origination fees and offer quicker closes. There are also a few other options out there that allow peer-to-peer financing for investment properties. One is called Fund Rise. I'll have to look into that one a bit more when doing my next investment property. 

If there is a will, there is a way! Thanks all!

I'm in a bit of a bind and I'd really love some advice. 

My lender has rejected me last minute because he was unable to count my property management income towards my debt/income ratio since I haven't done my 2016 taxes to prove this income. Additionally they are giving me a hard time about quitting my corporate job to pursue my own ventures. I'm sure plenty of you have had this problem! If the boxes don't check right they will give you a big fat REJECT.

I'm working a job in land development consulting, have rentals, property management and other side ventures. Additionally, 80% of the mortgage can be covered by rental income because the house has a separate apartment. My credit score is over 770.

Hard money doesn't seem to fit for my situation as I'd like to keep the house for awhile. I've looked into SoFi but they don't do any mortgages in Utah. 

Any advice, contacts, anything would be very much appreciated!! I submitted an offer on the house today. Yes, I probably should have been pre-qualified prior to putting in an offer but didn't think it would be an issue. Lesson learned. :)

Thanks!

Becca

Thanks @Brad McBride! 

@Christian Kenworthy, do you have any recommendations for small local banks? 

Hi Bigger Pockets Friends! 

I need some advice about lending for a non-conforming condo. It is located downtown Salt Lake City and because 14 of the 17 units are rentals no one will lend on it. By the way, does this rule seem crazy to anyone? It is a well maintained condo in an excellent area! 

Do any of you have words of wisdom here on how we can obtain financing for something like this quickly? Properties in Salt Lake City have been selling within 5 days on the market so we would need to get in fast.  

But generally I'd love to see what you guys have done if you have faced a situation like this? Contacts? Private lending? etc.?

Thanks!!

Becca

@Chris Duzan

If you are in Salt Lake City there aren't any special rules on cultural etiquette as it is a decent sized city with a lot of people from all over the world. However, sometimes the suburbs are a bit more conservative so I'd just say be conscious of swearing or criticizing religion. But there aren't really any other special things beyond that. Utah in general has a lot of really nice and generous people. If you are an outdoorsy person you may never want to leave. ;) 

Hi Chris!

You are moving to Utah at a great time to enjoy the warm weather and nearby mountains! I've known a lot of people that have moved to Utah and sometimes the culture can be a lot to handle. However, there are areas that are more liberal and have much better restaurants. 

I'd recommend Sugarhouse or the Avenues (both really close to the University & considered Salt Lake City) if you are looking for quaint, quiet and really friendly. Although you will be paying a slight premium because everyone wants to live there. Living downtown is also pretty great if you are looking for large apartment complex with amenities rather than a house. If you are into that, try Seasons on the Boulevard. It's close to Trax so your fiancé doesn't have to drive to work and the walkability/views are awesome. 

Best of luck! Reach out of you have any other questions. 

Becca

Welcome to BP! Best of luck with everything! If you ever want to grab coffee and chat real estate I'm always interested!