All Forum Posts by: Horacio Gutierrez

What if his debt/income is high and credit score can he still refinance the two homes for 75% of home value?

Hello, My dad friend has two rental properties free and clear. If he wants to do cash out refinance, his income is social security and rental income for those properties can he still get 75% loan for each property within the same year or will the amount the banks let him qualify for 75% loan refinance depend more on his debt/income ratio and credit score? Thanks,

So Clara with the income he receives can he still a 75% cash out refinance on both of his properties or maybe not because of what he earns. Does bank even care how much you make with cash out refinance for 75%?

Do you think he can do 100% cash out refinance from the rental properties or it depends on his income from ssn and rental cash flow?

Hello, My Dad's friend has 2 (SFH) rental properties free and clear and is retired. He recieves a social security check and his total rental cash flow is about $2800. How much will the bank let him cash-out refinance to use that amount to pay for a down payment on another rental property. Also the bank he will ask for a loan to buy Rental property to let him borrow 80% of the home value, will the bank care more about debt/income ratio and credit score than the equity he has on those two rental properties or more the equity he has?

What has been your experience Joe?

Hello, Say I have 3 sfh rental properties that are break even in cash or they are positive cash flow. If I go apply for my 4th sfh rental property loan will the bank still count the mortgage payments of the 3 sfh rental prperties as part of my debt in the debt/income ratio or the lender wont count as debt because they are cash flowing? Thanks,

Hello, I heard that banks want you to have 6 months reserves to be consider for you borrow money for a rental property. Say I have 4 rental property already with banks loan with postive cash flow or break even and when I go to the portfolio lender for my sixth loan for rental property will i need 6 months reserve for each rental property or is it only 6 months reserve for the home i would buy the bank dont care about have 6 months reserve for the rest of rental properties?

Hello, Is there like a rule of thumb on what percentage of the home price should be the most an investor pays for renovating a rental property and what the highest percentage you pay for renovation a home using brrrr method?Thanks,

Hello, Is there like a rule of thumb on what percentage of the home price should be the most an investor pays for repairing a fixer upper and a rental property? Thanks,