All Forum Posts by: Eric Brust

Hello BP family.

I am currently under contract for my 1st primary home. (Currently own a 4 unit rental and 8 acres planned for development in the near future).

I have just received my closing disclosure and boy is it ugly. I am trying to get an asset based loan my fiance and I don't have the best W2 incomes but we have enough assets to foot the bill. 

I have added a picture of the costs. The loan is for $563,000. After seeing this I am thinking of going a convential route and putting 50% down. (We can only get approved via conventional for 330-360)

What do you guys think?

Hello BP fam.

I have a 4 unit multifamily in Myrtle Beach that I own outright. There are no existing liens on the property. However I purchased this property using a LOC on a long term stock account that I have. I am treating the LOC as an "interest only balloon" paying the interest monthly and planning to make the balloon payment once I am able to get the cash-out refinance, then using the LOC to purchase another property, rinse and repeat.

The issue I am running into is that NO ONE will give me either a commercial cash out or DSCR loan. My personal income is not great as I make very little money as an individual for tax purposes therefore I am trying to get a commercial loan by just underwriting the LLC I own the property under. As I stated before there is no lien on the property and it has netted $2,200/month (even with the interest payments) since I have purchased it in March of 2021. If there are any lenders that you may know that can help, please let me know.

Thank you all in advance!!

Eric

Hello Bigger Pockets Community,

I am closing on my first rental property on Friday in Myrtle Beach, South Carolina! It is a 4 unit building with 1/4 being section 8. I've done a great deal in research on the ins and outs of Sec. 8 but the internet and books can only teach so much. If there were any similar investors in the area, I'd love to treat you to lunch and pick you're brain if willing. Let me know! Thanks in advance guys!

Eric 

Hi @Noah Scott I'm looking into residential since I'm just looking to get started in real estate. I would like to stay under the $75,000 range because I can purchase multiple homes in that range with cash. I'm definitely not opposed to any markets and my main goal is to buy and hold. Any other pointers are greatly appreciated!

Hi @Jaysen Medhurst, appreciate the response. Currently I don't have boots on the ground in any place. Of course I don't know any area as well as my home but i wasn't opposed to taking an extended business trip (about 2 weeks) to any areas that seem promising. Using zillow and other websites, I saw homes for sale in places like North/South Carolina, Virginia and Florida for 85,000 and less. 

Hello all!

I'm from Long Island, New York (Suffolk county) where it is nearly impossible to start as an investor in real estate due to astronomical house prices and even higher taxes. I am fortunate enough to have a large amount of capital and I want to get started investing in places away from Long Island. I am just looking for cities/towns where there's a market for real estate preferably in North/South Carolina, Virginia, Connecticut, Pennsylvania, and maybe even states on the west coast. If anyone has any insight please feel free to share. I plan to take a trip to wherever appears to be a promising area and would gladly treat you to a steak dinner (lol).

Thank you BP community!

@T Bennett

American Dream Abstract. Located in Patchogue. It is a family company. Might want to check them out

Hello all, I am new to Bigger Pockets and I am seeking some advice!

I am looking to purchase a house for around 350k in Suffolk County on Long Island. My plan is to purchase either a mother-daughter or home with a finished basement apartment. Being I'm alone, I plan to live in the smaller area of the home and rent out the larger portion. Through certain circumstances, I have the means to purchase this home in cash. Through research and gathering information, I have learned that buying a home cash is not my best option at the moment especially with mortgage rates being below 4%. Being that i only work off the books on the weekend for a little extra money,I have no verifiable income. The off the book income I do make is not nearly enough to satisfy the debt to income ratio that many banks require. I am willing to put down 30% or even 40% on the home if it means not taking such a large capital hit.

If you guys have any advice or solutions I would greatly appreciate it!

Thanks!

@Eric Figueroa Upon further review of my debt to income ratio, I have not had this job nearly long enough nor do i make enough money to satisfy a strong debt to income ratio. Any tips or suggestions ? Thanks!