All Forum Posts by: Redgy Saint-Germain

@Shawn M Hannan

" Score unknown" is probably because she never owned a credit card which is interesting to me. Having the mother cosign is great but I wouldn't put an emphasis on it, she sounds like a risky tenant and unless finding qualified tenants in your market is challenging I would hold off on this one. 

Good luck

@KYLE W.

My initial monthly payment will be $1600, but i'm expecting tax rates to drastically increase in the first year, bringing me to $1900 or $2000, so a negative cash flow rate of $500-600.

---This says it all, its not a good deal. Why would you be okay losing money, cashflow is the holy grail of real estate so why would you want to give that away. I can understand if a deal goes bad unexpectedly but going into the deal knowing you're gonna lose money is a bit insane.

@Yonah Weiss

They help you build credibility on the platform. 

@Nathan Guyette

If it's a single family -  you have to live in it for at least a year before you can rent it out.

If its a 2-4 units - you can rent the other 3 units right away as long as you live in one of them for a year

Good luck

@Mindi Rosser

Do you have a CPA? you may want to consult one to see how you can include the car payments in your taxes. 

@Andrew S.

I had the same problem a few weeks ago. I simply spoke to the neighbors and within a month they put on a brand new fence #ProblemSolved

@Ken Nyczaj

How many times have your partner done this?  If it was a rental maybe the primer would work but since this is a flip I would say new walls 

@Dylan Bednarz

but what is an average interest rate? 

ANSWER: DEPENDS ON YOUR CREDIT

What is the necessary debt-to-income ratio? 

I THINK ITS 41% BUT I WOULD CHECK WITH YOUR LENDER

How many years of employment do you need to show?

IN MY EXPERIENCE 24 MONTHS 

What is the seasoning period until I can refinance? 

12 MONTHS

How long do I need to live there? 

12 MONTHS

Can I get a conventional loan while living there?

YES

Can I use a private money or hard money lender while having an FHA Loan?

YES 

@Emilio Betancourt

Track down their parents and show them the footage

@Jeremy Marek

I would consider that a denial. The question is why would you keep their application opened ? I am assuming you didn't select their application because they didn't meet you requirements. Do you have different requirements for each unit?