Does lowering your loan size lower your rate?

However, if you have a Single-Member LLC (SMLLC), it will need to file the BOI.Entities that must file the BOI include:1.Small and Medium-sized LLCs: Typically required to file unless they meet specific exemption criteria, such as being highly regulated or having significant gross receipts.2.Single-Member LLCs (SMLLCs): Required to file because they are legally separate from their owners, even if they only have a single owner.3.Other Non-Exempt Entities: Any business not meeting the exemption criteria must comply with BOI filing requirements.Filing Deadlines:•Entities created or registered before January 1, 2024: Must submit their BOI by January 1, 2025.

Hi @Rhea Jeong,The situation you're describing is actually pretty common, especially for first-time investors looking to maximize their purchasing power.You’re correct that some lenders will consider a portion of the rental income when determining how much you can borrow, typically in the 75-80% range especially for FHA loans.

The tax authority may have only assessed the value of the completed portion or the property for part of the year.

In total, we spent about 6 months ironing down the window size, materials, color, and any exterior changes visible from the street.Getting Exterior Changes ApprovedGETTING TO WORKOnce you get through historic and planning, the building department (ISD) is a whole different animal to wrestle.

Your portion will be deducted from your proceeds.To your question, however - if somehow you managed to avoid paying the taxes and closed without the taxes accounted for, then the new owner would have to pay all of them or would have a tax lien placed against the property.

Future rental income is not able to be used.Keep in mind that retirement assets (401K, IRA, etc) are eligible towards reserves, and so are any other investment accounts.Rental income is only used towards the income portion of qualifying, not towards assets.Hope that helps. 

They're looking for a quick close within 30 days so they can get the cash in hand to purchase their next primary residence.A solution would be to withhold a very small portion of funds in escrow, but the seller would have to cover the rent as well.

Here's what I would do if I were in your situation today: 1- If you compete with multifamily properties, due to proximity, price, and/or size, I would call those close to your property (pretending to be potential tenant) and and see what they are doing to get their units rented.

I gave my portion from the commission so nothing out of pocket for me.