All Forum Posts by: Kim Rock

Nope - not an option.

Also - I have A+ credit, in case that was a question for anyone.

I want to purchase another property to buy & hold. I have a high DTI because my primary home is only in my name, yet my husbands income obviously goes towards paying our primary homes mortgage even though he's not on it. Due to his name not being on the loan, my DTI is very high, so I won't qualify on my own. I can not add him to a new loan though for other reasons so that's not a solution, I need to keep it in my name soley.

So - any ideas? I know people will recommend seller financing, but I already tried and that's not going to happen with the property in particular that I am interested in.

Private banks? They seem to be sticking to DTI guidelines.

Could I write up a lease where I "rent" our house to my husband? Or would that not fly, considering we are married? Help me think of a way around this? Or maybe I am just stuck....

Hey there - I am in Bucks, right near you! Most of my investors who purchase in the name of an LLC buy with cash.. If you are going to need a loan, the lender is going to require the name on the loan be the same on the title/deed.. so this doesn't help you. and to transfer into the LLC after the fact is going to a) cost you a pretty penny in transfer taxes all over again and b) jeopardize your loan with the bank.

If you need help finding investments in Montco, give me a call/email! I work with investors in the general Montco/Bucks/Phila area.

I recently left RE/MAX to go to Keller Williams.. RE/MAX has its advantages as they tend to give you more flexibility and you really "own your own business" .. Keller Williams is a bit more hands on, with constant communication/training with fellow agents, but I view that as a good thing.. Support of a team is nice.

Eric - How big of a down payment? I can probably swing up to 30%

I was informed before that since the investment is my name, and the primary residence is both my husband and myself - they can never take something from you that you co-own with someone else. I do want to go to a professional to discuss these matters with. Do you suggest a CPA, or a tax attorney or a general financial planner? I am putting that on my list of to-do's this week to find someone recommended in my area to discuss all of these topics with.

From what Ive read about moving them to an LLC, it typically backfires 1) you lose tax write offs 2) you incur more costs from insurance standpoints 3) if youre managing the property and it's an LLC they can still come after you personally so it defeats the purpose in the long run? No?

Okay so, to take this off topic... What are your thoughts about refi'ing in both my name and my husbands to use his income? I had been keeping our investments separate and always in my name, so that if anything would ever happen above and beyond my umbrella insurance policy that they legally could not take our personal home from us (since it's in his name too). If I put his name on the investment property just to refi, am I hurting myself by having both of our names on it and therefore subjecting our primary residence to issues if we were sued in the future?

Yes, the home makes a good profit as per the standards from lenders. but thats not the problem.. I could easily qualify for this refi or other refi's on my own without my husbands income. My problem is that with our current home mortgage showing as MY debt, my debt ratio is too high without his income. Our investments all break even in the mortgage co's eyes, so they aren't debt. It's our primary residence mortgage of 400k that I do not make enough on my own to cover. I bought it with my husband obviously. But want to keep my investments separate, in my name only. I am going to be denied across the board for the refi when they see my 400k mortgage debt and can't take husbands income into account.