All Forum Posts by: Sean Forner

I just purchased my first rental property. My father took out the loan with my mom as a co-borrower. I was placed on the title, but not the mortgage. My parents want to remove themselves from the title and give me full and clear tiitle. How should we go about doing this and how should we record rental income for the first year and record taxes?

@Kevin Romines The pool is fenced in and has a lock already. I'm currently looking into an umbrella policy. So for the renters insurance, would my tenants need to purchase a policy or would I just have to purchase liability/renters insurance and have that included in escrow?

Im about to put a bid in for a 4 bedroom home for a long term investment, which i will rent out to tenants. It's a great opportunity, but the only thing preventing me from pulling the trigger is that it has an inground pool. Typically, how much is renters/liablility insurance with an inground pool. I called my insurance company and they said its typically between 400 and 600 dollars a year. Can anyone give some clarification?

My father and I have found two rental properties that we are trying to purchase and rent out to college students. One property is listed at $50,000 and the other at $58,000. We are going to have a 25% down payment. I have a 720 credit score and my father has a 760. His income is $136,000 and I am about to accept a job offer (just graduated from college). Quickenloans is saying that we will get approval only if we purchase the homes for $67,000 each. This is ridiculous!!! They are saying that with closing costs we exceed the 5% Federal predatory lending rule and by increasing what we pay on the homes by nearly 20% we get around the rule.

Help please! These properties are great and we have everything ready to go accept for pre-approval. My father and I have no idea how we aren't qualifying and feel like we're getting taken advantage of.

We did not get pre-approval from Wells Fargo. The mortgage broker said that our debt to income ratio was very low. Also, our credit scores indicate that my dad and I are very reliable. However, they had issues with our source of money for our down payment. My father just refinanced his mortgage and will be receiving $20,000. Also, we have two friends (investors) that both have committed to giving us $6,000 each. Also, between my dad and I we have about $7,000 in the bank and will be able to save $9,000 more by closing. Why did we not get approved? It doesn't make any sense. We were thinking about getting financing with QuickenLoans or NASA federal credit union. We both really want to capitalize on this opportunity. What should we do for the down payment?

We did not get pre-approval from Wells Fargo. The mortgage broker said that our debt to income ratio was very low. Also, our credit scores indicate that my dad and I are very reliable. However, they had issues with our source of money for our down payment. My father just refinanced his mortgage and will be receiving $20,000. Also, we have two friends (investors) that both have committed to giving us $6,000 each. Also, between my dad and I we have about $7,000 in the bank and will be able to save $9,000 more by closing. Why did we not get approved? It doesn't make any sense. We were thinking about getting financing with QuickenLoans or NASA federal credit union. We both really want to capitalize on this opportunity. What should we do for the down payment?

We did not get pre-approval from Wells Fargo. The mortgage broker said that our debt to income ratio was very low. Also, our credit scores indicate that my dad and I are very reliable. However, they had issues with our source of money for our down payment. My father just refinanced his mortgage and will be receiving $20,000. Also, we have two friends (investors) that both have committed to giving us $6,000 each. Also, between my dad and I we have about $7,000 in the bank and will be able to save $9,000 more by closing. Why did we not get approved? It doesn't make any sense. We were thinking about getting financing with QuickenLoans or NASA federal credit union. We both really want to capitalize on this opportunity. What should we do for the down payment?

Hello everyone. I was wondering if anyone could lend their advice and give me some general direction towards obtaining my first loan that I will be putting towards 3 single family homes, which will be bundled together for around $150,000. I am 22 years old and just graduated from university last week. I will be starting a job at a company I interned for this winter in 3 weeks and will be making 36k this year. I have saved $30,000 dollars and have no debts accept for $19,500 student loans that I don't have to start paying off until December with a 4.5% interest rate ($220/month). I also have a 720 FICO credit score and will be living with my parents rent free for a year.

With that said I have a solid credit score, decent income, enough for a 20% down payment, and little debt. However, I have not had stable employment for the past two years, but have worked/held internships every summer and winter since starting college (September 2012). Now the investment on the houses is solid, I just need the loan and am willing to accept the 4-6% interest rate that comes with investment properties.

What is my best course of action to ensure I get the mortgage in a month and the deal finalized? Some final notes are that my father is willing to co-sign or co-borrow on the mortgage. He has been employed in the same industry for 35 years, has an income of 100k/year for a company he's been working for 10 years, a credit score of 740, and a good debt-to-income ratio.What would you recommend I do? For anyone who replies, I sincerely appreciate it.

Hello everyone. I was wondering if anyone could lend their advice and give me some general direction towards obtaining my first loan that I will be putting towards 3 single family homes, which will be bundled together for around $150,000. I am 22 years old and just graduated from university last week. I have just recently accepted a job offer from a company I interned for that winter and will be making 36k this year. I have saved $30,000 dollars and have no debts accept for $19,500 student loans that I don't have to start paying off until December with a 4.5% interest rate ($220/month). I also have a 720 FICO credit score and will be living with my parents rent free for a year. 

With that said I have a solid credit score, decent income, enough for a 20% down payment, and little debt. However, I have not had stable employment for the past two years, but have worked/held internships every summer and winter since starting college (September 2012). Now the investment on the houses is solid, I just need the loan and am willing to accept the 4-6% interest rate that comes with investment properties.

What is my best course of action to ensure I get the mortgage by mid July (month and a half)? Some final notes are that my father is willing to co-sign or co-borrow on the mortgage. He has been employed in the same industry for 35 years, has an income of 100k/year for a company he's been working for 10 years, a credit score of 740, and a good debt-to-income ratio.

What would you recommend I do? For anyone who replies, I sincerely appreciate it. 

Hello everyone. I was wondering if anyone could lend their advice and give me some general direction towards obtaining my first loan that I will be putting towards 3 single family homes, which will be bundled together for around $150,000. I am 22 years old and just graduated from university last week. I have just recently accepted a job offer from a company I interned for that winter and will be making 36k this year. I have saved $30,000 dollars and have no debts accept for $19,500 student loans that I don't have to start paying off until December with a 4.5% interest rate ($220/month). I also have a 720 FICO credit score and will be living with my parents rent free for a year. 

With that said I have a solid credit score, decent income, enough for a 20% down payment, and little debt. However, I have not had stable employment for the past two years, but have worked/held internships every summer and winter since starting college (September 2012). Now the investment on the houses is solid, I just need the loan and am willing to accept the 4-6% interest rate that comes with investment properties. 

What is my best course of action to ensure I get the mortgage by mid July (month and a half)? Some final notes are that my father is willing to co-sign or co-borrow on the mortgage. He has been employed in the same industry for 35 years, has an income of 100k/year for a company he's been working for 10 years, a credit score of 740, and a good debt-to-income ratio. 

What would you recommend I do? For anyone who replies, I sincerely appreciate it.