All Forum Posts by: Simon C.

How does asset-based lending work? I had applied for a conventional loan for a tenant-occupied property on the market for $170k

the lender told me that I can use a portion of the monthly lease to offset or "wash" the monthly payment for the loan. With a lease in place for $1500/mo, and based on an estimate with 25% down payment at 4% interest rate, monthly payment would be around ~$1000/mo, 

essentially all the rental income would cover the monthly loan amt and then some. However, I was declined from the loan- with the loan officer telling me that I would need a W2 job, or a co-signor to qualify... perhaps my debt-to-income ratio was too high? Is that something that asset-based lending would help with? 

Hi all, 

I am looking to convert my current Laundry/Utility Room into a full size Master Bath, any idea of this would cost? 

Also taking referrals for a plumber who is licensed/insured that can take a look, this is located in South Austin

They'll most likely need to break concrete to add the drainage lines- 

Thanks in advance!

Great looking property! I walk by there all the time, it's right down the street from me

Agreed on the barn doors- they do not contain sound or smells..

How long did this sit on the market after being built?

Did you sell them both off together or separately? 

just curious who did the design for the place? 

@Jay P. I think that would make sense only if your HELOC rate is less than your mortgage interest rate

@Michael M.

If you use the heloc for a down payment on another property, would you need to qualify for another loan entirely, conventional or fha to fund the rest of the purchase?

Good point, thanks @Matthew Porcaro I actually found out about the loan through your channel the203kway, Great stuff!

I have a bit of handy-ness to me and love working on home improvement projects, how stringent are the 203k guidelines on finding licensed contractors vs DIY?

I would assume anything requiring a permit or inspection at the city would need to be done by licensed contractors

That makes sense, and thank you for the response. I agree that finding a partner would be the better route in securing funding. My goal is to invest in cash-flow rental properties that would ideally pay back for the loan itself, are there loans specifically for this? One loan that I am considering is the 203k loan, but I know that is specifically for rehabs, which is great and can build some equity. However, I think there are more qualifications and requirements for that one. 

Hi all,

My question is how/ what kind of loan could I qualify for as a newly licensed realtor with no W2 or full time income?

I have built up some equity with my current conventional mortgage on an owner occupied triplex, and have saved up enough for a down payment on a second investment property, either multi-family or live-in fixer upper,

Could I used future rental income from tenants to help me qualify?

My credit score is excellent,

Would a home equity loan or HELOC be better in this case?

How can I get the best rates?

Any advice appreciated, thanks!