All Forum Posts by: Bradley Rieger

It depends what your goal is with the property, but if the -750 covers capX, vacancy and maintenance then I would say it’s a good deal. You’ll be paying down the property while you are living there and if you can add value at the same you can refinance in a couple years if rates come down. 

Section 2 of the lease (“No Smoking”) Neither the Tenant, guests, nor any other person shall be allowed to smoke within the dwelling. Any violation shall be deemed a material violation of this Agreement. Tenant understands that smoking of any variety will be considered damage. Damage includes but is not limited to deodorizing, repairing, or replacement of carpet, additional paint preparation, replacing of drapes/blinds, countertops, or any other surface damaged due to burn marks and/or smoke damage.

Thanks for all the responses 

I'll make sure to do my research before I decided on a lender 

 So do you think a local bank will be able to give me a 30 year fixed loan if I make enough phone calls?

 Thanks for the information 

Hi, I've been sending out direct mail Looking to purchase a property under 10 units. I got an answer and have been communicating with the owner of a 6 unit building. I’ve been doing my research, but what are my options for a long term commercial loan on a property for $900,000. Me and the owner even discuss him supplying part of the down payment. I’m in the process of putting together my due diligence and my term sheet, but I still need to figure out my financing. This Would be my second property, the first being a duplex so I'm new to the 4+ unit space

This was very helpful and thanks for all responses!

Are you able to qualify for a DSCR loan when buying student housing in a college town. You can get more rent from students than if you rented the house as a single family. Will the DSCR lender look at the student housing comps or will they use the single family as there rent comps.

@Kevin Manafi Thanks for insight anyways!

@Kevin Manafi is there such a thing as a DSCR home equity loan? I don't have to use it would be nice if i could take money out of my 1st rental. my current property rent to debt ratio is 1.8. Am I able to use that extra equity without a tax return.