Investor's Loan Guide by Graham W. Parham

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WHY IS MORTGAGE LENDING SO DIFFICULT THESE DAYS? ................ 41 • My wife and I are both salaried employees. Why can’t we use her income? .......................................................................... 41 • What about my secondary job or my side business? ............ 41 • I have a strong W-2 salary, and my wife has her own business and reports her earnings as a self-employed individual. Should I use her on the loan application?................................................................................41 • Can she still be on the loan application even though she has negative earnings? ..................................................................... 42 • What about the income from my Rental Properties? ............ 43 • What does it mean to be a “Seasoned Landlord”? .............. 44 • How many Loans can I get for my investment properties? .. 45 • If my wife is not on the loan, does it count against her as far as the number of real estate properties owned? .................. 46 • What about Capital Expenditures? .......................................... 47 • Timing of filing your tax returns and how does that affect you as a borrower?............................................................................47 • What is a 4506T? ........................................................................... 48 • Tax Extension ................................................................................. 49 DOWN PAYMENT OPTIONS ..................................................................... 50 ADDITIONAL LOAN PRODUCTS .............................................................. 52 • Specialty Loan Programs ............................................................ 52 o Short Term Escrow Holdback Program ............................. 52 o Fannie Mae Homestyle ....................................................... 54 o Non-Season Cash-Out Investor Loan Program ............... 55 UNDERSTANDING A 1031 TAX EXCHANGE ........................................... 57 5
• Why do a 1031 Tax Exchange? ................................................. 57 • What Property Qualifies for a Like-Kind Exchange? ............... 58 • Why is Entitlement so Important? .............................................. 59 • Avoiding the “Boot” .................................................................... 60 o Cash Boot ............................................................................. 60 o Mortgage Boot .................................................................... 61 • 1031 Exchange Rules and Timelines ......................................... 61 • The Identification Period ............................................................. 61 • The Exchange Period .................................................................. 62 • What Cost Can be Deducted? ................................................. 62 • What are Exchange Expenses? ................................................. 62 • Items That are NOT Exchange Expenses .................................. 63 • These “Non-Exchange Expenses” Can Include ...................... 63 • Other “Non-Exchange Expenses” Can Include ...................... 63 • In conclusion, my advice would be to plan accordingly for tax exchanges ............................................................................. 63 USING A POWER OF ATTORNEY ............................................................. 65 • HUD Closings ................................................................................. 66 • Notarizing Power of Attorneys ................................................... 66 • Warning ......................................................................................... 67 • Types of POA’s .............................................................................. 67 • Recording ..................................................................................... 68 WHY PUT YOUR RENTAL PROPERTIES INTO AN LLC .............................. 69 • The Advantages of having an LLC ........................................... 69 6
Page 2 and 3: INVESTORS LOAN GUIDE A Beginner’s
Page 4 and 5: Table of Contents INTRODUCTION ....
Page 8 and 9: o Legal Benefits ..................
Page 10 and 11: Frank bill was introduced with even
Page 12 and 13: What Types of Loans are Available f
Page 14 and 15: focused on the long-term loans, whe
Page 16 and 17: secure direct fax, or upload all th
Page 18 and 19: Assets to Close • 2 months statem
Page 20 and 21: What would cause that? An incorrect
Page 22 and 23: Once our setup team has completed t
Page 24 and 25: Using Funds from a newly formed LLC
Page 26 and 27: 1. If a borrower has 2-4 financed p
Page 28 and 29: financial reserves subject to the m
Page 30 and 31: Your Credit Score Before lenders de
Page 32 and 33: This part of the mortgage loan proc
Page 34 and 35: • Qualifying you for certain term
Page 36 and 37: include: • Errors or omissions in
Page 38 and 39: to help ensure the client receives
Page 40 and 41: available via phone at the time of
Page 42 and 43: Why is Mortgage Lending so Difficul
Page 44 and 45: ackward and forwards, and I still c
Page 46 and 47: many of the lenders will put the br
Page 48 and 49: What about Capital Expenditures? Ca
Page 50 and 51: What does that mean to the borrower
Page 52 and 53: Price $150,000.00 $150,000.00 Diffe
Page 54 and 55: Real estate investors who are buyin
Page 56 and 57:
Examples of Renovations that Qualif
Page 58 and 59:
Understanding a 1031 Tax Exchange A
Page 60 and 61:
Finally, certain types of property
Page 62 and 63:
Mortgage Boot The second fundamenta
Page 64 and 65:
Costs specifically related to the f
Page 66 and 67:
Using a Power of Attorney A power o
Page 68 and 69:
If you are living abroad and trying
Page 70 and 71:
Why Put Your Rental Properties into
Page 72 and 73:
eside in even if your LLC is set up
Page 74 and 75:
What are Turnkey Properties? In sim
Page 76 and 77:
market conditions, disposing of uns
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Investor's Loan Guide by Graham W. Parham