All Forum Posts by: Ladd Austere

@Alex Ficco. Hi Alex, Question for you that is totally off topic. Can you recommend an electrician in Sparks Reno area? I have a rental townhouse where the light bulbs all burn out every few months. (If you know a better place to post this type of question please let me know!). Thanks!

@Michael Glist

Thanks Michael.

I was getting close to tapping out on the number of conventional loans allowed anyway. Time to begin speaking w portfolio lenders. Have calls set up w two for tomorrow.

Do you know if nonQM loans require a seasoning period for property recently purchased w cash?

@Kevin Romines.

Thanks Kevin. Really appreciate the insight! Very helpful. I have calls w three lenders tomorrow.

So I'm quitting my job next month. Will not have a W2 anymore. Intend to take a nice nest egg of cash and turn full time to real estate investing over next two or three years, likely focused on SFR and small multifamily. I'm concerned that without a job, and currently with only 30K NOI on rental properties, that I won't qualify for loans on investment properties. For example, I just got turned down for conventional loan because of DTI on the following:

- 300K purchase price on turn-key SFR

- offered 60K+ down payment

- 800+ credit score

- nice looking bank account

- experience buying and selling investment properties

- no job and only 30K/yr NOI on rentals

- all around good guy  :D

An extra point or point and half might be okay, but 3-4+ extra points doesn't make sense. 

Anyone have any thoughts on how to get around this DTI issue? Any and all comments and insight is appreciated.

Thanks!

@Jeremy Norman. Nice Jeremy. Thanks for the write-up.

@Salvatore Lentini

1. Seems you are very familiar w “investor friendly lenders that look at property and not the borrower”. What is a typical difference in interest rates from these lenders vs more traditional lenders?

2. If you were returning to the US after living abroad for the last 10 years, have a little previous experience w multifamily and SFR rentals, have a nice little war chest of funds for real estate investing, and upon arriving back in US intend to commit full time to building a real estate portfolio w initial goal of 25 doors (and/or possibly a small commercial property or two), and you could move anywhere that makes sense in the country... where do you think would be a good area to build this portfolio?

3. As I don't intend to take a job w paystubs upon our return, I am concerned about debt to income ratios needed to qualify for re-finance of BRRRR or some other property. Any thoughts on this topic?

Thanks again!

@Salvatore Lentini

Thanks for the offer to ask questions.

1. Seems you are very familiar w “investor friendly lenders that look at property and not the borrower”. What is a typical difference in interest rates from these lenders vs more traditional lenders?

2. If you were returning to the US after living abroad for the last 10 years, have a little previous experience w multifamily and SFR rentals, have a nice little war chest of funds for real estate investing, and upon arriving back in US intend to commit full time to building a real estate portfolio w initial goal of 25 doors (and/or possibly a small commercial property or two), and you could move anywhere that makes sense in the country... where do you think would be a good area to build this portfolio?

Secondary to good RE investment markets, my wife and I consider outdoor recreation nice for staying healthy and fit!

3. As I don't intend to take a job w paystubs upon our return, I am concerned about debt to income ratios needed to qualify for re-finance of BRRRR or some other property. Any thoughts on this topic?

Thanks again!