All Forum Posts by: Michael Smith

@Michael Wentzel what I'm saying is any non-portfolio lender who sells to FNMA and underwrites without overlays can do your next 5 loans right now without having to wait. Then for #11 you can look for a new portfolio lender if your first one isn't ready to lend again yet.

Hi Chris, your best bet when looking for an investor-friendly mortgage lender is to ask the investors you know who they have used, and how their experience was.

You don't need to find a new portfolio lender until you reach a total of 10 financed properties, since FNMA allows up to 10. Just use a mortgage bank that underwrites directly to FNMA guidelines.

If you're referring to a traditional loan, such as Conventional/FHA/VA/USDA, then you can NOT remove a co-signer from a note. You would need to refinance.

There is no minimum for a FNMA-backed loan, even though most lenders choose to put a minimum in place.

FL does not have a state income tax. Check with your accountant, but I'm pretty sure as a NY resident you'll pay NY income tax on all income, even on ventures in other states.

FL does not have an income tax. Check with your accountant, but I'm pretty sure as a resident of NY you would pay NY income tax on any income you earn, even in out-of-state ventures.

In order for Underwriting to approve your file, the funds needed to close will need to be liquid, in an account that you can use to wire funds to the title company or escrow agent. Funds needed can NOT be borrowed, unless the loan is secured by a financial asset and this is documented. Acceptable examples are a HELOC or a 401k loan. As long as the loan is secured by your brokerage account this should be fine, unless your bank has an overlay disallowing this.

Looking at properties, hoping to get a contract in the next week or two.

Hey everyone! Yes we finally closed. The first buyer's financing fell through, and the second buyer's inspections revealed some issues with the septic that we had to address prior to closing - It took forever for the city to issue the permit, but we finally closed on January 28th. We ended up netting much less than expected, but at the end of the day we still made a small profit.