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3 September 2024 | 20 replies
The loan application will ask about the assets you need for the purchase (down payment, closing costs, and reserves), and you will need documentation for those accounts (most recent statements).
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3 September 2024 | 32 replies
That is usually confirmation from your banker, your bank account with the account number redacted or a letter from your lender.
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3 September 2024 | 0 replies
Partner Driven financed this deal using our established capital reserves, allowing us to close quickly and efficiently.
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2 September 2024 | 9 replies
(Confirming in advance that I understand any reply from you isn’t legal advice.)
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2 September 2024 | 10 replies
I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).
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1 September 2024 | 4 replies
Basically its no different than applying for any other mortgage, the lender wants to underwrite the loan to confirm your ability to repay.
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3 September 2024 | 9 replies
If you want to keep them, make sure they are 100% honest about their intent, check zoning to verify they are allowed in that area, charge them market rate, and confirm they are insured to protect you and the property.
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2 September 2024 | 5 replies
I hope it wasn't an Airbnb reservation, if so you would be looking at a hefty refund for missing amenity :(
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6 September 2024 | 19 replies
I got VERBAL confirmation on several occasions from the turnkey company's acquisition team that upon closing, the property management team would hire a lawn care company to mow and water the new sod while the property was vacant.
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3 September 2024 | 15 replies
Pleasant Hill, Southern Pointe, Midtown Reserve, or Southern Plantation.