You need to develop and stick to a much more stringent screening program to avoid this becoming a regular occurence.

It is an entire program with participating lenders, and the process should be started before you start putting out offers on properties.Read more here:https://www.nj.gov/dca/hmfa/roadhome/index.htmlIf you need funds to close, I would probably suggest starting the process for your 401k loan now.

All I am saying is with any investment, do your homework and if something sounds too good to be true....If anyone wants to pm me with questions or for more insight into our area or the section 8 program (which these companies seem to be heavily advertising with) and some of the changes the program has seen locally in the last year, feel free to reach out. 

LLC's can sometimes complicate things, just open a bank account for your rentals and use a program like quickbooks to do and manage your books. you could even hire someone for around $100/mo to do this for you as well

@Ahmad Moore- thanks - if ypu  purchased in July 2023 - you can  apply and get loan approved now - you may need to wait until July  to close ....seasoing  varies  from state to state and program to program

asking if anyone knows of a good software program for doing CMA's.  

I think you are smart to continue to do some research and familiarize yourself with the program. 

Condo Heloc could be difficult with recently being listed for sale..check in with @Joseph Chiofalo he's a South FLA based lender and they have DSCR and alternative income bank statement second position programs..they also do mixed use and 5+ units commercial lending. 

Hi everyone. I'm hoping you can help me find some good DSCR lenders and give me an idea of the going rates? I was quoted 9.75% for a DSCR on a rental property recently. Is that average? High? Low?! As I am shopping, w...

If the equity is sufficient for the down payment and qualifying for the new property there are some excellent HELOC or even fixed rate second mortgage programs available.