All Forum Posts by: Colby Wartman

I don't know what banks that you use, but I would like to know. If I call any of the mortgage lenders used in my handful of properties, I would have to wait on hold, talk to 3 different people before getting an answer. Thanks

I am reposting this questions usually I get a answer within just a few short hours. It has been a couple days and have not seen an answer.

If you own a rental property and you have a signed lease at the minimum of 1+ year, does that rental property mortgage (traditional investment loan) still count against your DTI? A friend asked me that question and I wanted to clarify it as I did not have a clear answer! Thank you! This may be a great question for my dude @seanOKeefe
 

I was asked yesterday by a good friend of mine who has got 1-2 rentals in the last year and I wanted to check with you all first. His question was, if you have a long-term residential lease signed 1+ years and the property is rented out, does the mortgage still count against your DTI? If the mortgage product affects the answer, it would be a traditional investment property mortgage, not a DSCR loan. I would like to know the answer to this question as well! Thank you all.

appreciate the feedback! I am in some REAL REAL need of tax savings this year so this year may be the year!

I currenntly have 5 properties and am needing to cut down on tax liabilities for this year. I have never done a cost seg for any properties up to this point and understand the fundamentals of the process. However, I would like to know a few things from people that are more experienced:

1. Who do you traditionally use? Is there any benefit from local companies?

2. In your experience, was the study pricing justified for how much tax savings you got?

3. I have heard that there are a couple different options. 1. Doing it by yourself with minimal assistance. 2. The hybrid method. 3. Having a company do the entire process. What have you found works best?

Again I have never done this and only have minimal understanding of the process! Any and all help would be greatly appreciated, thanks!

I have a couple options on financing my next rental property ( duplex). One of them is a 5-year, 7% interest balloon mortgage. My experience with these is ZERO, however, I understand the concept. With the environment we are in right now (higher rates, higher end of the yield curve) what is everyone's thoughts on these products? Without getting into the weeds, I will cash flow about $150-$200/month (fairly good for our area) what is everyone's thoughts and experiences with these products? With where we are at in our environment, would you do this type of product for your investment? Thank you so much!

Within the last couple of days, my conventional terms have fallen out and I am unable to qualify due to the amount of points. However, I have two options, DSCR which makes this deal very tight ($100-150 cash flow each month) or a Self-Employed Loan. I have ZERO experience with this product, can someone with experience help me out please? If so, where is the best place to obtain one? I am a business owner and would have plenty of income to qualify!

Currently, as outlined in my other post, I am in the process of acquiring my 3rd property. It will be a full-duplex and planning to go conventional, owner-occupied and move out right after the 365 days. However, the lender I currently use and have been reasonably happy with (lower.com) does not offer investment property or DSCR loans. Who have you all used for DSCR loans in the past? Who have you had a great experience with? I am purchasing the property in North Dakota if that helps at all! You guys are the best, thank you!

Question for all my loan officers or other experienced investors. I own 3 rental properties, acquiring my 4th in 60 days. Just for context, I used a lender I will never use again (no name lender) and I have used Lower.com for my other properties. I was pleased with Lower.com however, I had one issue. When purchasing my ABNB property I was told (in writing) that after the closing of the loan, I would be able to contact Lower.com and get my property transferred from my name to my LLC. After months of little to no help, I found out Lower.com does not deal with LLC loans and would not be able to transfer or issue a loan to an entity or company such as my LLC.

My question for you guys is this. When purchasing a property under your LLC, what lenders have you been pleased with? I am still undecided if I will purchase this next property personally or with my LLC. Thank you in advance and I look forward to your responses!