All Forum Posts by: Dana Powell

Thanks for responses! The property is in DC for $310,000. 

I put in an all-cash offer last night, intending to refinance next month with a lender that has DSCR-financed 4 other loans of mine. Just found out today that the lender requires condo buildings to be at least 50% owner-occupied. Because of my high DTI, DSCR is the only option for me. Plus this lender's product is a 40 yr loan with 10 year interest-only at 4.25% and then 30 yr P&I at 4.25. ROI is 25%. Are there any other well-managed lenders out there with a similar product but no minimal threshold for owner-occupancy (or one lower than 50%)?

Thanks for the community's help!

I have a large basement finished room of which I'd like to wall off a portion so as to create a bedroom (room is 70 sq feet and has an egress window). I  want a temporary wall that can be put in place for the day of an annual inspection and then removed that same day and stored. I'm familiar with pressurized walls but would not want to deal with the dust from putting up and tearing down drywall for 1 day a year.  Adding this bedroom would increase my rent by $569 a month.  The tenant would prefer the basement room to remain open.  Any creative ideas?  Would a partition wall with door, such as one used in hotels to divide conference rooms, suffice?  Thanks in advance!

Michael, what type of insurance policy  did you have in the scenario where you rented out rooms  and live in  1 unit?  I have a 6 bedroom house in DC and want to rent out five of the bedrooms individually  and stay in one of the bedrooms myself. I'm having difficulty finding insurance for this arrangement.  Do you have any suggestions?

@julie Felsman, I dm'd you.

@alexbekeza, @kerry Baird how do link/reference someone's name?

Yes

Homeexpress 40 year loan. First 10 years are interest-only. Year 11 through 30 is principal and interest at the same interest rate as when you originated the loan. Requires 70 to 75% loan to value. You can take title in the name of an LLC.

no response yet...is there a more relevant forum in which I should post? any recommendations would be greatly appreciated!