All Forum Posts by: Kenneth Smith II

So what kind of LTV can you get with a DSCR loan? The whole reason I was going to do some kind of mortgage on a property was so I could find and buy another one. Are you saying that there is a bank out there that would loan money on two properties so I could get even more cash out? then maybe I could buy two? Just trying to get a better understanding. And last did you guys do this around here or some where's else? Thank you for your time in helping me.

So what kind of LTV can you get with a DSCR loan? The whole reason I was going to do some kind of mortgage on a property was so I could find and buy another one. Are you saying that there is a bank out there that would loan money on two properties so I could get even more cash out? then maybe I could buy two? Just trying to get a better understanding. And last did you guys do this around here or some where's else? Thank you for your time in helping me.

Hey everyone, I've been BP member for one year. I just haven't took the time to use it to my advantage. I am a pretty new investor. Started out running a property maintenance company taking care of a couple property management companies in Goldsboro NC. Saved up enough money to purchase my first property from a whole seller for 40k. It was a 3/1 with a carport which I closed in adding 476 heated sq ft. Tore out a chimney and utility closet making enough room for another bathroom So now it's a 3/2 with 476 heated sq ft added. This one rents for One thousand per month. I bought another property which is a 3/2 that rents for 750 and I inherited a 2/1 bath that we currently have family members living in to help them out right now. The first two properties are in a llc. The other one that our family members live in is in my personal name. All three are paid in full with no money owed on them. My credit score is 723-727. I went to my bank to see about a cash out refi. They will only do the property that is in my name. The hold up is my DTI. Of course being self employed you try not to show to much profit but enough so that if you need to borrow money you can show profit. My banker is saying that I am right on line that it could go either way. I know I will probably get some responses from some talking about DSCR loans. I am certainly opened to that. I jus don't know who offers them and who will be straight up with me. As I said I am just starting and I have never done any kind of mortgage. The house I live in is the home I grew up in. My dad gave it to me years ago and it will go into my name when he passes which I pray is a LONG time from now. I would have loved to been able to have a house with a HELOC so that I could buy my next property and make the repairs. Then once I got it rented I could cash out refi paying the HELOC off and go again. But I can't seem to find a bank or anyone else that will do a HELOC unless it's your primary residence or second home but so many miles away from your primary. I have heard David speak on the BP podcast about there being ways to get first time buyers programs etc. I can find properties at good prices and I can fix them up adding value and get good rent. (I have done several for a local investor) I just don't know nothing about all ways to get financing and mortgages. And I don't have anyone I know that I can trust to put in contact with the right folks that can help me achieve this part of investing and growing my investments. If any of you guys could point me in the right direction and or could have a little patience with a newbie ... Well I would certainly appreciate your help.

Hey everyone I am new to Bigger Pockets and new to investment properties. I currently have 4 doors. Three are rentals. The fourth was going to be but decided to flip after speaking with a trusted friend and realtor. I own all of these properties free and clear. However they are in my llc. I wanted to do a cash out refi on one in hopes of finding another property to buy and hold. Then hopefully try BRRR method on that one. I am self employed and I am sure as some of you out there may have faced yourself. In order to try to save on taxes our tax man has not showed us making too much profit at all. So when I spoke to one lady about a mortgage after looking at tax returns it seems my DTI is not favorable for the mortgage. I have sensed replaced my CPA with a new one but this is not going to help me at the present moment. My Credit score is above 700. So can anyone advise me of a lender that could look more at the equity in my properties and my credit score in stead of the DTI right now? If anyone can help or point me in the right direction I would greatly appreciate it. Thanks guy and look forward to hearing back!