:)Hello everyone i was referred here by thoward and it seems to be a good site that is very informative. I have a question,i’ved owned a piece of investment property for a while now and i am having issues with refinancing, my mortage is at an abj and i want it at a fixed rate. My credit if fairly decent but these banks wont let me refinance on income recieved from other tenants what should i do
Welcome aboard finally! I would suggest when you approach lenders you ask their requirements for refinancing. From what I've learned (on this forum), lenders apply some of your rental income to your income when purchasing or refinancing an investment property. Hopefully someone on here will be able to elaborate on that a bit more as I'm not as educated in conventional financing as some of the people on this board.
Well welcome to the reiclub.com! Have you tried to go lender direct most of the time they will bend the rules a little to get it done where most LO’s cant do it! Try to go with Country wide Mortgage They are great to work with!
Today i finally started the process of getting someone into my rental property but i dont think she fully understood that i am the acting landlord or manager but these properties are ran under a company. I tried to explain to her that if any rental agreements fall through whether fault of your own or the rental company that is suppose to pay your rent you are still responsible her husband tried to negotigate with me on returning moneys and avoiding late fees. I hope his is not going to be a problem because i want a good tenant that keeps a clean home and not distructive. could i have done anything different was my approach correct.