All Forum Posts by: Dan Green

Hey everyone. I've run into a situation that appears to be unique and need some advise.

Over a decade ago a friend and I bought a house together. After we signed for the mortgage, he decided not to move in even though the conditions of the mortgage required him to do so. His & my verbal conditions were he move in and we'd take care of bills combined while I took care of the mortgage for the year, then I'd refinance. I didn't say anything about him not moving in and for that year I struggled to cover the regular bills myself causing late mortgage payments and other things. I made it by, but was never able to refinance due to various circumstances and none of the mortgage companies (it switched quite a bit) allowed a loan assumption to put it solely under my name.

Recently, he sent a summons to the property (which I no longer live in) and the tenants sent it back as wrong address. I live in CT and wanted to make sure this would be enough to at least pause it considering he didn't send it to my home address.

I will honor my agreement of refinancing or doing a loan assumption as soon as I'm able (I've been trying excessively over the past decade), however if he does force a sale, can I tack on the fact that I've paid all expenses including the mortgage for the past now 13 years to demand he reimburse me half, or is he entitled to half the equity and I'm just screwed out of everything I've put into the house? There's no written operating agreement, so can I hope the city will split the equity minus expenses down the middle and give me credit for what I've already put into it?

 Any insight would be appreciated

Good morning everyone. I'm stuck in a couple of financial structural issues that I was hoping someone could help me attempt to resolve.

I have 2 duplexes; one I live in with the other unit rented out and the other's rented out on both sides.

The one that I don't occupy is under my former business partner's and my names. Through mutual agreement, I'm attempting to get him off the mortgage without effecting the 4.071% interest rate. The suggestion of doing a loan assumption came up, however I'm concerned about it triggering the due on sale clause. I have $150k in equity I'm attempting to tap into in order to purchase my next property.

The other property which I do occupy is solely under my name. I'm attempting to put it under an LLC or something to decrease my personal DTI because this property's at a 0.98 ratio. Attorneys have told me switching my personal residence to an LLC will significantly lower my DTI and likely qualify me for additional properties, however doing so has created a challenge because my current rate there is 2.5% and I know switching to an LLC definitely changes it. I'd love to try to tap into that equity as well given there's $100k in it.

With both properties presenting their current respective challenges, I wanted to ask if anyone has suggestions on how to tap into either equity so I can continue my real estate journey?

Hey everyone. Looking for a general understanding of how DSCR Loans work. I understand that ratio generally needs to be around 1.2, but what's the percentage of an average down payment on one I should expect to pay? How do I tie it to a new LLC with no prior experience/credit attached to it?Anything else I should be considering?

Any advice would be appreciated. Thank you.

Hey everyone. Is it difficult to get a HELOC on a property with existing liens? My property has (a) water lien(s) on it that's currently being disputed and was hoping to do a HELOC on the property, but worry the lien(s) will be a hurtle.

Hey everyone. I see 3D printed houses are gaining some traction since the cost of lumber's gone through the roof. Does anyone know of any companies in CT that do 3D printed houses?

@Filipe Pereira great, thank you. I'll let you know

@Gaetano Ciambriello awesome. I need assistance with the process.

The previous lender/broker I was trying to use was adding depreciation into my income making my debt to income ratio 102%. Everyone on BiggerPockets is saying he's doing it incorrectly and I need to find a new lender/broker which I'm trying to do now.

The house I'm looking at is a 4 family in East Hartford, CT that I'm 99% sure needs a full gut/rehab. After reading Brandon Turner's "No & Low Money Down" book, I've been attempting to get FHA 203k Funding since I believe that's the appropriate way to go in this case. Once it's renovated, I plan on living there while renting out the other 3 units.

So, I need a lender/broker to help me address financing. I'd be interested in hearing how you could assist me.

Hey everyone. Looking for recommendations on where to go to get an FHA 203k loan.

Hey everyone. This is kind of a 2 parter.

I'm looking to do a HELOC on my current home in hopes of using some or all of it towards the down payment of my hopefully soon to be 2nd home. It's a 4 family that I plan on living in 1 unit while renting out the other 3. I figure the property is a full gut/rehab. I just need some guidance on where to start. I currently have a mortgage lender/broker that's supposedly giving me incorrect advice for financing based on what he's determined my debt to income ratio to be (102%).

I'm also looking to refinance the property as an owner occupied residential loan once everything's fixed & rented out.

Any help would be greatly appreciated. Thank you.