@James Orr, I'm looking to share with them everything I have. Cash, debt, rents, mortgages, expenses, cap. ex funds and allocation and basically have them give me an "If I were you" plan. The BP podcasts make me so motivated and then depressed because I keep getting stuck at some point in the process. I hear the stories of credit unions working wonders and I make lots of calls but I guess I haven't found that kind of relationship yet.
People are saying it's the realtor-it's not. He's been through so many dumps with me and made so many offers that I'm sticking with him. If an investor/realtor gets a home run deal their way why would they share it with me anyway?
Anyway, my debt: Income is the biggest thing holding me back I think. I put about 48k into a property over the last two years-good for equity and rents but not so good for the tax return viewed by lenders. They stuck me with a -$1000/month for what they could count for income on my rentals. However, after 2016 falls off and 2018 taxes are done my rents will then be +12k and 3k (3 unit and sfh). So, then my income for those should go more like +$1000/month.
I have about 45k to play with but If I refi and pull cash out to buy property, I don't qualify because the cash out pushes the debt up. I can't go owner occupant because I already have an FHA and even when I look to do conventional owner oc. I keep getting told that the underwriters are going to see that I'm taking advantage of the rate/down payment (even if I truly move there which I would).
I started a remodeling LLC which has grossed/netted 15k/10k since June working random nights and weekends but they won't count that until it's been established for 2 years (although that extra cash helps).
So, maybe I just need to suck it up and wait for the tax season to clean things up a bit...?
