All Forum Posts by: Scott Rovner

OK, We have come to a final decision. We are going to put the refi on hold for now and rent it out. I should be able to cash flow 1000+ a month> we will use the income to pay down some dept and medical bills. In the end keep the property was a must. He can make money off it forever and it and fund other things going forward. Thank you all for your thoughts and advice. 

I dont want to sell. I was trying to either do a Home equity loan, but i do not qualify or a cash out refi, but I would need a cosigner to get the term I want. I was looking for about 55k in cash for medical bills and to consolidate some high interest debt. As of now it doesnt look like the refi will work do to my cosigner not having their 22 or 21 tax returns completed. 

My wife and I are renting a house at the moment. The landlord recently passed away. I am trying to see if they would consider selling it to us but haven't heard back yet

Quote from @Erik Estrada:

Quote from @Scott Rovner:

Does anyone know of any lenders the do not need tax returns to be provided by the cosigner? I have a cosigner that is self employed but they do not have tax returns for 2022 and 2021 due to a situation with their business. The have a 750+ credit score and plenty of income. Any help would be appreciated. 

Is this refinance for an investment property? If so you can do a DSCR loan at 75% LTV with no tax returns. Qualifications are based on the rents debt covering the new mortgage payment and personal FICO.

 It will be a rental. As of now it is my primary residence. I am getting to cleaned up to list it soon

Does anyone know of any lenders the do not need tax returns to be provided by the cosigner? I have a cosigner that is self employed but they do not have tax returns for 2022 and 2021 due to a situation with their business. The have a 750+ credit score and plenty of income. Any help would be appreciated. 

This as been such a roller coaster. So far all of the lenders have not been able to give me terms that would make sense for me to keep the property. Right now I am tired and feel like things are stagnating. I am mostly likely going to sell take care of some high interest debts and medical bill. Put away 90-100k, and take some time to rebuild my credit. I am in the mid 600's now working back from my account info getting stolen. It has really made things difficult. I want to get into this badly but feel like I need to improve how I look financially first. 

Well two of my potential lender fell through. They changed the term to the point where it was pointless to move forward. I wanted to ask is it alright to have multiple lenders work on a refi, heloc, or home equity loan at the same time. I know some of them will do a hard pull on your credit. 

I was able to find a do a cash out refi option. I would pay off all my debt plus get 35K cash. I am looking to get a renter in the next couple weeks. So I would cash flow 400-500 a month. The cash will go pay some medical bills for my son and some of my wifes debt. The new mortgage would be 1800 a month at 5.5% To have clear all our dept and have some cash to build on and by a home and I still have about 100k in equity in the property seems good to me. Thanks everyone for all your suggestions. 

Quote from @Steven Foster Wilson:

Quote from @Scott Rovner:

I am not sure if I should sell my first home and rent it out? I currently rent with my wife we just welcomes our third son who unfortunately has some medical problems. We bought out first home about 10 years about for 250K, We have 168k left on the mortgage can can probably sell for 325k+ I was trying to use some equity to consolidate some debt and pay some medical bills but that that proven difficult. My bank account number was stolen about 1 and a half years ago and if messed me up financially for months. I ended up misses some payments on some things and my credit took a hit. I am current with everything now but those missed payments have come back to haunt me. My goal was to use some equity and them rent it out for additional income. But I feel l like if I can make 150k + selling it I should. Then then use that for my original purpose then them use the remaining to buy a nee home down the road. Any input would be greatly appreciated. 

I personally like to hold my properties as long as I can and as long as it makes sense. Can you refinance or do a HELOC? Would you still get cashflow if you did that? I would honestly call as many lenders as you can to see what options are out there. The more you ask the more options will come your way.

I am still waiting on additional lenders to get back to me. I am just gathering as much information as I can for selling and renting and see what makes the most sense. If I could get 50K out of it on the Home Equity Loan at 20yrs I would still cash flow about 450-500 a month. 

Thanks for the replys. I'm going to weight both options, and gather as much info as I can before making the call. Either way things will works out well. I have spoke to a trusted real estate agent we have used in the past. They were gonna assist with either renting it out or selling. Were gonna kick the tires on both and see what looks the best.