All Forum Posts by: Brent Langlois

Appreciate the tips/advice...thanks

@Tony Hightower, thanks for the tip...paying my car loan off doesn't get my DTI low enough though. My only other debt is my real estate properties. So unfortunately it doesn't get me there.

I'm looking to acquire my second rental property and I'd like to use conventional financing, however it's looking like I'm going to hit a road block with a high DTI. Curios to hear how investors have overcome their high DTI ratios to get conventional financing (i.e. used a partner, significant cash reserves, etc..). It seems to me that unless you're paying cash or putting a significant amount down, your DTI will run up quickly with each acquired property.

With the new deal I'm looking at, and the lender agreeing to let me use 75% of the future rent income...I'm sitting at 0.57 with 0.45 being their requirement.

Input is much appreciated.

Time to get @David Zheng on the podcast.

Congrats!

This happens on every episode of every HGTV RE show, ever..

You would think title companies would be more vigilant with this stuff. I've used two different title companies and both sent wire instructions via email. Luckily I have a great agent who tipped me to call and confirm acct numbers.

I understand you David. Sounds like you have no problem helping, but when you get a heavy dose of entitled users boldly asking/demanding information it's quite annoying.

I'm no expert and haven't experienced this but I can relate in other aspects. It drives me crazy when someone asks me a question without giving the answer ANY thought whatsover. They just want the free pass

Rant away @David Zheng !

Here at Bigger Pockets we're taught to account for Vacancy, Maintenance, CAPex, and PM (even when your managing yourself. I think the vast majority will only account for maintenance. Thats potentially why they see it as a great deal. That's my theory after seeing tons of homes on the MLS that say "Great cashflow" when they are not.

Or of course they're just trying to get the sale to grab the commission.

HOA fees are a killer

Oh, its a 9 month tenant, nvm my last sentence!

I'd throw out that language about reviewing market rent and simply state that you are covering increased expenses (insurance, taxes, whatever).

With that said, I'd maybe do what @Russell Brazil proposed and raise the rent an even $25 and re-evaluate each year. Shouldn't break the bank. Although I think I'm most concerned about keeping my 14 year great tenant happy.