All Forum Posts by: Horacio Gutierrez

Are you saying if the bank foreclosue on the home the family member might loose his principal even if they have a lien on the home?

Hello, Say someone like family member or friend or coworker lends you money with a fixed interest for down payments on rental properties and the rest the banks finances it to you. Would the sec rules apply here and you need to do all this legal paperwork or it will just be treated like a promissory note you made with them. Also, say that the person defaults on the the loan and the bank foreclosure s on it, what happens to the family loan can they put a lien on it and have the bank pay them back there down payment or when the bank sells the home they get some momey bank or they loosse there money ?

Make sense. My question is that if I apply the rental income to debt to income ratio for fha loan, would be able to use the rental income again for the debt to income ratio when applying for the conventional rental or I can use rental income as income for the debt to income. Also, is 75% applied to the gross rental income or net operating income?

What do you mean by executed lease, can you please give an example. Also dont I need 2 years of landlord experience if I havent rented it out?

Hello, When referring to a private lender loan how is that different from a down equity partnership. What legal things need to be addreess with a private loan to not have legal issues and how come equity partnership wont have legal issues. Is a private loan used to pay for the whole amount of the property or can you use it for a down payment to?

Andrew, the third unit will be more difficult to use as income because I would need to move out and rent out the 3rd unit before I apply for a loan for my sfh correct?

Andrew, His my scenario of what I'm planing to do in the future is buy a triplex with an fha loan which I will live in one of the units. Now, say the other units are rented, can I use 75% rent income of those two units to add to my gross income for debt to income ratio for the triplex loan even if I never been a landlord and would I need appraisal for the rent income?

Hello, Say I bought a duplex with an fha loan and later on, I want to move out and use the rental income which is 75% of the duplex rent in applying for another home loan. Is 1 year of landlord experience when leaving one of the duplexes enough to use that rental income for the debt to income ratio for the loan im applying for my new home loan pr does have to be more years of landlord experience like 2 years?

Do I need to have 2 years of landlord experience which means leaving at the property to count 75% of rent towards my income or is there an exception to the 2 years of landlord experience to use 75% towards the income where I can only use 1 year of my rental income taxes. Also is the 75% applied to the gross rent income or net operating income or cash flow which is left? Thanks,

Hello, Hello,In 2 - 4 multifamily unit will banks look a debt to service ratio or my debt to income or both?