All Forum Posts by: Kingsley Addo

@Paul Welden Thank you!

 Is this still needed if the lender is covering 100% of rehab? Thank you

 I messaged you. thank you!

 Lets connect

I just want to say a BIG thank you to all your responses. I must admit that your responses gave me a clearer picture of which direction to go. In this case I decided against I/O. Someone from here is helping me with a great option which I think I am going to pursue. Thank you all!

 I couldn’t do any other long term loan because of current Fannie Mae guidelines. Which says I have to have held the property for a year to do a cash out. Plus I need to refinance out of the hard money to prevent charges

The lender has made me paid down some to bring it the dscr treshold but can’t go any further

I have property I procured with hard money which is approaching the due time for me to refinance into a conventional loan. I got a quote from a company we decided to move forward with. This will be a DSCR loan. However, it appears we underestimated the annual taxes, so I am being told that after factoring in the higher taxes the property will not meet the DSCR requirements. Lender tells me my best option is to do a 10 year interest only with a 30 year term. I am new to RE investment and I am not sure if going the 10 year interest only is a good choice. I'm seeking advise on what my best options are? Thank you in advance

I'm interested in joining

You my friend, just posted a brutally honest assessment. Thank you!

@Michael Dumler I don’t think house hack will work for me because I have a family with two kids and I think from the little that I have listened to on the podcast, I have to live in the property. Your thoughts please?