All Forum Posts by: Brian Holt

How can you count the initial equity at purchase as part of a down payment? Or can we?

Last month this Single Family home was listed for $393,000.  In talking with the seller yesterday they take $349,000.  

For the official offer is it better to write the offer:

1.  Sales price $349,000 and then we (buyer) pay the 20%  OR

2. Sales price $393,000 and they pay $44,000 (11%) at closing and we pay $34,600 to equal the require 20%?

3.  Is it possible to include that price reduction in the original loan amount?  

4.  Any thoughts or other ideas?  We have the 10% but need to sell another property to get the full 20% which will take some time.

Thanks for the replies and ideas!  I agree that the best lending team may not have the best rate but provide a lot of other benefits.  The tax returns are critical (I forgot those... Thanks for the reminder).  Stephanie that is a great point that coming prepared may not get a better rate, but like you mentioned it will help get a more accurate rate and hopefully help the loan officer enjoy working with me because they have most everything they will need.  Thanks for the responses so far!

I am creating a portfolio to give to a few select loan officers to obtain a mortgage for a rental property.  What would you include in this portfolio?  I currently have 5 rental properties, working on my next one.  Assuming this discussion is sort of like a job interview, I want to impress them so I can get the best rates and work with the best lending team.  Any ideas or thoughts appreciated.  Right now I have a sheet for each property with all of the key information and then a summery of all 5 properties.  I include, Loan to Value, Cash on Cash.  What else would you like to see if you were a loan officer?

Hello, I also purchased the Book On Rental Property Investing book on Audible.  Would you please send me the proper link to get the charts and other information? @Michael Sato ? Thank you for your time.

Brian Holt