All Forum Posts by: Todd Cianciulli

Originally posted by @James Wise:

I would start with

Are you looking for a bank loan or private loan?
Lender...not bank

What do you bring to the table?
Looking for buy/hold rental SFH

What is your fico?
Over 800

What is your net worth?
n/a

What is your DTI?
Was under 15% before layoff.  Hard to say now since income fluctuates

What assets do you have to use as collateral? 
Not sure what is acceptable

What is the loan going to be used for?
buy/hold SFH

How much are you looking to obtain?
Under 100K homes

Originally posted by @James Wise:

Going to need a lot more info then this.

 Such as?  From what I understand lenders don't like to loan to people on 1099 or had major career changes within two years.  I fall into that category now.  Was a corporate guy for 25 years.  Now independent contractor in a different field.  

Is there anyone that takes a chance on that or am I forced to be more creative with hard money or seller financing?

Sorry. I should have posted in the lending section.  Admin - Please move as you see appropriate.

Laid off March 2014.  No independent contractor (1099).  Will anyone give me a loan or do I need to wait another 1.5 years?  

Not sure why my phone changes the word rates to berates but I think you understood. Thank you for your advice.

I will dbl check with him berates have probably gone up since I last spoke to him but I think I will do it. Is like to keep this as a long term rental. The area is really seeing some growth.

Albert Bui it will end up being a HARP loan according to my mortgage guy because of the lack of equity. That scares me a little since I am unfamiliar with HARP loans.

I am currently renting it for 1495.00 per month. I also pay HOA (65 per month) and lawn service at 60 per month. My current mortgage with escrows are 1475 per month. If I refi I can cut that piti down to around 1100. So Albert Bui do you recommend that I go ahead and do a new 30 year refi?

Grant Kemp that is an incredible story. I am also formerly IT I. The DFW area (laid off) and now have a Gwen opportunity to change careers. I've always had a RE passion but never acted upon it much. I've fallen I to a deal a couple of times but never a serious intentional investment. I am about to go get my RE license so I have a "job" and aloe me access to tools and contacts to also focus on some investing. What REI meets do you attend? I'd love to meet you one of these days.

I am currently renting it for 1495.00 per month. I also pay HOA (65 per month) and lawn service at 60 per month. My current mortgage with escrows are 1475 per month. If I refi I can cut that piti down to around 1100.