All Forum Posts by: Travis Sperr

I would be surprised if they count the rent for roommates based on the lease, but once it hits your tax returns it should be fine. It may all to do with the lender you are working with and how they count lease income period, regardless of where it is coming from.

I have understood the same from the websites like you mentioned they typically report higher because they do not dig as deep.

For an accurate score you might reach out to a mortgage broker or banker and see if they will supply you with a credit report, you might have to pay $15-20 but it will be accurate.

Banks could be too conservative, but a great place to start. if you can find a mortgage banker who underwrites directly to Fannie and Freddie they will count rents for property with less than 2 years on tax returns. In fact they will count the lease income - 25% of gross if the property was purchased within the last year and hasn't shown on your taxes yet.

Sometimes difficult to find the lender that underwrites directly with no overlays, once you do you will find your buy and hold financing to be much easier to get done.

Networking events are the best way- reia's, meetup, etc. Another way is craigslist, search "wholesale" in the real estate section.

Just keep an eye on it, it could be a couple weeks it could be a few months. If it has a lot of mold there is a chance HUD will tear out some of the drywall and such. Although HUD typically doesn't make repairs to property they do clean it out and make it safe, which banks don't always do.

Try Adam Christenson 612-889-6422

I think you answered the question yourself when you stated "Why do so many successful real estate rehabbers use hard money"

Keywords: successful real estate rehabbers

Savvy investors leverage their own money for much larger returns as well as being able to not only more deals but larger deals.

Try this app for fix and flippers:

http://itunes.apple.com/us/app/fix-flip/id524513922?mt=8

it is free, enjoy.

A lot to assume that someone would take a deal out from under you. You mentioned the property was listed for almost 3 months and it takes more than a couple days for a title company to get a closing put together.

The only reason I asked if you were under contract is because I was trying to help your situation. I in no way implied that it was appropriate.

Find a local lender via networking groups that can help you be successful in your own market, relying on national lenders will only continue to create heartburn for you in this business.

I am confused what the problem was? You were not under contract and think the lender bought the property after you showed them what a great deal it was?