All Forum Posts by: Seth Crowder

I bought my primary residence about a year ago with the plan to rent it out and buy a new primary home, however, I'm now learning that I am required to count the mortgage payment on my existing home against my income UNTIL I've shown rental income from it for 2 years!

In other words, I can't simply show a mortgage underwriter a lease agreement in order to remove the mortgage payment from my DTI calculation.

Are there any creative solutions to this problem like a trust, etc.?

Need the wisdom of some experienced folks.

Thanks in advance!

Have looked at WCAP, but hoping to hear experiences from folks who've used a company for an unsecured line of credit and not paid extreme fees for it.

I'm seeking a broker who's experienced in the BRRRR strategy and lends in Indianapolis. Any recommendations?

Nice! Which banks have you done this with? Hoping they lend here in Indiana. 

Thanks for the reply! So if the city approves the drawings, banks will assign a value to them as part of any down payment requirement? 

For example, if the down payment would normally be 20K and the drawings are worth 10K, they’d only require 10K down?

Does the bank determine the value of the drawings?

I have a buddy who is a great architect. We are exploring a partnership and he said that banks will often accept architect drawings as equity when considering lending on a fix/flip or new construction deal. 

Is anyone familiar with this at all? The hard money folks didn't seem to know what I was talking about when I asked. 

I'm seeking private money for a fix/flip property with purchase price at under 30% ARV.

Have been unsuccessful finding local REI clubs to invest.

Does anyone have any vetted contacts or links I can check out?

What about bank statement requirements?

Will banks refi at 75-80% without requiring income verification or bank statements?

Thanks, Corby! I’ll search for those posts.