All Forum Posts by: Kameron Patterson

If it's a nicer car you could also look into renting it out on turo if you don't use it much. I'm not a banker but I don't think 570 over 5yrs (?) is all that bad and I don't think say half that over same time would really make a big impact if you're already losing money on that car. Drive it till the wheels fall off...

It's right around 30k at 4% not the best move but maybe I can overcome it

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Originally posted by @Matt K.:

What if......... we speak to a loan officer and ask them. I have a feeling that a 30k isn't going to be what makes or breaks your DTI for investments. Plus with a payment that high you're probably not getting any of that money back, so you'd of essentially tossed away money for nothing. Plus you'd have to replace said car so you'd lose some your cash reserves or save what a few hundred a mo ?

I was thinking that too. I am speaking with a portfolio lender tomorrow and plan to ask. I am also renting out extra rooms in my house so will see if I can add that to income if I get a lease.

1 Vote

Originally posted by @Ariel Smith:

@Kameron Patterson this is kind of a confusing question without knowing your exact goals. If you're going to become an agent and live most places, you will need a car. I'm not sure why your DTI matters unless you are trying to qualify for a loan right now or cannot afford the payment

Maybe that cleared it up ?

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Originally posted by @Thomas S.:

What is the relationship between the car and getting out of the rat race.

How do you expect to stop working for a wage within two years.

I have enough money to start investing. I just need to qualify to refinance the property once it's rehabed. I am also working on my real estate license and hope to replace my income with passive income and commission through sales.

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Originally posted by @Ariel Smith:

Maybe that cleared it up ?

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Originally posted by @Caleb Heimsoth:

What’s your car payment a month?

If your car payment is 400 bucks but you make 6k then your debt to income ratio is still small. So to answer this question it varies a lot on what your income is

My gross income from my W2 is around 6k and my car payment is 570. But my goal is to get out of the rat race in the next 2 years (hopefully less)

2 Votes

I currently own a home and a car and am looking to start using the BRRRR method. So I will need to qualify for the refinancing portion of the BRRRR.

I added the real estate agent as I will need a reliable car and can write it off. So is it worth taking the loss or should I ride it out?

Hope that clears some confusion.

1 Vote

Looking to trade in my $30k car to improve my debt to income. However, I will definitely take a loss on it as I just purchased it 2 months ago. I recently became set on being a real estate investor and have had buyers remorse ever since.

I am getting my real estate license and will be able to write off my car and it's depreciation if I keep it.

Should I Trade it and take a loss or should I keep it and deal with the dti and being a slave to the rat race for 5 years?

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Does anyone have recommendations?

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@Grant Anderson

I appreciate the information. I am looking into flipping for capitol to buy multi-family properties as well.

Did I see you at a wholesale meeting last week?

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All Forum Posts by: Kameron Patterson

Kameron Patterson has started 21 posts and replied 90 times.

Post: Should I trade in my car to improve DTI if I am a Realtor?

Post: Should I trade in my car to improve DTI if I am a Realtor?

Post: Should I trade in my car to improve DTI if I am a Realtor?

Post: Should I trade in my car to improve DTI if I am a Realtor?

Post: Should I trade in my car to improve DTI if I am a Realtor?

Post: Should I trade in my car to improve DTI if I am a Realtor?

Post: Should I trade in my car to improve DTI if I am a Realtor?

Post: Should I trade in my car to improve DTI if I am a Realtor?

Post: Indianapolis Contractor/Handyman Questions

Post: BRRR Questions As It Pertains To A Partner