All Forum Posts by: Sean Ruggiero

I know there are many ways to comp, from a BPO to an appraisal to having a real estate agent look it up.. I'm sure there are some people here and there that use a VA (virtual assistant) for it. I was wondering though, BPO's and such can be overly informative and expensive, does anyone know of a place where you can just order comps by having someone look them up for a good price to save time?

You should still be able to get a portfolio loan no matter the fact it’s a single parcel, a portfolio loan is just a loan that’s part of a particular banks lending portfolio it isn’t a loan where a single or multiple parcels is a specifically relevant factor

Hi guys, long time watcher making my first post! Thanks for all the great info this far!

I am single, 32 years old and purchased a small multi-plex as my first ever real estate investment. After shopping many banks I was actually blessed to get a great private money deal with the only real catch being that I need to pay back in full around the 2 year mark (coming up).

My question: I procrastinated doing my taxes and have 3 years of back taxes to file. I have a lot of flexibility in how I can file. I've owned the property coming up on 2 years now. I want to refinance or cash-out refinance. I bought for 340k and fixed up, now both my next door neighbors just sold for around 500k each so I should have a little equity since those properties are smaller than mine. My W-2 income is only maybe 40k range and I want to make sure I can cash out of this deal and return the private money, and 40k isn't enough.. That being said, I understand my rental income can qualify as income (using form 1040?) as long as the income has been there for 2 years, to boost my total income up. I also understand many mortgage underwriters may be looking for a debt-to-income around 45% or so. I figure my debts all-in should be around 5k, depending on the interest rate I get on the loan when its refinanced.

That being said, does anyone have advice on how I should structure my income for my tax returns? I plan to use a CPA for my taxes to back file all 3 years in about a week. I have been getting around 40-50k in total rental income before expenses (plus 40-50k in W-2 income), and I was thinking I should balance my deductions out where I don't get slaughtered in unnecessary taxes, but my returns look sufficient to carry the loan foreword. I will also be looking for my next deal coming up in the future here, so that may be a consideration too...

Any advice would be greatly appreciated!!! I will also try to contribute back to BiggerPockets as I become more knowledgeable in real estate. Thank you guys for your contributions and advice!!