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Updated over 7 years ago on . Most recent reply
High debt to income ratio- need a mortgage or HELOC
I have been investing in RE for the past 3 years now. It’s been a great journey! However, I’m stuck now.
My debt to income is high and I can’t get any new loans.
I currently have 2 properties in Orlando Florida, free and clear , each worth 80k-90k. I would like to get some cash out and continue investing. Both properties are profitable, but no bank wants to put a mortgage on it due high DTI.
I would really like to keep them. I already saw at least 3 opportunities to make a flip and make money, but got stuck on the financial part.
Any suggestions?
Most Popular Reply
They each produce about $450-$500 income a month after taxes maintenance fee and insurance are paid for. I haven’t asked any private lenders for money yet. Any recommendations?