All Forum Posts by: Braden Hobbs

@Chris Hiatt

Debt-to-income - There's a percentage that you have to stay under based on all your current debt to income. Then there's front-end and back-end DTI, front end is just your mortgage debt to gross income, while back-end is everything.

@Chris Seveney

The 2 Portfolio lenders I spoke with, loaned based on personal DTI and finances. I'll keep shopping around though.

@Upen Patel

Also, no bank I've talked to yet will credit rental income without at least 1 tax return showing the income. But I've only gone to a few so far so I'll keep digging.

I am currently seeking to buy my first investment property but with my own primary home loan I won't have any room under DTI restrictions to get a personal mortgage on a second property.

What are some ways to get around this? Or am I stuck with Private/Hard money as my only option? 

If my only option is private or hard money I'm afraid to carry that financing for 2 years before being able to get a loan based on the rental income. Or am I wrong in that thinking?

@Alex Applebee

 Great job! I too got my real estate license for the same reasons you did. Would you mind answering a couple questions?

1. It sounds like you bought all the materials. How was your arrangement with your subs in terms of materials? Did you meet with them and discuss the job and they told you the materials they needed you to buy? How did you know what to buy being you had no experience beforehand?

2. How did you find other finished flips to go look at? 

@Micki M.

 I'll try to swing by the meetup. I'll be nose deep in my RE books and could use a break. Taking my license exam next week.

http://www.denverpost.com/business/ci_27780191/den...

This article explains in a nutshell how intense the market here in Denver is right now.

@Ryan D. This is awesome work! Congrats.

@Bill S. What types of investments are you looking into in Cheyenne? I grew up there and worked the past few years there. Let me know if you ever need any help there, I may know someone.

@Larry Fried I'd be interested to know what markets you are recommending as well.

@Scott Trench Couldn't agree more with your last sentence. I spent 2 months over analyzing all the math "rules" while trying to find a home for my fiance and I. Finally, I just went with logic and we're closing on our first home together. 

We will want to rent out our home in a couple years so we just focused on schools, good neighborhoods, and access to things to do. However, if renting doesn't work out then we should be able to sell with appreciation.  My thinking is that at the pace Denver is growing, the limited supply of houses, and the fact that the fed is doing everything they can to make people buy over rent, we should have no issue selling for a gain if the rent numbers don't pan out. 

@Jamie Greenberg I can't speak much to the Springs area, but I am going through my own purchase in the Denver area right now with what sounds like similar requirements as you. I also lived in Fort Collins for 7 years and know that area pretty well. Hit me up if you have any questions I can answer for you. 

BTW, what makes you want to leave California?