All Forum Posts by: Adrian Tenemaza

Three options- lower your debt, increase your income, do go with the 20% downpayment (the norm for investment properties). One more could be finding a screaming deal that cash flows significantly at closing which could help with new financing. Another alternative could include getting a HELOC on an existing property if you have enough equity to reduce the cash out of pocket but that would probably drive your DTI even higher

Thank you for the advice Sergey!

i did lower down some credit cards. as of now my main goal is to try to buy another property with a lower downpayment (conventional 5% DP ideally) so i can use my cash into multiple properties!

Any advice ?

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Quote from @Jay Voorhees:

Hi Adrian - With 20% down, you could get a second DSCR loan. Otherwise, I agree with Sergey. You could use some of the available cash to pay off current debt (car loans, credit cards if these are applicable), but really you'd want a lender to run these numbers for you and tell you what to target.

If you're aiming for a conventional loan on this investment property, the lowest down payment allowed is 15%, and that's likely going to come at a cost in points, so I worry you wouldn't be retaining that much in the end.

thank you for the advice Jay!

I did pay some of my credits cards that were hurting my credit score and DTI ratio. As of now I have a 750 credit score but still wanted to try to get into a conventional loan with a 5% down payment so i can move out of my first primary residence. as of now my main goal is to try to buy another property with a 5% conventional loan (to live in it for a year or so) and then try to get another investment property with a 20% dow payment as soon as i can.

any advice?

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Good Evening Bob!

do you happen to know when is your next meet up?

Thanks in advance!

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Stamford, Connecticut

Hello everyone! Im a new RE investor and currently seeking some advice on how i can proceed with a current situation!

I currently own a primary residence (3 family) with an FHA loan, and a single family (investment property) with a DSCR loan!

Im in the process of acquiring another property but unable to perform due to my debt to income ratio being too high!

Any advice on what i can do?

I do have cash reserves for a 20% down payment but i don't really want to go that route!

Thanks in Advance!

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All Forum Posts by: Adrian Tenemaza

Adrian Tenemaza has started 2 posts and replied 5 times.

Post: Seeking advice as a start up!

Post: any advice on how i can proceed?

Post: any advice on how i can proceed?

Post: Section 8 Program/Guidance on Taking n Your First/Next §8 Tenant

Post: any advice on how i can proceed?