All Forum Posts by: David Bilandzija

@Peter Shafik Keep us posted Peter and good luck.

@Peter Shafik Don't let the DTI issue stop you. It is little more than a distraction from the real prize, which is snapping up a property. You could certainly try getting a full doc A-paper loan where DTI may be considered but don't let any turndowns discourage you. There's a long line of lenders in the private portfolio loan world that ignore DTI, personal tax returns, etc and still offer a competitive rate and terms - think No doc, lite doc, asset based loans. Get your foot in the door with this opportunity and don't look back.

Regarding the legality, there is nothing to stop you from handling your own refinance requests.  You may want to ask companies you would potentially be applying to if they have any objections to your plans.  As a licensed MLO and RE Salesperson, I plan on handling both my own real estate transactions and conv. financing in the near future.  

Buy Midwest investment properties and ignore the non owner occ pricing premiums, just do it.   Use your out-of-state rental income to support living in CA.  Rent a room in CA at first and then trade up to buying once your rental income can support it. Create a virtuous cycle.  Good luck. 

@Jeremy Nault "Polite but distant"

@Van Nguyen Speaking to conventional underwriting, frequent job changes aren't a big deal to an as long as you remain employed in the same industry. If DTI isn't an issue, go for a conventional loan. Otherwise, like previous poster stated there are investment loan programs out there, Rates and terms are competitive minus the requirement for DTI qualifying and in many cases lenders will ignore DSCR. A lot more no ratio loans in the market place these days.

@Jake Adams ...utility bills, evidence of insurance - find out where you stand in terms of coverage when you change the policies, basically everything that would be included on an operating income and expense statement. You might even want to ask for the names of contractors and repairmen that helped the prior owner.  

@Ema Silvadon't forget to update us in the future on your fruitful decision.  Congrats and best of luck to you Sir!

Can you find that kind of return elsewhere in your market? In other words, what are the alternatives.  Look at your deal from a global perspective how does it stack up to what's available around you.  You might find that the 30k difference is nothing more than a distraction.   

Does it serve as your primary residence?  Personally I'd opt for a refinance as long as your new loan doesn't place you into a difficult financial position each month. The equity you've built in the property gives you options and flexibility.  Refinancing will also possibly lower your a payment but could also reset your amortization schedule.  A loan mod could potentially increase the interest paid over time and slow your amortization down and the rate at which you reduce your principal loan balance.  Depends on the agreement offered.  Good luck.