All Forum Posts by: Jessica Semrad

I have been wondering the exact same thing trying to find side hustles to get some extra money to get the next RE since we Bought one in april

Try looking into non QM loans. They might be able to help since credit is lower. I’m looking into them now and seems to be a jackpot lol

here’s one that was referred to me. Still learning about them but this company quoted me a very good interest rate. 
https://rcncapital.com/long-te...

Hey my husband and I got our LLC in June and we're here in Texas. Super easy did it ourselves. Hardest part was thinking of the name that wasn't taken lol. Just paid the Secretary of State after getting our free EIN# then had our 2 properties transferred to the LLC.

We did just hear an episode from Ken McElroy on he has each property under its own LLC to keep the protected from each other so if someone sued they couldn't go after multiple properties. We haven't done that yet since they're both under 1 but will probably do that moving forward to be safe. Hope this helps a little. Good luck girl. ☺️

My husband and I have 2 rental single family properties as we just started our real estate journey. We bought the 2nd property April 2021. 
We just found a great deal on a duplex but are about $10k short of what we need and was thinking what would be best doing a REFI or doing a HELOC so we can use it for future properties?

Thank you for the help on our journey. Glad to be apart of the group 😃 #BPRocks

Erika- the lender we spoke to, who helped us with the April 2021 purchase was saying we can’t count it as income until we can show 2 years if income from it. We will have to look into the non QM loans. Was just hoping to not have to refinance since we just put a good chunk down to buy it you know. 

Gage- yes, we spoke to the lender who helped us with the April 2021 purchase and he was saying our DTI would be too high to get another loan. I'll be calling more lenders to verify it's the case everywhere especially since we were approved for more than double the price of the last purchase.

We have done personal loans since we've just been starting out. If we started trying to get commercial loans would that take the DTI issue off our hands in the future? We're wanting to keep moving forward and purchasing more properties in 2022 as well.

My husband and I have had 1 rental since 2019 and cash flows $450 we just bought another single family in April 2021 and cash flows $800. We're wanting to get another property but was just being told we would probably have a DTI too high. I just don't understand how. We have no student debt or outstanding loans except the rentals and our personal house. All cars are paid off and we both have very high credit scores. We were also told we can't claim the most recent rental as income for 2 years. It seem absurd that we won't be able to buy for 2 years.
What do I do to overcome this hurdle? We have the down payment.