All Forum Posts by: Jake Wakefield

I have some long term rentals here in Philadelphia and I had my handyman install lockboxes outside all the properties. Each one has a code to access a key to open the house.

The tenants do not know the code but we give out the code to workmen who come to work on the property.

My question is: If you have a lockbox, do you change the code after each workman who comes and works on the property?

Thank you.

Hi Ken,

Yes, when I said "private money", I meant friends and relatives, as well.

I don't mind giving them interest as a way of saying "thank you" and being fair so that's not a problem. 

Is this the normal way that people get past not receiving loans from a bank? Is there really no way to work with a bank at this point?

I've read Bigger Pockets forums for a while but this is my first post.

I have 4 long term rentals in my city and 1 Airbnb property in the mountains about a 2-hour drive away.

At this point, I have a contractor I like, set up a system for dealing with tenants, been to tenant-landlord court to evict, and feel pretty confident in what I have.

The problem is that I can no longer get a loan to buy new property because my debt-to-income ratio is too high (from the other properties). This also means I can't refinance properties.

How can I keep moving forward?

One thought I had was that I could get a friend with a high income to sign up for the mortgage with me so the debt-to-income ratio would be fine.

Another option would be to find private money.

Are there other ideas out there? What do people generally do when they hit the maximum for debt-to-income?

Thank you.