All Forum Posts by: Upen Patel

What's going in people!!

I'm looking for small local banks in my market, I'm in Washington DC. All thought are appreciated.

Thanks for all your help!! 

@Upen Patel, can conventional loans be used for fix and flips? 

I'm looking for a lender familiar with investors, as well as bonus depreciation. Goal is to write off Mortgage #1 with Rental Income, as well as calculate an accurate DTI after adding back in bonus depreciation from years past.

As a first time homebuyer, I was planning to use a conventional loan and put 3% down. However, I found an opportunity to purchase a duplex that's currently occupied with tenants. I considered using hard money to help in putting 20% down so I don't need to live there but being that it's already at the top of my price range, paying higher interest on the hard money on top of my monthly mortgage payment would be way too expensive. I would love to house hack but multi-family units are rare in the area even though it's rapidly growing. Right now, I rent a townhome that's at least 50% cheaper than most places in the area so I've been able to save more and more, but most likely won't afford a 20% down payment in my area anytime soon.

For people who use hard money with, is it only worth it if you get a really good deal on the purchase price? Especially if you don't have the funds to put 20% yourself? 

Hey community. I have a deal I need some clarification on financing options. As it sits, it is a triplex with an oversized garage. Am I able to finance with VA/FHA while fixing up the garage and then at the year mark renting out the garage conversion with STR? I know there is an understanding having it be your primary residence. Thanks.

Nick

Hello BP friends. I need your help on what to do with my rental.

My monthly mortgage payment is greater than the rent I can get by $150 and the 2023 taxes are going up another $150/month.

I’m sure this is a common issue, so what are my options beyond the three I can think of below? Anything creative?

1. Ignore it/deal with it/subsidize it with other properties until someday rent catches up with my payment (meanwhile equity should have grown).

2. Make a large payment against the mortgage and ask the mortgage company to re-amortize the loan so that my monthly payment is less than what I can get for rent.

3. Sell the house (and make a better purchase on the next property).