All Forum Posts by: Dylan H.

I am not sure I understand the question if your income is 200k you should quality for most investment mortgages. With investment lending the property will support itself and lenders will look at the property first and the guarantor as a fallback.

Thx for your reply, I am looking into purchasing a portfolio that already cashflows well the question was more about how to leverage my w2 income instead of having lenders look at property, look at my income to support the income property already produces

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Quote from @Nick Shri:

Quote from @Dylan H.:

What are the high w2 earners doing to get started in REI?

I see folks barely touching 100,000 earned annually securing financing. I am earning closer to 200,000 annually, is there anything I can do to leverage that income with a lender?

I've been reading about hard money lending the past year but with my w2 income I cant justify HML. Thoughts?

You can easily get qualified if your DTI makes sense to the lender. Also, how much liquid cash do you hold makes all the difference. If you're already leveraged high, your high income makes no difference to the lender. Focus on your DTI to get approved for 2nd home or Investment property.

Nick thx for the response. Current frontend DTI 11% and 14% backend

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What are the high w2 earners doing to get started in REI?

I see folks barely touching 100,000 earned annually securing financing. I am earning closer to 200,000 annually, is there anything I can do to leverage that income with a lender?

I've been reading about hard money lending the past year but with my w2 income I cant justify HML. Thoughts?

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Quote from @Ned Carey:

@Dylan H. one option is to package more than 1 property in one loan to make the minimum loan amount. We did this with Lima One for Baltimore properties.

Obviously if it is your first property then that is not an option. However what is important is NOT the interest rate. What is important is, do the numbers work? If a high interest rate lets you do a profitable deal that you can not do otherwise, than that is still a good deal for you.

Right on,thanks @Ned Carey this will be my first so yes I don't have the risk appetite for a package deal at the moment

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Quote from @Michael S.:

@Dylan H. - never. Have only worked with either local banks (service one major city or within one state only) or small regional (located in 2 to 3 states max) banks only.

Have you heard of Regions? They may have changed their name by now

@Michael S.

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Quote from @Michael S.:

@Dylan H. - it makes a huge difference for me. That's how I can get cash-out refinancing at great rates with no seasoning period. Couldn't do that without my long term business relationship with them.

Right on, thanks - Have you ever tried to tap into a big 4 bank like BofA or Chase?

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Anybody seeing any relief in materials pricing?

What is the going cost per sq ft (total) on a ground up B class build in your area?

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Hi BP - Just wondering if in your experience it helps at all to have accounts open with a CU or community bank you intend on borrowing from? Or is everything an algorithm based on credit score etc.?

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Quote from @Zach Lemaster:

@Dylan H.

Probably more resources than you need, but I wanted to share some threads that already have extensive discussion on this topic. This should at least give you a starting point of some perspectives & people to connect with. Please let me know if you have any questions.

https://www.biggerpockets.com/users/ZacharyCole/references

https://www.biggerpockets.com/forums/92/topics/518583-feedback-on-renttoretirement-and-zach-lemaster

https://www.biggerpockets.com/forums/92/topics/765347-rent-to-retirement-review

https://www.biggerpockets.com/forums/850/topics/895660-my-first-investment-property-an-out-of-state-deal

https://www.biggerpockets.com/forums/92/topics/983659-first-investment-property-with-rent-to-retirement?highlight_post=5677176&page=1#p5677176

https://www.biggerpockets.com/co/RentToRetirement

https://www.biggerpockets.com/forums/92/topics/929410-rent-to-retirement-updates?highlight_post=5508807&page=1#p5508807

https://www.biggerpockets.com/forums/92/topics/893621-rent-to-retirement-review?highlight_post=5222888&page=1#p5222888

https://www.biggerpockets.com/forums/311/topics/915728-experience-with-rent-to-retirement-turnkey?page=1#p5345200

https://www.biggerpockets.com/forums/92/topics/808479-rent-to-retirement-experiences

https://www.biggerpockets.com/forums/67/topics/952977-turnkey-in-indianapolis-through-rtr-case-study

https://www.biggerpockets.com/forums/12/topics/997350-lessons-learned-from-buying-my-first-rental-property?highlight_post=5748036&page=1#p5748036