All Forum Posts by: Vincent Ballew

@Nicholas Covington- Will do and again thank you!

@Andre Taylor Thank you very much I will look into that option as well.  We will need to move in the next couple months so I can start the new job and its pretty frustrating not being able to get a loan on a primary residence because of rentals.  Again thank you for the information and good luck with your situation as well!

@Nicholas Covington Thank you very much for the information! and that was what I was worried about. What if at this time my wife becomes secures the loans? We have not set up the LLC yet and I was thinking if we were to put them in her name that maybe this could be the work around. I am not sure if they will let her secure the loan through the LLC since she does not have any W2 income. Do you happen to know if this scenario would work?

@Charles Carillo Sorry for the confusion. The hard money loan would be used to refinance my investment properties in an LLC. I'm hoping that once the properties are transferred to my LLC, my DTI would lower in order to qualify for conventional financing for my new primary residence.

I have a situation that I would be very appreciative if I could get some help with. My family and I are relocating to a different state and I was recently denied a loan for a primary residence because my DTI was too high. We own (6) rental properties, all conventional financing, and I am switching jobs/states in which I will be taking a reduction in salary. We will be selling our primary residence in order to help lower my DTI and we are being told from our lender that it still won't be enough. So my idea is to reach out to a hard money lender. With the hard money lender, I will need to setup an LLC to hold the properties and refinance through them. My question is: once the properties are refinanced through the hard money lender and in the LLC, will this lower my debt to income? I am hoping that it would in order for me to qualify for a loan to purchase our primary residence. Again any advice or answers would be very much appreciated.

Hello I am looking for advice or a suggestion on a bank that would offer a HELOC on an investment property in the Indianapolis area.

Thanks!

Vince

I am having trouble finding a bank that does HELOCs on investment properties in the Indianapolis area any advice would be appreciated!!!!!

Looking for some advice on AirBnB.  I am sure this has already been asked on here but I could not find the answer when I searched.  Basically how can I tell if my home will rent out? I have a newer 4/3 home in Hollister CA and we are thinking about moving out of it and using AirBnB in hopes to cover our mortgage.  I don't see Hollister as a huge tourist destination but I have  seen a couple people in the area listing just a single room for 65.00 a night.  I plan on reaching out to those same people and ask how successful they have been but I also wanted to ask on BP to see if anyone had some advice. 

Thank you!

Vince

@Mark Guagliardo- Wow thank you for sending that over to me definitely a lot to think about.  My main concern has always been the extra expenses attached to a VR in Hawaii.  I will do my home work over the next few months to make sure I know what I am getting myself into.  Thank you again!

@Loren Clive-Thank you for the information and I will take a look at the link.