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6
Posts
3
Votes
Sam Wilson
  • Investor
  • Portland, Or
3
Votes |
6
Posts

How to finance a property with maxed out DTI

Sam Wilson
  • Investor
  • Portland, Or
Posted

Hello everyone, first of all I want to thank you for taking the time to read my post and hopefully give me some advice. I am a newer investor in the Portland area and I need advice on how to move forward with financing my next deal. To get a clear picture of the situation here are my current investments and funds available. 

Property 1: $1,900 - rent / no debt / value 420k+ / Cannot sell

Property 2: $2,800 - rent / PMI - $1,857 / 300k mortgage 2.5% / 590k+ value / Leased month to month

Property 3: $3,700 - rent / PMI - $3,162 / Primary, $450k mortgage 5.3875% / 650k+ value / House hack room by room rental

W-2 income is 6k per month

75k cash

I have identified a property in Wyoming (family there/boots on the ground) for 150k and a rehab of 65k. ARV is north of 240k. Ideally I would be able to buy and renovate this property as well as have funds to buy another primary home to live in and house hack by the end of the year. I'm unsure how to get past the DTI barrier.

How would you structure the recourses to not only do an out of state flip but also be able to move into a 500k plus primary home to house hack in my home state?

I greatly appreciate your time and here's to the best real estate community out there!

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