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All Forum Posts by: Justin Smith

Justin Smith has started 2 posts and replied 2 times.

I finally made it.  I have 10 mortgages in my name and 10 mortgages in my wifes name.  Ive been reading about DSCRs for a little while and several of you have provided some great answers.  Now heres my issue:

-I am out of golden ticket spots
-I owe about 60k on a property that is in both my wife and my name (early in the rental game, rookie mistake)
-My lender told me that she things a DSCR loan would count towards the 10 mortgage loans if I ever financed a 60k property my spots would already count as the DSCR.

Whats my best play here. Get a DSCR or pay off my property to open two golden ticket spots?

I bought a new investment property a few months ago, and the lender mailed my mortgage bill to the investment property and not my primary residence.  I have numerous properties so I lost track of it for a little bit, and when I found out I paid the entire late amount in full immediately......but they put a 60 day late notice on my credit report (its nice when they send my delinquent letters to my rental property).

Long story short Im currently in the middle of a conventional escrow and this popped up on my score yesterday.  I have 8 houses, perfect credit for the past 20 years.  Am I out of luck here and have to pull out, or can I explain this to my lender and maybe they can make it work?