2019=The Year. Plan: Buy small MF & House Hack - so financing??

[Christopher Kolasa]

Hey so I've been bogged down with my 9 to 5 and learning about real estate investing for a few years now, podcasts and books, networking, and now I am afraid I'm in that tough place of constant learning and no action! No self-pity necessary, just action remains. Easy. I've got my goals, I've joined a mastermind group for accountability, analyzing deals daily, now building my team, next step is make some offers and keep the ball rolling. Do what successful people do and you're bound to be successful, right?

Anyway, I am looking at small multi-families in Tennessee (out of state) and had a financing question, because I am looking to relocate, to a more expensive market such as in Colorado. I have saved up a decent amount of cash that should be enough to do both and was just curious on my financing options? If I purchase a 4-family with conventional financing, how does that affect buying a owner occupied home. Any considerations or strategies I should contemplate? THANKS.

[Jay Helms]

@Christopher Kolasa - unlike what @Curt Davis suggests, acquiring any asset with a mortgage will affect your overall DTI - debt to income %. But yes, talk to a few lenders and see what they say. Most lenders criteria for DTI is <=43%.

BTW, what mastermind did you join? I host a virtual one - just want to keep my eye on the competition. 😃