All Forum Posts by: Jonathan B.

@Jonathan B. I hope you don’t file 2018 yet, have a banker review them to make sure you don’t deduct too much. 2/3 of my borrowers are self employed, when they have over 5 y of SEnwe just use 1 y of tax returns, we need 2 y of tax returns when less than 5y SE. 

You don't need high income when you buy an investment as it comes with rental income, your income just needs to cover your existing debt, 45% max DTI.

So first you try conventional and if income  is too low then you go non-agency, they are 4 programs for investor solutions such as 12 Months Bank Stm, Asset Depletion, No Ratio and DSC (debt service coverage)

@Jonathan B. I hope you don’t file 2018 yet, have a banker review them to make sure you don’t deduct too much. 2/3 of my borrowers are self employed, when they have over 5 y of SEnwe just use 1 y of tax returns, we need 2 y of tax returns when less than 5y SE. 

You don't need high income when you buy an investment as it comes with rental income, your income just needs to cover your existing debt, 45% max DTI.

So first you try conventional and if income  is too low then you go non-agency, they are 4 programs for investor solutions such as 12 Months Bank Stm, Asset Depletion, No Ratio and DSC (debt service coverage)

@Jonathan B. why do think you need a portfolio loan and not a conventional or non-agency? I do portfolio, I just want to make sure that you are looking at the best scenario. What is the value and current balance and how much cash out do you need? What type of property is it? How many years have you been self employed? Have you filed 2018 yet? How many financed properties do you have?

i dont think you are being to generous if he would get 11-12% return. That is less than you would pay for hard money. It is in the higher end of what I would expect for private money. Typically I would expect private oeny to be 8-12%

Yes that could.  I didn't realize that was both sides of the house. Is that a porch on the back also?

@Jonathan B.  Just from the pics you show it might not be that bad. The columns are the load bearing wall for the roof. The plaster ( I am assuming) you have on the first two pictures are cracked because of the load bearing wall sagging at the porch. I believe what has happened is the porch slab was poured with no beams. I have seen this all the time back in the '80s. Was it built during that time? 

Have a contractor temporarily support the porch and tear out the porch slab. Then have them pour it with footers and dowelled into the main slab. They can straighten that roof out there as well when they do that. Maybe 6-10k like has been mentioned already.