All Forum Posts by: Herm M.

anyone else with some feedback on this?

Let's say a person makes 11k a month and his/her monthly credit obligations add up to 5k monthly (this includes three mortgages). This person is essentially tapped out as far as debit:income goes.

This person wants to buy a duplex rental for $550,000. With 25% down , the loan amount is $412,500. The PITI comes out to $2800. The monthly rental income is $5300. The lender will give credit for 75% of that, let's say $4000/month.

As far as qualifying for a conventional loan at 3.5% goes, which of the following is true?

a) The lender will say that the building is self-sustainable because the $4000 rent covers the $2800 payment. The lender will give you the loan.

b) The lender will say that you are signing up for a new monthly obligation at $2800 and so you need to meet 45% debt:income and so you need $5800/month in additional income in order to get this loan. They'll give you $4000 rental credit and require an additional $1800 of monthly income.

I have heard mixed things on this. If b is the case above, then that disqualifies this buyer.

Are you guys talking about full-doc conventional loans that require credit score + tax returns + job history?

Or are you talking about loans that are given based on credit score + the rental income of the property?

when people do these type of deals, are you refinancing with conventional loans that ask for job history, tax returns, etc.?

Or are you getting a loan based on credit score, rental income of the property and LTV?

I've already complained about this search engine before. Here I go again:

When I am browsing listings via the map, the search is no longer filtering listings as I'm moving the map. I have had my map zoomed in on California and Nevada and it would only show listings in the areas visible on the map. Now, it no longer does that. It stays showing me 6600 listings nationwide regardless of what areas are showing on the map. WHY?

Why is there a filter that allows me to filter by location but only by city? Why can't I filter out an entire state or two? Am I really expected to type the names of fifty different cities if I'm looking within a 100 mile radius?

Does anyone think this search engine is useful?

Why isn't there a filter that allows me to see only new listings that have been posted in the past week? Why am I seeing listings from ten months ago?

Why do some listings tell me to "login" or "register" when I already have an account that I pay $9/month for, which I am already logged into?

I am having trouble filtering out california properties. can someone help me?

I'm confused, i have saved a search with the location filter on CALIFORNIA and I am seeing no new listings for the past ten days. The newest post with that filter on is from ten days ago. For years, I have seen new listings posted every day or two, three days at the most. 

Has something changed with the search engine?

Or has nobody posted anything for sale in California in the past ten days?

CLOWN.

bumping this up.