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Sufficient Cash Reserves
There are a plethora of investors with years of experiencing on this site and I was hoping to glean some knowledge. I have one single family home rental and I am currently looking to acquire a small multi-family prope...
Brendon Seiffert
FHA self sufficiency question
Could someone help explain the self sufficiency rule with FHA loans? Looking for a clearer answer and the lady at the bank isn’t quite sure and is waiting to hear from her under writers, which won’t be till tomorrow.R...
Robert Andersen
FHA Self Sufficiency Test
Hi, I'm doing research on buying my first 3/4 unit apartment building in Chicago with an FHA loan. I have some question and confusion about the self sufficiency test.
1) When adding the income for your total net ren...
Allen B.
Sufficient experience for lending?
Hi all, got another question as I’m preparing to step up to multi family. What options do I have in terms of required experience?Background: I built up a portfolio of 10 SFR plus one triplex when I lived in Atlanta. T...
Keith Myers
Is my insurance sufficient?
I am purchasing a 12 unit building in about a week and wanted to make sure I am making a good choice with my insurance policy. Coverage seems adequate with this policy but I am struggling to fully understand all the ...
Francisco Feliz
FHA Self-Sufficiency Provision
Hi everyone,Is anyone familiar with the self-sufficiency test on FHAs with respect to buying a multi-family? I was told that it's a recent-ish provision that has made several FHA loans fall through. Apparently, 75% of...
Daniel Tineo
FHA Self Sufficient Test
Hello All,Is it possible to by pass the self sufficient test when buying a 3 or 4 unit property? I was approved for an 800k FHA loan based on my income alone. Rental income was not included when calculating buying pow...
Maen Abu Khater
FHA Self Sufficiency Test
BP Community, There is a Multi-family (4-plex) that I am interested in purchasing. Currently all 4 units are 1 BD 1 BATH Units and with the current market rents for 1 BD 1 BATH..... The property doesn't pass the FHA S...
Matt McMacken
LLC self sufficient to bank?
As some of you already know theres many wonderful advantages of owning real estate come tax time. For example, I’m able to show a rather small profit on each rentals due to depreciation and other expenses even though ...
Alex Johnson
LLC Name sufficient for close?
Need to close escrow on a transaction on Monday, October 13. It happened fast. And I need a new LLC to take title with. If I reserve a name officially, can I use that even if the rest of the process is not finished?Pl...