Corey W.
Lender requiring Comfort Letter
I'm in the process of purchasing my first duplex. This is one I'll be "house hacking" so I applied for an FHA loan and made an offer on a property. However my lender is now requiring a comfort letter from a CPA. My re...
Burt L.
What Funds Must I Still Have if Getting $100K Back On DSCR Refi?
I've been in a long haul on a smaller multi-family rehab and watched the rates almost double. I still have a 1.2 DSCR as it was a strong buy but am finishing with very little monies in the pocket. I will have $350K+ i...
Ryan H.
Accounting and Property Management
Hello,I recently closed on my first rental and am working with a property management company. The company subtracts expenses for work (on the property) that I've already approved before disbursing rental income. Whi...
Robert Medina
How can I still qualify for a FHA loan without direct deposit
Hello Bigger pockets community , i am looking to see if someone can shed some light on the dilemma i currently have. I've been a business owner for 2 years 3 months. i set up my business as an S-Corp and the way i pay...
Mark B.
Accounting while using a PM
Good morning all - I've been using a property manager for 2 years now. They use appfolio, and on the 15th of the month, i get my owner payout as well as the owners statement (pdf). I go through the statement line by...
Nicholas Jose
How do you calculate applicant's monthly income after expenses?
Good afternoon, BP.Let's say you want an applicant's monthly income to be at least 3X the monthly rent. A) If the applicant is an employee, would you just subtract the average expenses found on the bank statements fro...
Quandra Adams
Verifying Waitress/Server Income
Do any of you ever require any supplemental information from servers or waitresses to corroborate their income? If so, what else do you ask for? Tax statements?
I know servers can do pretty well making tips however...
Derek Cheng
Partial release question
HiI purchased four properties under one mortgage two years ago. I am looking to sell one of them. Lathe mortgage company told me it would be a partial release. (I hope that is the correct terminology). my questions a...
John Cusick
Escrow Question - Can Escrow Hold Funds Hostage?
We (Seller) have just closed a deal with the most frustrating escrow experience. The escrow officer we retained had a serious health issue and was replaced with a new officer about a month before closing. The new offi...
Scott Frame
Bank with Self-Service Proof of Funds
My wife and I are pursuing the BRRRR strategy and have sufficient cash in a savings account at our bank for our purchase and rehab. We made a cash offer a little while back on a property and when we requested a Proof...