All Forum Posts by: Bruce Runn

@Jon Holdman 

just learned how to add prior notes so it alerts someone I refer to. Jon, can you read my post and advise as I can't get a straight answer from my bank or other companies I call to see if I am ok on my DTI. Thanks

I'd like to get HELOC so I can buy properties with cash and flip them now that I've had several years of doing this with keeping them for rentals but need the cash available to make the offers on the foreclosures.

Bruce

@Brian P.

You're right, that is a sleazy lawyer kind of thing to do.  It just reminds me that some people will literally do anything to make a buck off someone else.

@Raj Gandhi

Hi Raj,

Thanks for the tip.

Thanks Matt but after reading John's posts it sounds like he is saying the PITI from my investment properties doesn't get added into my debt number since all of my properties cash flow on my schedule E. If that is so, I'm in good shape. If my PITI from all of my properties are added to my personal mortgage, I won't qualify as in essence that is counted twice. Thoughts?

Hi Brie,

I  did a cash out refi in July and have 8 properties.

So I have  income tax state income and "net" rental income + depreciation spread over the average of the last two years.  Is the debt my primary residence+ car loan or those two plus the debt from my investment mortgages?  Thanks

Where in this calculation does my rental property debt get added as I had an loan adjustor tell me I might not qualify since all my properties mortgages added together causes me to have too high a debt/income ratio even though I make money on all properties and have a very good "job" income on top of rental income?  Or since that is part of my expenses on schedule E, it's already in the calculation?  Thanks

I own 8 rentals properties with mortgages including the duplex I live in. Each of my investment properties positive cash flow $15,000-$25,000/yr. Earlier this year, I applied and barely received a car loan as the adjustor said my debt to income ratio is over 45%. After I had that loan, I've been able to finance two more properties with mortgages so I"m confused as to what the exact calculation is being used since my mortgage broker has never had an issue financing me or selling off my loans. When calculating income, do I take my credit report debt ( my PITI + car loan) / my wife and my "job" income along with adding my gross rental receipts or is it just "job" income + schedule E rental net income(line 26) + depreciation? I have numerous years of tax return rental income so substantiating it isn't an issue and they are seasoned except the two I got this year. It seems if it is the second scenario, I'll never be able to get another loan or HELOC which is actually what I'd like to do since I would like to pay cash for my next place and sell after renovations. On average I have a 50% equity stake in all of my properties. HELP in understanding? Thanks