All Forum Posts by: Levon S.

Yes, 2019 was the first year my business was in full operation and elected S corp. He couldn't approve me with 2018 included, and I was denied from another bank because they were unwilling to wait for 2020 (Even with an excellent P&L)
It seems there are no exceptions for the 2 year rule, with the lenders I've been dealing with..

The loan officer said with the draft, he can get everything done in time for closing. There have been many hurdles in this deal, but everyone involved is confident it will work out, so long as my 2020 returns check out.

Hey guys and gals,

I'm currently under contract for my first home purchase! The lender is requiring 2020 taxes to be filed, so I was able to negotiate an extension with the seller on closing, to complete this.

My issue right now is that the loan officer needs a draft of 2020 business and personal returns by a licensed CPA to proceed with the approval, but my CPA is extremely ill and unable to help me.

If anyone can help me with a good CPA to get this done in short order, I would be extremely grateful.

Thank you,
Levon S.

Sorry it took so long to reply, had trouble verifying my email..

 I'm currently under contract for a primary residence, which I plan to move out of after a year. Hoping my self employment doesn't troll the loan at this point. A private lender denied me in the past due to my NAICS codes not matching. Is that common?

@Vicki Clark Glad your getting started!

@Jason High I see where school would be an issue. But aside from school, it would be like a new vacation each year

Hope everyone is doing well!

I'm a new investor in the Orlando area, and have been scouring the market now for a few weeks, looking to buy a primary residence asap, as my lease ends in Feb. Most likely a SFH, due to multi-families seeming nonexistent in my area. (Currently pre-approved for a conventional, owner occupied loan. 5% down, 3.25% fixed, no pmi. 30yr) My current game plan is to do this once a year at the very least, and do some more creative long term investments in between. (Especially if there is a flood of new inventory)

The reason for the post is that I'm looking to connect with Insurance brokers, contractors, investor-friendly agents, and other investors in the area. Also looking for some insight on what everyone thinks of my plan. I've analyzed over a hundred deals, and I'm seeing around 10-15% COC return on just plain, noncreative rentals, but was hoping for better opportunity on these. I'm more focused on building long term wealth through appreciation, principal paydown, and taxes (verses just looking at the COC return, even though I believe it to be important)

If anyone wants to connect, or has any advice for me, I'd truly appreciate it!

Thanks,
Levon