Jehan Jaleel
Two quick newbie questions on the income 3x more than rent rule
Part of the tenant screening process is their income must be more than three times the rent. But is this their pre tax income or post tax? Also if a tenant does not have this, would you reject them right away or is th...
Brandon Nappi
quick HELOC question
Hi BP forum,If I were to secure a $50k HELOC on my primary residence at 3.5% and never actually use any of the money would I still have monthly payments? i.e. interest payments? Thanks!
Jacob Hanson
Tenant screening: Debt-to-Income or Rent-to-Income?
It seems like it's most common to use a 33% rent-to-income ratio to screen tenants, but debt-to-income seems like a smarter way to screen tenants to me. A tenant may have a good RTI, while having a poor DTI. Isn't i...
Neil S.
Beyond the 10 FNMA Loans
Are any of you having success finding conventional 30 year fixed rate loans if you already have FNMA 10 loans on the books? Are there lenders out there who can offer rates beyond the 10 that are similar to 1-10?
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Aaron Arnold
Tenant wants to pay the first 2 or 3 months up front
I have a potential tenant who I’ve throughly screened and everything looks good. His credit score, background and income are all verified and qualify him for the unit. He wants to pay the first 2 or 3 months up front....
Joe Mendoza
New Investor Partnership
Hey everyone!
I am a new RE investor in Oregon. I am looking to purchase and rehab my first deal for about $100k. I only have $20k cash and $20k credit to Home Depot. I do no not have a private lender. I cons...
Manraj Grewal
Who do you use for a cash out refinance?
What lenders do you use to do a cash out refinance in Cincinnati?
What LTV do they offer and are there seasoning requirements?
Andreas W.
Looking for letter explaining to tenant consequences of eviction
This is a long shot: A few months ago I read a post from a BP member showing a letter sent to tenants at risk for eviction. In this letter all negative consequences for the non paying tenant are explained in an easy t...
Adam Pervez
Rejecting a tenant because another tenant had better credentials
This might seem like a stupid question, but are you allowed to reject a tenant applicant because another applicant had a higher income? Assuming both applicants passed every screening and met all requirements with the...
Account Closed
Appraisal Waiver Tip
Buyers and Refinancing Owners, please remember to ask your loan officer about your eligibility for an Appraisal Waiver. The waiver will eliminate the need for an appraisal, thus saving you time and money during your c...