Scott Smith
Dispersing of IRA/LLC?
If I wanted to disperse an IRA/LLC that had real estate, and a small non-recourse loan attached to said real estate, is there any pitfalls to be aware of? I'm assuming there are lender specific rules which I'll explo...
Andrew Kiefer
How to exceed the 4 mortgage leverage
Hello,I have not gotten any rei yet I am located in Scott county MN. I am in the process of paying down all my debts to reduce the cf needed to stop working my regular job. I have been learning a lot about what to rep...
Deanna S.
What is the reserve requirement for a nonrecourse loan?
Hello BP experts. We are negotiating an offer for a property (a duplex) and will be using a nonrecourse loan for the financing. Does anyone know what the IRS requirements or guidelines are for required reserves when...
Corbin Lane
Finding a mortgage for less than 10% down
I'm trying to find financing for a 2-4 unit house hack and I seem to keep getting the same answer back from lenders - to come back when I have at least 10% of the purchase price. I was hoping to put 3.5% or, at most, ...
Bill F.
Forgivable Loan for First Time From Employer
Looking for the loan experts on BP to answer a mortgage question. The company my wife works for has a program where they give first time home buyers money toward their down payment in the form of a forgivable loan. Th...
Zach Wain
Fannie Mae update to Rentals and Second homes
Last night we were notified that Fannie Mae is making some changes to their Rental property and Second home purchases. This morning we are getting more clarity. There is not going to a standard LLPA (price hit) in a...
Ben Russell
Question about using rents as income
We're a property management company and a new client wanted to rent her current home and buy a new home. She did not qualify for the new loan without using the rent of the old house as income. Lender told her to get...
Alex Montiel
Inspection prior to closing wholesale deal
Hello,I recently met up with a wholesaler that I connected with over BiggerPockets and I'm excited to potentially do some deals with him. However, he pointed out to me that there is no inspection contingency in the c...
Toben B.
What percent should closing costs be on cash out refi of $140K
Hello,
I have 3 duplexes to cash out refi on. All are worth $200K. One is free and clear, one I owe $5K and one I owe $35K.
What should closing fees, points, appraisals add up to? I am seeing $7400-$8400 in closing ...
Dmitri L.
Cash-out refi issues in TX
Hi All,I have a TX rental (~250k market value, ~80k loan balance) and want to pull some cash out of the equity via a cash-out refi/heloc/2nd mortgage. Unfortunately it looks like there's some rule against the combinat...