All Forum Posts by: Alex Salzman

Hi Everyone!

I finally have my first Short Term Rental property up and am needing to get an updated insurance policy to make sure I am covered for this.  I was hoping to connect with someone on this platform to help with this, ideally someone who is licensed in the state of Colorado.   Can I just update my current home insurance policy to an umbrella policy or is it a separate policy all-together ?  I am waiting to hear back from my current home insurance company (SafeCo Insurance) on this but wanted to reach out on here in the meantime as well to see what everyone recommends.

Any help or advice is greatly appreciated as its a little overwhelming at the moment but super exciting none-the-less!

thanks ahead of time

I'm consistently running into issues with traditional financing. The limitations of Fannie/Freddie are black and white and their perspective is terribly rigid. Where do I look to find a lender who can see and understand the whole picture and work with me on deals?

Thanks Harvey!  I've reached out to Marc on your recommendation, appreciate the guidance!

Hi,

My partner and I are looking for recommendations on a Ohio lender, specifically the akron/cleveland areas.

Any advice and recommendations are highly appreciated
Thanks Everyone!

Alex

Looking for a recommendation for a lender in Ohio, specifically the Akron/Cleveland locations?

My partner and I are looking to purchase our first investment property together.  Any advice and recommendations are highly appreciated

Thanks Everyone!
-Alex

Hi Everyone!

 My current situation is that I am living in Denver, renting a house here with my girlfriend, and am trying to purchase my first rental property in my home town of Ohio (cleveland or akron area to be specific).  There are a few reasons for this strategy but its mainly dictated by the house affordability in Ohio as compared to Denver combined with me having long time family friends (realtor and property manager) in the Ohio real estate market.

I just got pre-approved and unfortunately am approved for much lower than I was hoping. After speaking with my lender about the details he basically explained that the fact that I have to declare my full Denver rent of $1700 a month is whats hurting my DTI significantly. In reality I only pay half of this ($850) but the way our current lease is structured I am being told I have to declare the full $1700 as debt.

I am curious if others on here have faced similar situations where you were currently renting but wanting to purchase a home for investment purposes and not to live in it.  What are ways to make this work?  

Do I have to show copies of my current lease as "proof of debt"?  Or will a lender simply look at my bank statements and see that $850 (half of my full rent) gets withdrawn every month?   

Also, my current rental lease is month to month.  Does a lender actually consider a month to month lease as debt?  I would think this would fall under the same category as groceries, utilities, etc. where its not truly a long term debt to someone.  In reality, I would never pay $1700 in rent, if that were to ever be the situation I would simply leave immediately to find more affordable housing, no debts owed.  

Super excited to get my first property!  Just want to intelligently deal with this little hiccup at the moment.  

Any wisdom and guidance is much appreciate everyone!

-Alex