All Forum Posts by: Account Closed

I offered to co-sign but lender said down payment would be 20%. We are hoping for a low down payment loan, it will be owner occupied.

We have applied with 2 different lenders waiting to hear back from them but instead of harassing them for updates, Id like to see what you guys think.

I'm working with my retired dad to attempt to get him into a 4plex for extra income. His retired income is $34k, no debt. We are attempting to get a loan of around $350k with using the rental income $750 - $1000 per unit which have leases.

Taxes $6000 - $7000

Insurance $1800

Does this sound like a situation that will work?

Spent the last few days calling around to different lenders everyone says we need to wait for the statements before applying.

Property will be owner occupied. The actual money that will be gifted via gift letter is not yet determined but more than likely will be less than $15k. Havent figured out the legality/tax implications behind sharing money in a joint account since it's not me actually giving it to him. I read some where that reserves are about access not ownership which is why we chose that route.

After doing more reading I think we are going to just wait for the 60 days to start the preapproval process. Reserves seems pretty situational which just makes it somewhat confusing.

Working on helping my dad get a loan for a four plex. We are targeting a loan with low down payment, that I will gift to him. He didnt have 3 months reserves so I gave it to him in an joint account we just set up 6 days ago. 

Are reserves always required? Are reserves allowed to be gifted?

Should we wait to try getting an preapproval until after we have two account statements?

I suspect something is hidden. They say place is currently rented out. Haven't verified this yet but this makes me think it's in liveable condition. 

Currently attempting to purchase a house from a wholesaler to BRRRR. I have never seen the inside of the house. His seller wants signed purchase contract and 10k deposit before allowing me to schedule an showing/inspection. The contingency would be on structural damage and mold. My thinking is house was built in 1947 so there's definitely structural damage. The structural contingency seems like my guaranteed 'out'.

My realtor says it's a bad contract to enter but I dont see the problem with it. 

Any suggestions on the situation would be appreciated.

ARV = $115K

Purchase = $67k