All Forum Posts by: Avi London-Wynne

Thanks Theresa. By incentives I mean, what is their incentive to tell me if there are issues with the property, what is their incentive to keep tabs on the properties physical condition?

Hi,

Me and my business partner are purchasing our first property and will be doing so from out of state. We have some concerns about property managers incentives, responsibility, and due diligence. It seems like there are so many potential problems that could occur without our knowledge that will destroy our cashflow and cause bigger issues or even liability down the road. Can anyone offer advice on how they feel comfortable investing from out of state, in terms of how they find trustworthy property managers, how often their properties are inspected, and how they try to be aware of maintenance problems that arise? Thanks!

I won't be living there so I don't believe I can do FHA (Also I'm not sure that clause applies if its part time work, the part time is the issue), but thank you that is good to know. Seller finance is an option just heavily dependent on the property obviously. I'm considering partnering/having someone co-sign but I'd rather not. What is sub-to? Thanks!

Good to know I'm looking in the right places. Thanks for the words of encouragement!

Hi everyone,
I'm a first time investor looking to purchase a rental property in Upstate New York. I have a specific financial situation and am looking for creative ways to obtain a loan. Any advice or insight is very much appreciated. Thanks in advance!

I started working in March 2020 full time, but after a year started college and work part time. Unfortunately, recently (before the 2 year mark) I've switched jobs (a different profession). I live rent free and obviously have not been a landlord before which means I cannot use rental income to qualify (this rule makes zero sense). I have no debt and a credit score of 750. I'm looking to put down between 30k-40k on a property between 70k-170k. I'm only looking at properties that will have a high cash flow.

Because I work part time but don't have 2 years with the same employer I cannot qualify for a conventional mortgage. Because I live rent free and haven't been a landlord I cannot use the projected monthly rental income to qualify. My part time income while in college is $25,000 and my living expenses are low (dti on $700 mortgage would be 35%). So as I understand it my options would be non QM Loans or DSCR Loan.

Does anyone have other creative loan strategies?

Thanks!