All Forum Posts by: Jeremy England

Terrible business.  Hope you got a first position lien.  You can foreclose and might get properties worth more than you invested.  

Thanks, this is what i thought should be how it is done.  Im not sure my bank is accounting for the rental income in the dti.  

So I've heard alot of talk on the podcasts and this forum on banks limiting the number of mortgages that you can have for rental properites.  Some have said 4?  some have said 10

I am 10 days from refinancing a rental property and it has been a tedious process.  In addition, its not that big of a loan.  We are talking 75k.  I refinanced with a local bank but found no fewer hurdles to jump through.  

I got this rental property with a personal loan which i owe 78k. Bank says it has pushed my DTI ratios higher so they wont refi me for the 75% of appraised (appraised value is 118k) So in order to get the loan at the number I want, the payoff of the personal loan is going to be at closing,. Which is fine because that's what i was going to do with the money anyway. The rental property is bringing 1000/mo in revenue.

Now, I make a good living in my W-2 job and my credit is excellent.  I have a mortgage on my personal res for 369k, and I have one car loan for about 14k left on it.  My cash reserves are plentiful.  My question is how are people getting multiple morgages (like in excess of 4,5, or 6).   I understand commercial lenders but that's not what im talking about here.  I'm talking about conforming loans.  

I've borrowed from huge national lenders and now this lender who is a local bank, I didn't find the standards, processes, qualifications any different tbh.  The local one was cheaper in fees so I chose them.  And i can go down the road and get face to face if I need to.  

Thought i'd update everyone following this thread.  New survey came in 18000 higher, so my cash outputs for this property are going to be about 3k, that's only the interest paid on the loan.  No cash needed for closing.  So it looks like it will be closer to a true brrrr deal.  

Appreciate the info, turns out i had to get a new one.  Couldn't get my hands on the one done before.  I bought the property in cash with no survey, that owner bought it at auction cash with no survey.  

I own 1 rental property in my personal name

I bought it with a personal loan (i'm about to refinance), on which i paid 3000 in interest payments in 2018.

I spent 17000 of that loan money rehabbing the property

It has been rented since september and I received 1000/mo (so 4000) but the rent payments were made to my LLC

I know rehab costs get accounted for in depreciation expenses but i suppose i'm unsure how the rent being paid to my LLC impacts the taxes on my rental that is held in my name.

I publish my prequalification standards in the listing.  Minimum credit score, minimum income, no evictions, no felonies in past 5 years, no sex offenses, 

My first rental was section 8.  I had a good experience and the rent got paid.  But, when they inspect your home, you may have to put some items that you normally would not.  My example is the inspector wanted a rail installed in the back steps.  It was only 2 or 3 steps and it didn't cost that much but it was just one more item on a list of items i already paid for on the rehab.

The other danger of section 8 is the tenant might lose their voucher for whatever reason. 

 What i mean is you are getting 20 applicants when you have vacancies.  If you raise your standards, you might get 10 applicants but more will  be qualified and ultimatelh youll have fewer evictions

I get money orders or bank checks for the deposit and first months rent.  After that its all cozy online