All Forum Posts by: Ryan Keenan

hello BP,  looking for insight on the brrr method in purchasing the  property. If you don't enough cash to purchase the property out right can you use other alternatives such as heloc, 401k , cash advances? By doing this wouldn't it hurt your dti when trying to cash out refi ? Would the bank see it as to much debt? Is it possible to brrr with a conventional loan?

Thanks

Ryan

If you borrow off your 401k for a down payment on a owner occupied multifamily. Will the banks count this a debt and hurt your dti? Do you have to let the banks know you are planning to go this route or just go to the bank with the money withdrawn? Thanks!

Ryan

Thanks for your response Christopher.  It would be owner occupied and I can't use a fha loan because I do not have 25 percent equity in my current home. Rules on fha state I must.  Looking at 5% down for sfrs. In my area I'm looking up to 100k purchase price.. Penny Mac said 5.5 rate. Wondering if there are banks that offer lower.

curious if there are any banks who do 5 or 3 percent down loans with interest rates lower then 5 percent for loans 60 to 100k?

Thanks!

Ryan

is this definitely a rule? If you have other mortgages and you want to purchase another using a fha loan the home your living in must have 25% equity in order to use the loan?

The previous mortgages are NOT fha ..this would the first fha loan. So far banks are telling me this rule.

THANKS!

RYAN

Stephen did you have better luck with bigger banks or smaller ones? And did they ask you why you wanted another house?

Thanks!

no def be owner occupied! And I would actually accupy it for the mandatory time...any idea why wells Fargo basically grilled me about it? They said that they would have a hard time convincing the underwriter why I needed another house especially being close in value to my others .. any banks in particular that are more friendly with what I'm trying to do?

Thanks!

has anyone pulled off getting a fha loan after already owning a couple property's? When I asked wells Fargo to see if I would qualify they asked me why I needed another house when I already have 2. So I need to convince them as well? 

Thanks

Ryan

hi bp,

In regards to your schedule e and filing your taxes is there a special way file income properties in a way that will help you buy more? I've been fishing around and trying to see about getting a fha loan in a few months and was told my dti is too high! How do investors do it and aquire massive amounts of property? My situation in short is:

58k a year income with additional 7k in overtime. My rental property grosses 2100 a month and my mortgage is 1400. Other one I'm house hacking 1150 in rent mortgage is 1200.. other debt totals 688 per month. Called wells Fargo and approved me for 75k which will not buy anything in my area.. do most mortgage brokers know how to calculate rental income when figuring dti?

Thanks so much

Ryan

great info thanks everyone!