All Forum Posts by: Joseph A Gonzales

It all depends on the company where your mortgage is serviced. I mean I have never heard of a mortgage company calling a mortgage because title is under LLC. I am not sure but I am sure it happen before. I would recommend forming an LLC for sure and make sure they full mortgage payment comes out of that bank account for 12+ months DO NOT PAY OUT OF ANOTHER ACCOUNT. Reason is because that debt will not count towards your DTI if you go for another mortgaging. All debt on your credit report can be counted as business expense if it is paid from the business bank account for 12+ months in a row. Cannot skip a month. That goes for everything car payments, credit card payments. So if you want to lower your DTI just make sure you start paying debt on your credit report from a business account. If you refi into a LLC type of loan you will pay more in interested. Of course this has limits depending on the lender.

Oh make sure your renters pay you under LLC.

So my recommendation is to refinance the loan into a conventional loan so you can open up your full benefits for your VA loan. So you can use your full benefit again to buy another property. The limit of properties you can own are 2 before the VA will start asking questions soooo if you put the property under an LLC it does not count. As long as the property is not under your names you can reuse your VA loan over and over again. Might be worth putting the property under LLC loan because it will protect you. Right now you are not protected from the renters. They can go directly after you. Just all recommendations. I am also a Veteran.

I would use a MLO (Mortgage Loan Originator) in your area. If the property was in Florida I could help you out. Also, make sure the numbers work. If you want to close the property under an LLC tell your MLO to use Angel Oakms, or someone on BP site. If you going full doc loan I would use someone like UWM (but they can be a pain getting approved) or someone off BP site.

Lets see:

$155,000+$40,000=$195,000

$195,000/$280,000= 0.69642857= 70%

$280,000*.75(75%)(Cash out ltv limit)= $210,000

$210,000-$195,000=$15,000 You would get this BUT you need to pay closing cost which would be over $15,000.00 depending on taxes and home insurance unless they let you waive escrow. (Not sure your area but taxes and insurance is high here in South Florida. 

If you did not want to pay anything out of pocket you can do a Rate&Term and roll in all your closing cost. Normally ltv is 90%.

You should become a PRO member so you can use this Buy Rehab Rent Refinance Repeat Calculator to show use the numbers in a PDF so we have a better idea. 

This is a really fast thought I do not know all of your details and I do not have all the numbers in front of me. Also, do not know what type of refinancing loan are you using. A lot of things are unknown for in my eyes. 

Maybe Start Here:

Fort Worth Zoning office

Dallas Zoning Office

You click the little picture of yourself in the upper right hand corner. Select settings. Select Basics Tab. Find Signature Options. Check the box for "Display my signature in the BiggerPockets forums"

If it is not there you might have to be PRO. 

I am not an underwriter but I am a Florida State MLO. I can talk about the NMLS exam. Not sure where you will take your course but do not listen to the online negative about the exam. You will hear it is hard. Most people fail it the first time. I was scared when I was reading it all online, but I passed it the first time I took it. It was a lot easier than I thought maybe because I studied extra hard. First you should become a MLO/LO before jumping into underwriting so you know the experience the MLO or LO goes through. Reason I say MLO or LO because based on where you want to work you either have to take the exam or do not have to take the exam. If you want to do mortgage wholesaling you have to become MLO take the exam, and if you want to do retail mortgage (Banks) you do not have to take the exam (most of the time you have to go through their training). Let me know if you need some guidance to becoming an MLO. What is great about becoming an MLO is that you only have to take the exam one time and you can be licensed in any state you would like.  

@Hoshi Soul nice believe me you can change brokerages as much as you want without even telling them. The new one will change your license over to them. BUT if you have a deal going through you have to look at the polices to see how it will work out. Do not move if you have a deal or active listing.

@Edward Kim do not shy away from Facebook the people on that platform has money haha they old generation

All you have to do is go to Facebook Groups and post you are looking for investors and 10000000 people will give you their email. I see it all the time. If you post that you have a property they run to you like ants to sugar haha

@Nathan Beach Is it oinline?