All Forum Posts by: Ed Wood

It's if you default they can collect the rents. Lender doesn't want you not paying them and you pocketing the rents. If this is a conventional loan it's a standard rider. If you don't sign it lender won't fund the loan... then you'll go to another lender and they'll have the same rider...

+ for Dropbox I love it best thing ever.

From a lending standpoint you're asking a lender to tie up capital at a fixed rate for a long time that is not backed by Fannie/Freddie that is the problem. Lenders like you are looking for will always do variable rates so they can get market value for their investment.

Think about it, would you loan me $400,000 at 3.75% for the next 30 years? Probably not because you thinking hey wait what if rates go up to 10% and I've got 400k tied up for 30 years at 3.75%.

look up wholesaling, build up some money then be a investor?

@Pete Thomas

Good call Pete! VA is the best loan going out of all of them and that USDA is awesome.

hard money won't work, have you had your house appraised lately can you get a increase on your equity line if they reappraise your house?

@Steven Johnson

You are correct you can use FHA over and over again. You can refinance a FHA into a FHA you can refinance a conventinal into a FHA you can sell a home that you have a FHA loan on and buy another home with a FHA loan the rules are it must be owner occupied AND you're allowed one FHA loan at a time.

You can not buy a home FHA them 4 years later buy another home FHA then 2 years later buy another home FHA and have 3 homes with FHA loans. You would have to refinance out of the FHA loans or sell the the homes to do the next FHA loan.

I don't make the rules I just know the rules.

I would think because most credit cards are 10k or less and it's a difference of a couple 100 dollars vs $1000's and credit cards are unsecured vs a HELCO being an existing lien on the property. My guess.

Here is a opposite situation for you. If you have 10 payments or less on a car loan they don't count it against your DTI. : )

Let me try and clarify things.

1. There is no-way to do a conventional loan in a LLC. No way, never, ever, ever, ever.

2. Most investors with Trust, Partnerships, Corps and LLC's will transfer the property after the loan closes. To those who say "it triggers the due on sale clause" yes it could BUT you are the owner of the LLC, Trust, or Corp so just transfer it back when you get the "letter"?

Doesn't matter what the investors policys are read your note and loan paperwork.