All Forum Posts by: Gustin Schumacher

If you haven’t already subscribed to the BiggerPockets podcasts, do that ASAP. Look for meet ups in your area (virtual), attend free webinars, start reading as much as possible on any and all topics related to investing and real estate. Use the forums to help you search for the answers to all of your questions. If you can’t find your answers, then create your own post!

Feel free to DM me with any questions.

Good luck and get educated!

I am looking to invest out of state as well as locally.

0 Votes

Originally posted by @David Kelly:

That will all depend on the value and guidelines with Conventional financing. What is owed on the property? How much is it worth? Is this an investment property or primary, and many units? A cash out refinance can be done to pay off a HML.

Sounds like it is possible. I would want to check with a bank first.

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Originally posted by @Cody Neumann:

@Gustin Schumacher

Is it below market value by 25%?

No, it would not be below 25%

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I am running numbers on a duplex that appears to be in great condition. I am not sure if I can immprove it. Would I beable to do a cashout refinance to pay off a HML and/or investors?

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Hi everyone I am Gustin. I have recently joined bigger pockets and I am excited to get started. I live in the Minneapolis-Saint Paul, MN area. I am looking to buy my first buy and hold rental property, I am also interested in learning more about flipping. Fun fact I am learning ASL.

7 Votes

Question for the group. I have been using the calculators and they show a debt coverage ratio. I know that the ratio is calculated by taking net operating income and dividing it by total debt service to show whether you have enough cash to cover your debt obligations. My question is why does the calculator list two of them? i.e 2.32 / 1.60 DEBT COVERAGE RATIO

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Originally posted by @Daniel Godbout:

Thanks, @John Woodrich!

Yeah, I think that works. They just sent some clarification and indeed it ok for me to manage without a brokers license as the owner. Father can assist with some functions, but I guess the more he's involved the more one could argue that he needs a license.

That is good to know that I can manage my own properties. I was looking it up and could not find a clear answer.

1 Vote

All Forum Posts by: Gustin Schumacher

Gustin Schumacher has started 3 posts and replied 17 times.

Post: Recently joined BP From MN

Post: Cash out refinancing without making improvements

Post: Cash out refinancing without making improvements

Post: Cash out refinancing without making improvements

Post: Recently joined BP From MN

Post: Why is there two Debt Coverage Ratio

Post: MN Property Manager Requirements