All Forum Posts by: David Martin

I would try to establish common ground on any almost any topic and use that to build rapport.  This builds trust and can break the ice for you which will ease your nerves when communicating with the seller.  

Figure out what works for you both and try to get it under contract.

Thank you all for your replies!  I see that it would be wise to prepare for this type of stuff before applying! I never knew about required assets or their seasoning required.

@Brian Gibbons I'm with you on the seller financing and it will be a major tool that I will use going forward.  Learning to be an "transaction engineer" is priceless!

Okay thanks!  I'll request their underwriting  guidelines.  Are there cons to using gifts for the down payments?

I've applied for a sub40K mortgage and my credit union is asking for a list of assets available such as a retirement account or accounts with other financial institutions.  They have hinted that they may not be able to approve the mortgage if I can't show assets. (That's why I applied for the mortgage... to build an asset!)

Currently I don't have any real assets or real property other than personal property and business inventory from Income on my schedule C.

Would this asset requirement happen to be an industry standard and is there a creative way to get around this or another way to deal this requirement?

Thanks!

@Lisa Phillips Thank you very much!!  I'll check them out.  By the way, I really enjoy your youtube channel.  Very informative!

As far as homeowners insurance policy for your sub30k properties, what companies or types of insurance would you recommend?  What would it cost to insure these properties yearly?

Thanks!

Any one out there ever dealt with them (lockettnhomes.com)?  According to them, they also lend on rehabs @ 80% of the purchase price with minimum loan $50K.

Feedback appreciated...

Thanks!

@Judah Hoover Thank you for this information!  I was curious because according to my local credit union, they'll only consider the Schedule C income even if I have W2 income.  Seems strange that any earned income will be disallowed for the purposes of qualification.

For conventional mortgage financing for us that are self employed and also use a Schedule C, do lenders consider your AGI as well or are they more/only concerned with the numbers on your Schedule C?

Thanks!

@Brian Gibbons  @Bill Gulley  I have to thank you guys as well for this information also! Most of my leads that I've been getting recently are Free & Clear and I've been looking for clarity and ways to convince the sellers that there are benefits to carrying a note!

This is what I was looking for!

Thanks!