All Forum Posts by: Aymen Mandil

@Daniel Griffith that’s my plan. I was informed that wasn’t doable due to debt to ratio factors. In my current situation no issue when I add 2 mortgages that will put me at 3 and apparently they will view that differently...

@Michael Garofalo Thank you so much for the feedback! I sincerely appreciate your time!

Yes that’s what my lender shared with me after certain amount of time I have 2 directions I can go in paying it in full or depending on my situation then if I still qualify to convert it into a 20-30 year mortgage like you mentioned.

However, where does debt to ratio come into play when it comes to landlords? Am I able to continue BRRRRing if I follow those steps for the next 2-3 years? I know my lender has a limit of 10 mortgages but they are also exploring my options once we get to that stage.

@Andrew Goodwin Yes, I completely understand your point and it is a very important point cause it just eats up some of the profits along the way.

I just learned from another member that my idea might run into some road blocks due to lenders looking at debt to ratio (which I figured in my situation they would take into account me being a landlord for the past 5 years). So, if I do BRRRR I was under the understanding that the new leases I sign would help with refinancing and looking into another property and repeating the process for the next 2-3 years like we talked.

What’s your opinion?

@Derek Diamond thank you for your feedback!

Your feedback is exactly what I need to think about. I figured since I am a landlord I would be able to get approved or my chances of getting approved are higher.

I figured when I refinance the money I get back would pay off the equity and I would be able to keep it open and just repeat the process. I did not know that it would affect my debt to ratio/income, well at least I didn’t think it would matter since I would have it rented out with a 12 month lease and 3-6 months worth of expenses set aside for each property....

If the debt to ratio/income is a major factor for banks/commercial lenders approving future loans then my plan are done and I would been to revisit my plan and figure out how I can overcome that. Most of the info shared on youtube/podcast via BP don’t necessarily hit on that topic.

What would you suggest in that situation? I feel like if I refinance I would have at least $100k in my pocket that I could invest with and the house has rental history for at least 5 years so surely they would take that into account and property #1 should affect my debt to ratio/income.

@Andrew Goodwin I planned on using the Buy, rehab, rent, refinance, and repeat method. So whenever I refinance I get that cash back I put into it and purchase another property with it and continue doing that. My limit with my bank is 10 mortgages, however I am exploring my options when I get closer to that point.

I thought about pulling out a mortgage like you mentioned however my lender recommends I keep it the way it is since it’s 3.25% and if I refinance it, it would be over 4% based on their current rates.

Am I on the right track? Or am I missing something?

@Andrew Goodwin Thank you for your quick reply! I am grateful for your time.

My goal is to build a portfolio where I control my time and not have to work a 9-5. I would like to do that through rental properties asap mainly for the cash flow. I would like to own 20 rentals in the next 2-3 years and with that I believe I can step away and go into RE full time using the BRRRR method.

Hey BP community! My name is Aymen and I am super excited to be a part of this community and look forward to learning and growing with everyone! Thank you in advance for taking the time to read my post!

My goal with this post is to get some opinions from more experienced individuals that have been on this journey before. This will be my 1st time genuinely pursuing any real estate ventures. I would like to eventually step away from my 9-5 and pursue real estate investing full time.

Here is my situation.

I currently own a house I am renting out and cash flows roughly $400/month. I sat down with my lender I am financing the house through and they mentioned I would be able to pull out a $100k line of equity. I have 750-760 credit score and my debt to ratio is fairly low. My lender mentioned I have several options available.

Here is what I’m thinking. (Which I honestly don’t know if it’s doable)

1- Applying for that line of credit.

2- Purchasing a single family home or multi-family property at 75% ARV. (Not sure what loan option to pick, etc...)

3- Using the line of credit to BRRRR. (At the same time I am pursuing step 2)

4- Not sure if I should pay off the line of equity or keep the money out and make the monthly payments and keeping BRRRRing that’s where I lack the knowledge to make a quality decision. :/

Hope I am not asking too much and if there are any questions you have please let me know!

Hey BP community! My name is Aymen and I am super excited to be a part of this community and look forward to learning and growing with everyone! Thank you in advance for taking the time to read my post! 

My goal with this post is to get some opinions from more experienced individuals that have been on this journey before. This will be my 1st time genuinely pursuing any real estate ventures. I would like to eventually step away from my 9-5 and pursue real estate investing full time. 

Here is my situation. 

I currently own a house I am renting out and cash flows roughly $400/month. I sat down with my lender I am financing the house through and they mentioned I would be able to pull out a $100k line of equity. I have 750-760 credit score and my debt to ratio is fairly low. My lender mentioned I have several options available. 

Here is what I’m thinking. (Which I honestly don’t know if it’s doable)

1- Applying for that line of credit. 

2- Purchasing a single family home or multi-family property at 75% ARV. (Not sure what loan option to pick, etc...)

3- Using the line of credit to BRRRR. (At the same time I am pursuing step 2)

4- Not sure if I should pay off the line of equity or keep the money out and make the monthly payments and keeping BRRRRing that’s where I lack the knowledge to make a quality decision. :/

Hope I am not asking too much and if there are any questions you have please let me know!