All Forum Posts by: Carlos Handler

Thanks for the information. The house  was a single family residence 5 bedroom/ 3bath. Two story home, the only modification is that the stairs were taken out inside the home connecting the upstairs from down stairs and now it’s two units.

Hi everyone! I purchased a home with a hard money loan. I'm trying to refinance to conventional loan. The property is a single family residence 5 bedroom, 3 bath. The previous owner split the 2 story home into two units. Upstairs 2 bedroom/1 bathroom & downstairs 3 bedroom/2 bathroom. The appraiser I had said the upstairs is an ADU but isn't permitted. What ideas do you guys have? Is there lenders out there that will refinance? Thank you!

Hi. It’s been a while since I posted on here. This community has always been so helpful. Doing a cash out on my secondary home. I would like to purchase a new primary home with cash out funds. Without the cash out I won’t have any reserves. I currently have 10 properties.  Can I use my cash out for reserves on a new purchase? Or is there a creative way to get around this. 

Thank you in advance! 

I also forgot to add the reason for a high DTI is because on 2 properties I'm making them short term rentals. I won't have a lease for them. I appreciate the advice

From what I understand it’s because we can’t show proof for income on 3 of our properties, since we just purchased within the last 2 months. We are still in the process of renovating them. I didn’t know hardmoney loans were a option. I thought they were temporary. I appreciate the response. 

Hi Everyone! My name is Carlos, I’m new to this website. I would always read the forums for information I needed an answer for. I’m on here because I need advice. My wife and I currently own 6 properties, I’ve been talking to my lender and I was told my debt to income ratio is too high. The situation I’m in right now is this. We are looking to purchase a duplex and we were going to do it with a hard money loan and after 6 months refinance out but my lender said I might not qualify. I was researching on a different thread on LendingOne and LoanGuys and I realized it’s not an easy process and not worth it. My wife and I have the 25% down payment for this duplex & we would also like to continue purchasing but not sure how we can fund this investment. This is where I need your help. Thank you in advance.