All Forum Posts by: Chris Leppanen

Hey guys! This week we are looking into property managers for our next rental property. Is there anyone who has found great qualities in a property manager around memphis? The property would be a duplex-four unit property. 

Quote from @Lyndsay Zwirlein:

Quote from @Chris Leppanen:

Hey there! So we are thinking about DSCR loans to acquire our first investment properties. We do not currently own a home though.. I have heard in some instances that leaders will require you to own a home already to get dscr loans? is this true? Also as far as the speed of getting back to back dscr loans how does that look? is there a waiting period? Is it realistic to get 8-10 dscr loans in a years time span?

Is there a reason you're wanting to do DSCR? I always recommend to clients to try conventional first. Terms are better. There is an investment home loan (conventional). If that's not an option, there are other loan types like a bank statement loan if you're self employed. This allows up to 90% LTV and helps you establish mortgage history like the others have mentioned. Good luck!

Wow lots of replies! Thank you all for your info this helps us very much so! And well we are thinking of the best ways to start our investment journey while we are saving as much as we can. We were thinking of going FHA to a house hack in a duplex or fourplex then acquiring other duplexs with the dscr loans that same year. Our current obstacle is the fact i would be the only person on the loan application as of right now, my wife has started up a cleaning business but unfortunately she has not had 2 years of tax returns yet so her income cannot be included. With all this in mind we are just seeing whats out there and formulating our plan financially. We currently live with our parents so we also have no history of mortgage or rental payments.

Wow lots of replies! Thank you all for your info this helps us very much so! And well we are thinking of the best ways to start our investment journey while we are saving as much as we can. We were thinking of going FHA to a house hack in a duplex or fourplex then acquiring other duplexs with the dscr loans that same year. Our current obstacle is the fact i would be the only person on the loan application as of right now, my wife has started up a cleaning business but unfortunately she has not had 2 years of tax returns yet so her income cannot be included. With all this in mind we are just seeing whats out there and formulating our plan financially. We currently live with our parents so we also have no history of mortgage or rental payments.

Hey there! So we are thinking about DSCR loans to acquire our first investment properties. We do not currently own a home though.. I have heard in some instances that leaders will require you to own a home already to get dscr loans? is this true? Also as far as the speed of getting back to back dscr loans how does that look? is there a waiting period? Is it realistic to get 8-10 dscr loans in a years time span?

Ive heard of stessa! Ill look into it and see how it feels. Thank you!

Hey all! We have been learning accounting lately in order to start off in our real estate endeavors on the right foot with keeping our own books until we acquire several properties. So my question to you guys is: What software do you find to be best for bookeeping rental properties?? 

This is all such great information guys! Thank you so much @everyone ! All of your comments answered many of my questions! 

Quote from @Chris Leppanen:

Hi! Thank you for your response! What do you mean by type of quad? I know preferably i would like it to be individually metered and built after the 80s or so but other than that and the area i dont know what you mean. Also we would be looking to get a good property manager to handle most of the management aspects so that would need to fit into the underwriting process. I suppose my real questions are what type of loans would we need to acquire if we were still living in the quad and still wanted to acquire other property? I know you can only have 1 fha at a time so i figure one option would be to refinance into conventional at some point and time and then use another fha for the new quad BUT if we want to acquire properties say for instance the first quad then 2 duplexs all in the same year how would that work financially? What would the strategy most likely look like for something like that? 

@Nicholas Coulter

Hi! Thank you for your response! What do you mean by type of quad? I know preferably i would like it to be individually metered and built after the 80s or so but other than that and the area i dont know what you mean. Also we would be looking to get a good property manager to handle most of the management aspects so that would need to fit into the underwriting process. I suppose my real questions are what type of loans would we need to acquire if we were still living in the quad and still wanted to acquire other property? I know you can only have 1 fha at a time so i figure one option would be to refinance into conventional at some point and time and then use another fha for the new quad BUT if we want to acquire properties say for instance the first quad then 2 duplexs all in the same year how would that work financially? What would the strategy most likely look like for something like that? 

Hey there, our goal for the next year is to house hack a 4-plex and also acquire at least two duplexes as well. We are in the process of building our team and would love to have acquired the 4-plex by January 2023. We are thinking we want to start with an FHA loan, we are in the process of learning where to go from there to get the two duplexes. We do not currently have a mortgage broker so referrals would be greatly appreciated. Also any advice from those who have worked through similar strategies would be excellent to hear as well. Thank you!