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Updated over 1 year ago on . Most recent reply

Spencer Turner Jr's profile image
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Spencer Turner Jr
  • Member since Sep 8, 2023
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Spencer Turner Jr's profile image
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Spencer Turner Jr
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Spencer Turner Jr
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Starting Out

Looking for best options for growth

Spencer Turner Jr
Posted

Hello, newbie here.  I've recently been following BP podcasts and decided to participate here.  I own a single family home that I've fully paid for.  It is currently being made ready for LTR.  My credit score is 590 (working on that after a divorce), and I'm self employed for the last 10+ years.  How can I best leverage the property that I own to purchase more rentals?

Houston, Texas
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John Chong's profile image
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John Chong
  • Lender
  • from Houston, TX
  • Member since Jun 12, 2023
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John Chong's profile image
John Chong's profile image
John Chong
  • Lender
  • from Houston, TX
  • Member since Jun 12, 2023
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John Chong
  • Lender
  • Houston, TX
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John Chong
  • Lender
  • Houston, TX
Replied

@Spencer Turner Jr A DSCR loan might be a good option for you since you're self employed. Minimum FICO score is 620, and its an asset based loan. You'll be able to do a cash out refi to purchase another rental.

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