All Forum Posts by: Burhan Senih

I have a fully paid off condo that I bought in cash last year because I am studying and I do not have a W-2, heard about DSCR loans but didnt really look into it at the time. Got the condo for $106k, key turn rental, and has been renting for $1400. I now want to do a DSCR cash out refinance so I can use that money to expand my portfolio. Now my question is whats the best way to move forward with this estimated $75k? Obviously some sort of BRRR would be ideal, where I dont need to do an insane full gut rehab, but smaller renos to be able to have the least amount of money left in a property, but im finding that such properties are hard to come by, and dealing with contractors seems like a headache. I could just get a similar condo the one I have currently with a 25% down payment and a DSCR loan, ratio would be 1:1 at minimum, but probably around 1:1.2 . And I could do this for 2 condos easily, but my concern is HOA fee increases and lack of appreciation for condos. Would it make more sense to put this $75k into a sfh even if the cash flow is less? I feel like condos are nice because its less of a headache, easier to find good cash flowing deals, and just overall cheaper. If I want to do a house hack, or any other method anybody have any advice on getting started with these? Additionally, whats the risk in having multiple mortgages? If I am able to just pay my mortgage continuously even through a recession I should be ok right? any advice greatly appreciated.