All Forum Posts by: Jose D.

@Guifre More How common is it for investor friendly lenders to require less than two years? I've read some older posts of lenders saying that they use rental comps for non-owner occupied loans to help out with the DTI. Is that unusual?

@Kenneth Garrett Yeah, makes me wonder how people scale so quickly using residential loans. Seems like for the average person, a primary residence+investment property along with other common debts (car payment(s), student loans, credit cards, etc) would be enough to get their DTI pretty high.

I know to count rental income it's two years, but I don't really care if lenders don't count my cash flow as income. I'm more concerned with whether they will still count my mortgage payment as debt even if it's a rental with a tenant in place. Do you also have to wait two years before it doesn't count against you in your DTI ratio?

I'm about to close on my first property and want to be informed about what additional hurdles I'll have when I'm ready to buy my second one.

Yours but you can try to add it (or at least a portion of it) into the rent if you have the room to do so.

This guy really suggested that landlords love evictions because evicting someone is better than "fixing a sink". Smh.

I second the YouTubeTV suggestion. I have it in my house and split the bill for it with a family member in another city.

All you need is a smart tv or roku with the YouTubeTV app installed. 

Is it just me or is it in poor taste to get into family matters/report someone just to acquire a property?

Insurance subforum looks pretty dead, figured I'd get a little more feedback here.

I'm in the process of buying my first investment property. It's a townhome, in a community with an HOA that covers the outer shell of the building.

What would be the recommended bare minimum walls in coverage I should get? Purchase price is $80k and I will only have $1-2k worth of personality property in there (appliances basically). I've talked to some insurance agents but I am worried that they may be trying to sell me more insurance than I need. 

Trying to keep it as low as possible since the HOA fees (including the outer shell insurance) are roughly $230/month.m

I wish I would've taken the initiative to discover real estate sooner. I used to think it was for the rich, never even gave it a thought. YouTube randomly recommended me a BP podcast, I clicked on it figuring I'd close it out after a few minutes but I ended up watching the whole thing. Felt like a blindfold had been taken off me afterwards.

I'm still relatively young but that would've definitely helped me start earlier and take certain things, like my credit score, a lot more seriously in my early 20s.

Loop 410 goes around the whole city though. Did you guys also have to stay within that side of town (west/northwest)? Or it could be any side of town as long as it's within the loop? My current house and this new property I am looking at is just within Loop 410, literally in a subdivision right next to 410. But it's closer to Brooks Air Force Base, so ~15 minutes away from the Valley Hi entrance to Lackland.

Spoke to a loan officer to try to get pre-approval. He told me it would be considered an investment loan if I rent it out at all. I flat out asked him, so even if I live in it say 80% of the time and only rent out 20% of the time it's an investment? He said that it is.

He's wrong, right? There's tons of people on conventional loans that airbnb their houses when they go on vacation or just aren't in town.