All Forum Posts by: Brian Williams

I recently pre-qualified with them and was told the interest rates are all the same (6.0%). I’m attempting to go through the program as an owner occupant to get in with as little down as possible. I’ll update after I finish the process. 

I’ve built up an equity position of about 400k spread across 5 different properties in a low appreciation but decent cash flow area. And I’ve also built up about 200k for my next deal. Would it be wiser to sell those 4 properties and go to a bigger market and a higher class of property?

I recently reached out to TheLender and Beeline for DSCR rates and TheLender told me 25% down which would limit me to properties of around 500-600k — Beeline would be willing to go with 20% down. Either way would pretty much limit me to one property without selling an older one.

My goal is to scale to more units but I would really like to be in an area of better appreciation. I like the buy and hold long term strategy? What do you think would be the best path forward in the current environment?

@Michael P.The banks won’t refinance those other two properties because they say my debt to income ratio is too high being as my income is low. I max out the retirement account to help save money on taxes which in theory creates more money for me in the long run. 

@Michael Ohara I did not find an asset based lender. From what I was reading about LLCs I will have to season my LLC before being able to get a commercial loan.

Thanks for the info - Will move in this direction. 

Quick recap: I started investing a couple years ago and was able to acquire 5 rental properties. I used the BRRR method for all of them except the first one. Currently I have 2 refinance payments and one mortgage from my very first property - two properties are owned free and clear. The cash flow from my properties allow me to pay all of my bills so I've been maxing out my 403b/457 plan at work 38,000 for the past two years. By maxing out both retirement accounts it destroys my W2 income and my chance to ever try to get financing again. If I'm unable to raise money through my network how else could I get financing for a deal with no W2 income and a high debt to income ratio?

I recently purchased a home using the BRRR strategy and it worked well. However, I just bought an additional two properties (cash purchase) and I think I may have difficulties with the Refinance portion due to DTI (Debt to Income) ratio. Has anyone else ever experienced this problem? If so, how did you work around it?