Jack Soluyy
NEED HELP!! RESIDENTIAL LENDERS
Hello fellow BPers, heres the scenario:I want to get a mortgage for multifamily property. I am self employed, I claimed unemployment since march of last year (2020). I’m unsure as to how this may help or hurt me. I li...
Chris Adams
Assignment of Rents agreement question
Closing a loan in a few days and as usual there is a Assignment of rents agreement. But this sentence, which I see in every assignment of rents agreement, pisses me off.
LENDER'S RIGHT TO RECEIVE AND COLLEC...
Michael Orozco
Waterfront Lake property - Land Sale - with not livable house
Hey all,I have been looking for a nice lake front property for years, and I finally found it. However, it is unusual.The lot is beautiful .75 acres waterfront that has a nice creek that runs down the side. There used ...
Katherine D McCoy
How to buy investment property as a first property purchase
Hi! I've saved a solid 20% down payment with the plan of purchasing a duplex, intending to rent for additional income. Trouble is, I'm being told by local bank morgage officers that since we have never owned a propert...
Sam Moomey
Does building a 4plex for my first investment property make sense
Hello, I have a house currently worth $300,000 that I have around 50% equity in and I’ve got a 2.87 interest rate on a 15 year mortgage. Now recently finding out about bigger pockets I am very interested in owning mul...
Robert Washington
Loan Options in Reno, NV
Biggerpockets family,Good evening. I'm looking to form a series LLC to purchase property in Reno NV. That being said, will/can banks provide a business loan or will I have to go through the normal process of getting a...
David Green
Seller Financing 2nd vs Dropping Price (did not appraise)
I am selling a condo and the appraisal came in $8000 short. My realtor was suggesting that we drop the price to the appraised value, but I feel like that is leaving money on the table.I am considering offering seller...
Mike Hartzog
Escrow Agent for Note Sales
I am planning to begin selling performing notes to folks who need income investments and would like to have a 3rd party escrow agent who knows notes and can handle the escrow and closing process. This would include t...
Account Closed
DTI/number/lender confusion.
Hi,
House cost = $59,000, but with repairs the total cost came to $82,000. [I put roughly $8,000 down = I owe $74,000 on the mortgage (30 year fixed)]
My house was appraised at $150,000 before repairs. ...
Bob Daniels
Converting primary to rental. DTI questions
I recently moved to a new state and am converting what was my primary residence into a rental. I am set to close on a new primary residence however my underwriter is insisting that my debt to income level is too high...