All Forum Posts by: Dean Poff ii

@Vincent Pirrone if your education was used to get you the job you have today then you can count that as work history.  DM me and ill see if I can get you preapproved. 

I think the easiest order to do this, is to create LLC, get loan in your name, quick claim dead the property to your LLC right after closing. You can do the quick claim deed at the closing table after you've signed the documents. Getting a loan for a residential property for an LLC can be a pain. Good Luck

@Nick Burkhardt you can request it to come off at 80% LTV, or it automatically comes off at 78% LTV with a conventional loan. Id also check out if the property you have in mind is USDA eligible, its zero down payment, there is a funding fee but that can be wrapped into the loan, and with seller paid closing cost you can be in a multifamily for nothing. USDA requires you to use this as your principle residence for a year but unlike FHA no one comes to check.

What about borrowing against your 401k?

You’d have to have the money seasoned in you bank account (in there for more than 60 days), the loan would also effect your DTI, I agree with the poster above, gift of equity from family member is much easier.

@Nick Burkhardt It really depends on the investor that your loan office is selling the loan to, where I work we can to 5% one unit investment properties, and we do as many of them as your DTI will allow as long as you have the down payment. If they are multifamilies 2-4 unit properties we are between 10-15% down. Good luck!!

@Dan Krupa Thanks for your post, would you share some info on 8226 holmes st? How did you acquire the property, what were the reno cost etc? I live 3 blocks south on 79th and Charlotte. We own some rental properties in Independence and have been looking for a flip in waldo or brookside but haven't seen anything come up

any update?