All Forum Posts by: Keith A.

Thanks Bill Gulley for the extensive reply. A lot of good information here.

I'll take a look around at some local banks and see if their requirements allow less than 2 years experience and are more flexible than the larger ones.

I have a few properties that are leveraged and also some that are free and clear. I have been able to use my salary to control the DTI for the first few of them but now am reaching my limit without including income from the properties. I only have last year collecting rent to show on my tax returns.

I would like to continue purchasing using the equity in the free and clear. Any suggestions on doing this? Are there lenders that would accept one year experience? Any help is appreciated.

Charles Baisden I happen to use Bank of America since I had already used them personally and can do everything online. i.e. creating accounts. To avoid a monthly fee on the non-interest bearing account you need to keep a $1500 minimum balance. You may want to check who you use and are comfortable with as most banks have non-interest bearing accounts.

Thanks for the reply. It wasn't shown/needed on any documents for the refi.

If you are in the middle of a cash-out refinance and you have already provided all documentation and waiting to close should you purchase another property cash prior to the refi closing? This is a conventional refi and the purchase would be all cash and that cash was not used as collateral for the refi. Anyone run into this scenario?

Thanks for the replies. This is great information that we can use when looking at these types of properties where things don't seem to add up.

Raymond B. I do see these conversions a lot with older 2 bedroom houses where they turn the garage or carport into a room. We usually stay away from them unless it is something easy to be put back if it wasn't permitted.

Are there issues doing more than one refinance at a time on SFH's or is it best to wait until one is finished before working on the next?

Thanks Bill Gulley for the response. The sqft seems to match. We'll check into it before moving forward and get it cleared up.

I have a wholesaler trying to sell a property that he says is a 3/1 and according to the county records online shows it as a 2/1. He also said it was closed prior as a 3/1.

What is the best way from a due dilligence perspective to find out which is actually correct?

Thanks for all of the replies.

It was fairly generic and was geared more towards what a bank would use if you went to do a refi assuming they don't use appraised value.

I understand for analysis that you need to use the total costs.