Quote from @Devin Peterson:
Quote from @Andrina Maximin:
I finally want to dive into put my training wheels to the test, I'm looking into investing in Ohio, and would like to know has anyone used a DSCR loan? I initially wanted to do a BRRR but since I'm not the from the area, real estate agents are telling me I should maybe start out with a turnkey to get my foot in the door? Can I please have the BP community thoughts on this?
Is DSCR loan worth it or does it depend on my strategy. I hate that my money would be stuck in the property though. hoping to get some insight.
Hi Andrea, It would depend on what your strategy is going to be in the long run. DSCR loans are great for investors seeking rental properties that they want to cash flow upfront. If you want to renovate the asset, you may want to see a bridge or hard money loan. There are a lot of assets in Columbus that are basically turn key properties, and even if you have some minor renovations (5k-10K)I would recommend trying to go after an interest-free credit card AFTER you are approved and close for your loan. Don't shop credit cards and mortgages at once, you ll create havoc for yourself. I would be happy to connect and chat more if need be. Good luck!
FYI for all real estate questions regarding the Columbus market I recommend @jimmylieu - he is the BEST!
Hi Devin, thank you for replying to my message, I didn’t think that I can do renovations using a 0% interest credit card, I thought about it but I also heard cash out refinancing is hard to do on this type of loan which is why I’m a little iffy, I’m not looking to pull my money out right away, but I would like to in 12 months or so is that possible with a DSCR loan?
