All Forum Posts by: Asa Davis

Thanks for the feedback everyone! Looks like is need to look into DSCR loans!

@Eric James my two home loans are the only debt I have, I'm also self-employed so banks really look hard at my financials. As temping as selling my STR would be its currently cashflowing $1,500-$2,000/mo after expenses, so I feel like selling it would be one step forward two steps back in the journey towards FI.

Thanks @Account Closed!

Hey all, I'm a newbie investor with two deals done, I got primary residence loans on both of my current houses and one is a STR so the bank can't use that income for a while, I live in the other, that being said my DTI is about tapped out. I currently have about 250k in cash and I would like to buy 4-6 single family rentals in the 150k price range. My question is will my high DTI prevent me from qualifying for more properties?

Thank!

@Danny Keating I got started a couple of years ago so I’m far from a pro, but here is what I did.

I used a conventional mortgage and put 3% down to buy a fixer. I then rehabbed the property doing most of the work myself, it re-appraised for a lot more than I paid so I was able to get my mortgage insurance dropped and this made my monthly payment lower.

Once the property was rehabbed I rented it out on Airbnb on the weekends while my wife and I stayed in a friends extra bedroom.

It was a lot of work but a year later we were able to by our second property.

There is literally a new hurdle to get over every day but just keep taking action towards your goals and you will go far.

Hope this helps!

@Robin Searle I have a STR in Nashville and the city is getting really strict. There is currently a proposed bill that if passed would prevent all future owner occupied STR's from renting out the whole house at once. Also it wouldn't allow the homeowner to be absent from the home longer that 15 consecutive hours during the time it is rented.

This is absolutely absurd to me. I have no idea how they plan to enforce this but I sure hope the bill doesn’t pass!

@Lindel Turner thanks! I’ll give it a shot.

@Brent Paul thanks! It’s currently cash flowing very well on Airbnb, I just had hoped to be able to pull some of my cash out to help with the next property.

@Aaron K. I will do that!

@Aaron K. Thanks for the advice!

@Aaron K. Thanks for your input! It is in Nashville, I would love to here your suggestion.