All Forum Posts by: Dan Host

I live in Coastal Georgia, and stumbled across the Valdosta market last night. Anyone actively investing in the area? Seems like a lot of student housing? Looks like some potential for decent cash flow. Any thoughts? I'd love to chat with anyone active in the area.

@Sergey A. Petrov Thank you!! That's a great idea too!! I'm going to make this happen!

@Jay Hurst Thank you Jay, that was very helpful. I really appreciate you being so through.

@Jeff Copeland Oh! I didn't realize it was even in the realm of possibility. Thanks Jeff!

@Cindy Tansin Thank you Cindy! I appreciate the reply. Do you have any recommendations for a good broker in Georgia?

@Jeff Copeland That totally makes sense. If I report my cash income, don't I need two years of proof documentation? So I'd have to wait two years, and hope that no regulations change? Am I understanding this right? Thanks for the info!

@Sergey A. Petrov I agree, and I'm not dodging any taxes. I'm simply trying to make an informed decision, quickly.

If I knew two years ago (what I'd need for W2 income to qualify) what I know today, I 100% would've reported every dime. I want to start investing, and I'm attempting to discover the most effective route.

So please, I'm not here for the lecture. If you have any further advice, I'm all ears.

@Jeremy H. Thanks for the bits of advice, peppered with several unnecessary jabs. I really thought this place was a bit more evolved, but....alas.

Hey there! Sorry for the long post. The urgency will be clear by the end, I promise. I'm ready to buy (or so I thought) my first investment property.

I've got great personal credit, about $70k in liquid assets that I'm willing to invest. I've also got probably another $70k in equity on my primary residence. I'd prefer to conserve as much cash as possible for additional properties/projects.

My problem I'm finding is that I can't qualify for much with conventional loans, because my W2 income is really low. I make good money, but I'm in a tipped position. I work at a ridiculously expensive hotel where I make a seemingly silly amount of money for doing a relatively easy task. I know stated income loans disappeared years ago. Can I do a DSCR loan if I have no rental history?

I'd consider turning my current home into a turnkey LTR rental, and living in the property I'm buying. If I could leverage that somehow? My current mortgage broker says I can't qualify for anything, including FHA, because my DTI is too high?

I'd love to put down 10%, and be able to repeat it as many times as possible before I run out of investible cash.

Any ideas, or am I stuck putting a super restricting amount down on my first property?

Additionally, this is the urgent part I was talking about earlier. I could be, within days, moving into a different role at the hotel. That would essentially double my paychecks. But I'd never get another tip. I may be offered this job tomorrow. I'll take it, if a bigger paycheck is my only option to qualify. But in reality, I'd actually be losing money when my cash is considered. Do I need to take this job tomorrow? I don't really want it, but if it's a necessary step....

@Erik Browning Thank you so much! I really appreciate you being so helpful!