All Forum Posts by: Aaron Kovac

@Sam Stabler

Where I originate loans (big nationwide bank lender), we assume a 20 year amortization and calculate based on if you were to use the entire line. So if you apply for $100k, we are going to assume you use $100k and amortize the payment over 20 years, factor the payment in with any debts reporting on credit against monthly income and that's your DTI. In a nut shell. Hope this helps!

@Taylor L.

Thanks Taylor! I didn’t think of that before, I’ll definitely look into using my underwriting background with multi family syndications. Appreciate the feedback sir!

@Ashley Pimsner

Thank you! That’s some great info. I appreciate it! So much info to take in when you expand your horizons beyond the single family arena. Really grateful for your input!

As a loan originator, there seems to be a ton ambiguity surrounding multi family financing these days. Not just on my end but people approach me all the time and I hate not having an answer or being able to be a resource for them.

I’ve seen a lot out there about people staying to tell everyone what you’re looking to do, as far as your real estate aspirations. Thoughts on that?

Also, love Saint Charles. Graduated from North Central College in Naperville.

Hi All,

This is my first post! I just started listening to Bigger Pockets 2 weeks ago and looking for guidance wherever possible. Here’s my story/background...

I am 29, a mortgage loan originator in Austin for a big bank. 2+ years in lending here in Austin, 7 years in banking between Chicago and Austin. I just bought my first home in July 2019. My fiancé bought hers in May 2019. Our goal is to rent hers out when we get married in the next year.

That being said, it has become abundantly clear that while I have an aptitude for being successful in lending, I do not love it and more importantly- I do not want to be in corporate America any longer than I have to be.

With my experience as a lender, I am familiar with lending as it relates to primary, secondary, and investment properties across single family and condos, but my experience beyond those home classifications is non-existent simply because I do not directly provide any other solutions than what fit in the big bank box.

So I come to this forum in search of guidance, advice, and input on what are some good things to start getting my feet with in order to start the journey to building my portfolio and getting into the multi family space.

Do you start with saving until you have $100k in the bank? Find a private investor (how does that even work)? Find a broker? So many questions and I have no idea if I’m overthinking or not. Working for a conservative lender, I feel like my whole Lending career, I’ve had these blinders up on how to traditionally acquire real estate.

Looking to open my eyes as much as possible. Any and all advice is appreciated. I’m a sponge! Thanks y’all!