Bill Mitchell
Rental Property Income & the 2 year Rule
In order for rental property to be counted towards regular income you must have the property rented out for 2 years.
My question is does the 2 year rule apply to each property separately? Or once you have ha...
Sherman Dunn
Issues with funding through bank dude to DTI?
The bank is giving me a difficult time with financing due to my DTI, which isn’t bad, but it seems very high because my job doesn’t include a breakdown of overtime on my W-2. Has anyone else had this issue? What do yo...
Kelly McCullen
Running the Math on an initial deal
Here goes it, folks.....
2 bed/1.5 bath - 1300 sq feet.
List Price: $40,000
Last renter paid: $400/month ( I know, it's the 1% rule in this case)
The $400 per month rate was based on a house that needed some "spr...
Clinton Davis
Debt to income question.
2 questions now that I have you here.I have bought 2 houses using owner financing this year to add to my small portfolio. Do I need to include the note payment for the houses on my debt to income ratio? My guess is ...
Kristin Feerst
HELOC impact on credit utilization ?
I often see people post about using HELOC funds for additional capital towards REI, but have major concerns regarding credit impact. Does a high balance on a HELOC negatively affect your credit score? The Transunion ...
Account Closed
List Source
Hey Everyone,I am just starting out and I have a few questions about list source. I have created all my criteria; equity %, last date sold, zip codes, etc. My area is Anne Arundel County, MD and after entering all my ...
Luke Mccandless
Financing our next deal !! catch 22 madness?
We are trying to move out to a current house - convert to rental and buy a new house owner occupied. It seems like we are not able to get financing as the lenders wont count the income from the rental property until a...
Olive Bash
Least option in Texas
hey guys I think I just blow off my first least option deal which my fees was 10k. I had an argument with the seller whether the monthly payment will count towards the purchase price. my question is what happened afte...
Melissa Kee
Newbie Lending/Funding Question:
So, when looking for a lender to purchase a multi-unit rental property, one of the requirements many lenders look for is experience. So, for a new investor that has not owned and/or managed any of their own propertie...
Jonny Morris
Understanding my debt to income numbers for HELOC appointment
BP – I would love your input on any of the following points (1, 2, 3, 4, 5)
I am excited to be at this stage but wonder if I am a little ahead of myself. I have scheduled a HELOC meeting with the bank as I would lik...