All Forum Posts by: Eric Daniels

Hello Eric you can use some creative financing strategies to buy your next deal, however, as others have mentioned doing a BRRRR may be the easiest more practical way to go depending on your goal. I would also recommend looking for a good mortgage broker. They typically have access to more products and some are more creative than others when navigating you through the approval process.

Thank you Marcus, Ill look into that, would you happen to have any recommendations on how to look for one or referrals for a good mortgage broker?

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Originally posted by @Sam Lewis:

Originally posted by @Eric Daniels:

Happy Holidays all!

I am a new member here and looking to see what I can learn to purchase additional property especially with the low mortgage rates. I originally bought my first house in Baltimore, Maryland for $200,000 at around 3.25% at 15yrs in 2018 and currently make around $65,000. Im also living in the house while also renting out the rooms/room. I recently spoke to some banks to get pre-approved but apparently my debt to income ratio is not favorable for me. Is there a way to get around this and purchase another home soon?

Was running into a similar issue before. Solution: declare income on your househack and it will appear on your tax return, which will effectively change your DTI in the eyes of banks

Thank you Sam, thats actually a good idea. I wish the agent I was speaking to mentioned that. I'll definitely take a look into this and see if this changes anything

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Originally posted by @Van Wagner:

Hi Eric,

Since you're so new, I'd recommend doing some research into alternative financing options. There's actually far more options than you'd thing. BP is obviously a great resource for learning along with "The Book on Investing in Real Estate with no and Low Money Down" and the Bigger Pockets podcast. Start with researching things like hard money lending, private lending and seller financing, that will likely get you off on the right foot!

For sure Van, reading as much and learning as much as i can from these forums and podcasts as well

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Originally posted by @Paul De Luca:

What is your debt-to-income ratio? FHA may be your best bet since they allow a max DTI of 50%. If that doesn't work you'll probably need to put down more money.

Hello Paul De Luca, if I'm calculating it correctly, with annual
income/total monthly debt income, it comes to about 34% but if I were to
take on another mortage, that would be much different. Also I thought FHA's were only allowed for your second home or if its for a primary residence? I asked about putting more money down as well but I am trying to also have some cash saved in case of emergency, etc. I was looking to get something under 200k at least. But here in MD/VA, prices are pretty high unfortunately

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Originally posted by @Account Closed:

This is part of why I insist your first deal better be a damn good one, contrary to BP repeatedly claiming that it doesn't have to be.

If your first deal is so good you get your equity back out, you aren't left asking how to do the second.

I completely agree with you David, didn't expect to get the news I got from the banks but i definitely wish my first deal was better

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Originally posted by @Tim Jacob:

How many banks have you called? Have you thought about brrring with hard money? Where are you looking to purchase?

Hello Tim Jacob,

I called three though one was a credit union. In all they are smaller banks. I have not thought about brrr, I am very new to real estate investing. I am still looking to purchase in Baltimore or elsewhere in Maryland or even Virginia

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Happy Holidays all!

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All Forum Posts by: Eric Daniels

Eric Daniels has started 1 posts and replied 8 times.

Post: How do I buy a 2nd property?

@Eric Daniels

Post: How do I buy a 2nd property?

Post: How do I buy a 2nd property?

Post: How do I buy a 2nd property?

Post: How do I buy a 2nd property?

Post: How do I buy a 2nd property?

Post: How do I buy a 2nd property?

Post: How do I buy a 2nd property?