While you are shopping and need Proof of Funds for an offer, just get a letter from your banker stating that you have sufficient untapped funds in your HELOC.

I'm totally guessing.Rate: 5.5% - I got this from a mortgage banker at the local ChaseTerm: 30 years Mortgage Payment: $361Vacancy: 8%Gross rents: 13248 - with 8% vacancy includedProperty Taxes: $2036 annualInsurance: $480 -I estimated that at $40 per month10% gross rents for maintenance-144010% property management fee- $14401st month's rent for property management leasing- $1200Administration- $1500 -cost to set up the LLC with a lawyerYearly cash flow: $934Cash on cash return: 4%The MLS sheet says the tenant pay all utilites but I'd have to pay the water.

I am looking for Property Managers, Commercial Multifamily Brokers, Insurance Brokers, Contractors, SEC attorneys, Title attorneys, Bankers, Mortgage brokers, Inspectors, Surveyors.

Hey @Eddie Espinal, I've got an excellent mortgage banker who lends here in Georgia (and also South Carolina).

Your banker should focus on banking and let accountants and CPAs focus on advising people about what's considered income and what isn't.

What was the story told in the millionaire mind about the banker stating when looking out the window over a large city.

I agree 1000% with your stance on todays owner occ mortgage markets and all that goes with them.. it is for that reason even though I am NMLS licensed mortgage banker I do NO owner occ and never will... to much business for me in the commercial side to fool with it...

You will have to deal with a commercial/business banker most likely, and that's who I would ask for when I called.

@Jonathan Dick    as I reflect on this and since I am a NMLS licensed mortgage banker ( currently inactive) in Oregon.I still take all my CE and one of the big components of CE is the predatory lending that caused the huge melt down..

My 3 deals I have submitted with them through my own outside private banker who is acting on my behalf is still in consideration...