All Forum Posts by: Michael Bertsch

If you want a lower interest 30 year conventional and take advantage of the full appraisal, you will have to wait. It's a Fannie Mae guideline. You can always use portfolio or commercial but the terms are not as great.

https://www.fanniemae.com/content/guide/selling/b3/3.1/08.html Check out the Fannie Mae guidelines on rental income. They should not count the PITI on your rental properties if you can provide a fully expected rental agreement. That should free up your DTI. Keep in mind some banks will still have overlays. Good luck with everything.

There are several reasons why I prefer a 30 year compared to lower amortized loans. 1) get a higher ROI 2) lower mortgage payment every month 3) higher cash flow 4) locked in at low interest rate 5) option to pay down sooner 6) money is very cheap right now. Take advantage of it.

I find the majority of my deals on the MLS. I usually work with the listing agent and it has worked great for me.

I would love to attend a meet up with you guys! My work schedule makes it tough though. Hopefully I can make it to one next month.

Shadonna N. If you can't get a W9 and they refuse use to give you any info, you must withhold 28% of the IC's compensation. It's a bookkeeping nightmare, but that's what the IRS wants.

Thanks everyone for sharing your expertise!

Question for you CPA's. Let say you pay $75k cash for a house. You renovate it and a few months later it appraised for $125k. Now you do a cash out refinance at 75% LTV on the $125k. Land is valued at $20k Can you start your depreciation basis with the $125k-$20k(land)? Or does it have to be the amount you initially paid for?

Everyone needs to check out Every Landlords Tax Deduction Guide. It's a great read.

You cannot finance a traditional fanni/Freddi 30 year loan under an LLC. It will have to be in your name or partners. Now you may be able to find a portfolio lender that keeps loans in house. The only things is they usually want a higher interest rate and shorter amortization time.