All Forum Posts by: Alex Doty

Thanks everyone! Alot of good tips, appreciate the help!

Hello Everyone!

Im looking for insight as I put a plan in place to purchase my next property. I am located in Chicago Suburbs and bought my first house in May of 2019 which I house hacked and later converted into a rental as I moved out and purchased my second house (current residence) with my girlfriend. We are on each loan separately and trying to decide the best way to move forward and continue to purchase a minimum of one property per year. So a few questions I have are..

-Should I try to qualify for this next loan on my own and only add her as a co borrower if necessary?

-Can a month to month lease be considered in order to help use rental income to qualify?

-What is a general DTI ratio that I can anticipate a bank to allow for these situations?

Any insight or advice is MUCH appreciated!!!

Thanks for the responses. @Lumi Ispas and @Josh Mitchell, I will be sure to reach out as I am farther along in the learning curve!

Hey everyone Im Alex!

I have been browsing around on this site for a few days now and I can see how this will be one of the better ways I spend my time. I'm amazed with the amount of knowledge and insight that flows through the forums here, and I'm extremely excited to begin engaging with everyone involved. 

A bit about myself:

I'm a recent college graduate and have been working at my first "real" full time job for about 3 months now in the suburbs of Chicago. In doing so, I've realized as many others do; that I do not want to be a part of the corporate 9-5 world for my entire working life. Therefore I have established one of my goals as becoming financially independent through real estate.

Right now Im thinking that I am best suited for flipping in terms of investment strategy. Ive worked in the HVAC and Construction industry for a few years and have actually completed work on many flips in the past, so I feel this experience may give me a leg up in getting started.

Anyway, right now I am focusing my efforts over the next few months on expanding my knowledge in real estate and educating myself as much as possible before closing my first deal. 

I welcome anyone in the area who is willing to share some knowledge to connect and chat!

-Alex