Clearing the Underwriter Hurdle

Underwriters. Man, do they get on my nerves. The underwriter approval is the last hurdle I have to clear to get property Charlie, and I was waiting for them to find an issue with my application. Well, they did.

Petey Tim emailed me and said the underwriter has “questioned the ownership of that LLC along with its tax status.” He needs me to provide proof that the LLC’s ownership is solely mine, and asked that my tax guy Ross send them a note confirming that the LLC is “not taxed and has no income to date.” In English, the underwriter wants to make sure that the money I transferred from my business account to my personal account to qualify for the loan was my business and mine alone. If the business belongs to someone else and I’m just an employee, then the funds can be seen as a loan rather than income and the deal will fall through. I had my meeting with Ross this morning to give him my information for finally filing my taxes, and we talked about it. He said that he won’t be able to send that note until the middle of next week, and I need to find something in my scanned documents that show I’m the sole owner of my Property Management LLC. Ugh, I should have never opened that damned business account because it confuses everyone, and it gives the underwriter something to bitch about. Next time, I’m going to make sure I have all my bank account information in order before my next purchase.

In the meantime, I’m finally in the regular groove of going to the gym, returning to 30 minute workout that Ola taught me instead of the 300 workout. The 300 workout is okay, but it seems to be more about sculpting. It’s designed to make someone look like the people from that 300 movie like Gerard Butler. But I don’t wanna look like Gerard Butler. I like the way I look—in fact, I love how I look. I just want to get stronger and in better shape without killing myself in the gym, and Ola’s workout does just that. My healthy eating is finally back to normal and, thanks to the workout, I can eat some crappy foods every once in a while. The GMC Jimmy seems to be operating well, so all I’m waiting for is the closing date. I must get this damned property before the end of April so that I can get rights to property Charlie’s May rents. That's a difference of over $2000 dollars profit. Clearing that final hurdle with the underwriter as soon as possible will accomplish that.

P.S.: In doing my taxes, I saw that I spent $3,832 in property maintenance last year. That’s pretty good, considering that most of it had to do with moving the last bad tenants out and dealing with property Chi’s furnace issues. With good tenants in this year, a more organized approach to the business, and the access to handymen through Angie’s List, I’m hoping for a much lower cost in maintenance for 2013.