All Forum Posts by: John Wallace

Thanks for these answers! 

Credit score is around 740. 

I have 2 rental properties.

The First is in Crestview FL with a long-term military tenant.
Cashflows ~ $800 monthly.
Mortgage is $180k. Home is worth $330k

The Second is a Townhome in a student housing development called The Timbers in Tallahassee.
Cashflows ~ $1400 monthly
No Mortgage on this. Home is worth $190k

Hi everyone. 

I'm hoping you can help me find some good DSCR lenders and give me an idea of the going rates?

I was quoted 9.75% for a DSCR on a rental property recently. Is that average? High? Low?!

As I am shopping, what can I expect to find? 

Thanks in advance !

John

Thanks for the replies, everyone. 

Here's my situation:

I have 2 rental properties.

The First is in Crestview FL with a long-term military tenant.
Cashflows ~ $800 monthly.
Mortgage is $180k. Home is worth $330k

The Second is a Townhome in a student housing development called The Timbers in Tallahassee.
Cashflows ~ $1400 monthly
No Mortgage on this. Home is worth $190k

Here's my question. I have been considering a DSCR loan on the Townhome to get some of our cash out of it.

Given my situation, how could I use that... to expand my rental properties? It seems like I could take $120k or so out of the Townhome to then use it as a down payment on another one or two.

Can I get another DSCR loan on the next acquisition?

Anyway... this is a VERY passive part of my life. Both properties are under property managers. They do everything.
But I have a sense that I'm not making the most of it and that I could potentially grow my portfolio if I made better use of the value in these properties. What recommendations do you have? Thanks in advance!

Here's my situation: 

I have 2 rental properties. 

The First is in Crestview FL with a long-term military tenant. 
Cashflows ~ $800 monthly. 
Mortgage is $180k. Home is worth $330k

The Second is a Townhome in a student housing development called The Timbers in Tallahassee.
Cashflows ~ $1400 monthly
No Mortgage on this. Home is worth $190k

Here's my question. I have been considering a DSCR loan on the Townhome to get some of our cash out of it.

Given my situation, how could I use that... to expand my rental properties? It seems like I could take $120k or so out of the Townhome to then use it as a down payment on another one or two. 

Can I get another DSCR loan on the next acquisition?

Anyway... this is a VERY passive part of my life. Both properties are under property managers. They do everything. 
But I have a sense that I'm not making the most of it and that I could potentially grow my portfolio if I made better use of the value in these properties. What recommendations do you have? Thanks in advance!