All Forum Posts by: Daniel Lambert

Thank you all for your insights. As a reply to a few posts, I would be utilizing it as a primary home for the first year to meet that requirement but then move out. yes, I am referring to the DTI. My brother is a broker for me and he said even with upwards of 90% of the mortgage being covered I would still only qualify for $450k and in my market I would only be able to get a little condo.

Ill look into DSCR loans. Thank you

Hello all, 

My wife and I were so close to buying our first duplex to begin our portfolio. However, we backed out of said deal because we found out we would only qualify for a certain amount of money on a second loan that was way too low for the market I live in. Basically, if we bought the duplex, we couldn't qualify for another loan that would let us buy another duplex or even a single family home. 

Have any of you had similar situations? My wife and I did not want to be "stuck" in the duplex for longer than we needed to be in pursuing the growth of our portfolio. The duplex would have been way too small for our family to live in for more than a year. And all the duplexes that would be big enough is way too expensive and wouldn't allow us to cash flow and still would cause us to not qualify for another loan. 

Any help would be great in how we can move forward.

I was doing some research but wasn't coming back with anything form a legal stand point. But are their laws that restrict when one is allowed to do a subject to deal? Ie. does the seller need to be in, or close to, pre-foreclosure, or in a tough spot? Or can you do a subject to deal under any circumstances? 

I have a cousin in Florida that is moving and would love to come to an agreed price on their place but just take over the mortgage instead of securing my own loan as I am looking for it as an investment and would be required to do 20% down (which I would not have). 

I am new and have only just begun my research and looking for deals. My issue is that the average SFH is $650000+ and duplexes can be $700000+. If we typically want to shoot to have rent be 1% of the mortgage, how am I supposed to be able to rent something out for $6500 minimum (whether for a single family home, or split between units in a duplex)? My rental market averages $2500 for a basic but nice house, 2+ bedroom apartment or townhome. What are my options in this ridiculous market?

Hello all, 

My name is Dan and I am new to bigger pockets. I am from the great Pacific Northwest and have begun doing my podcast listenings and research to start real estate investing. I am excited to get started. 

Looking forward to joining this community of investors. 

Thank you all!