All Forum Posts by: Mohan Dag

Natalie Kolodij My opinion is not to bank on appreciation and go with sheer cash flow numbers to stay float in worst case scenario.

Welcome Brian Mangum I am in the same boat as you. I am in IT and have 2 kids and very few hrs to spare everyday for my real estate activity. I have been listening to podcasts and on BP for little over 6 months. Maybe we can share our interests and knowledge and hopefully close on some deals👍

Jarrod Miracle welcome to BP. I am a new investor as well and have the same question.

Corey Smith you would think so. I was told by the lender if I own the company and run my w2, I would be considered as self employed.

Scot Howat and Corey Smith I am not on W2 but on Corptocorp. I run my company payroll every month to pay myself. Maybe the lenders do not fully understand my situation of self employment. They seem to give me the standard answers. Next time maybe I won't say self employed but just show them my returns and figure out if I qualify for a loan. Sometimes trying to give too much info is ain't worth it.

Hi Emery Johnston , thanks for your response. Please do let me know what you find out. I will be glad to share my contacts as well. I am looking for properties multiplexes and SFR s but nothing around the city with over 1% rule. Where are you finding yours?

Paul Stern Hi Paul, I am in the same situation working with a commercial lender. My best bet is 15 amort with 7yr balloon at 4.5ish for a duplex investment property. Can you please recommend ones that offer better rates around in Charlotte?

Thanks Josh Caldwell and Albert Bui I talked to couple of loan agents and they all said I don't qualify for a conventional if I am self employed without 1 full yr of tax return even though I had solid full time work history of 10+yrs with no gaps in employment. Only option was commercial or business loan with higher interest. I am still going the business loan as it would let my business own this property and for my personal asset protection.

It is my first investment property purchase contract for a duplex. I am looking for my options for financing for better cash flow per month. The property is worth 110k and am putting down 20%. I have 750+ credit score and no debts. I have lined up commercial loan which may take another 45 days to close. Now my question is that I have found a w2 job that I will start in 15 days (Oct 17th). How soon can I qualify for conventional loan and can I time it for purchasing the property that I am in due diligence period? Thanks!!

Appreciation is great in south Charlotte area. Ballantyne, Marvin, Waxhaw, Weddington.