All Forum Posts by: Leonard Rybak

Hi everybody, I will be receiving a hefty amount in inheritance in the next few months, and I want to have the right mind set coming in. I already own 1 single family LTR and would like to get more. I currently use DSCR loans because my debt-to-income ratio is too high to be approved for conventional loans.

I also have 200k in student debt which I originally was planning to have forgiven after paying minimum monthly payments for the next 15 years ( then they will forgive the remainder) which will eventually equal approximately $117K paid by me,  and approximately  $83k forgiven 

My question is, should I pay off the debt immediately when I receive the inheritance and use any remaining cash to purchase only 2 or 3 homes (using either DSCR loans or full cash purchases)

or

keep my loan, continue making approx $650 a month payments, and invest my inheritance in several brrrr deals or 4 or 5 DSCR loan single family homes or 2/3 duplexs.

Any advice or insights would be great appreciated

Thank you @Frank Avallone II and @Stephanie P. and @Chris Seveney for your help. I will try looking into increasing my income, or lowering my debt

Hi everyone! I currently have 1 single family LTR (in Maryland) under my belt under a DSCR loan due to my high debt/income ratio. I am looking to acquire 2nd property but at the moment can only qualify for a DSCR loan. I am saving up for another down payment but this is taking forever due to my high expenses at home. The lenders I found for now want atleast 25% down and 12-36 months of reserves. (Houses I am looking at cost up to $200k) I have considered Subject to but it is hard to do when I invest only out of state at the moment. My home market, (NYC) is unaffordable to invest in for me at the time. Any suggestions out there on ways to create more funding, when friends,family do not want to contribute, and home living expenses are slowing you down. (My wife is not onboard with any of this, and would be easier if she was.) So I am a bit out of ideas.

As long as you're paying regularly, I don't see the issue with them keeping it open.  When you call to ask, don't mention it will be used as an LTR.  2nd home would probably sound better to the lender. 

@Gorden Lopes , How would I go about finding out what neighborhood class a neighborhood is graded at? 

@Nicholas L. Why do you suggest that? I have looked at most areas within a 3 hour drive from NYC, and it seems most areas are either too expensive for the capital I wish to invest in the BRRRR stategy at this time, or not growing in terms of population or jobs.

@Joshua Janus Thank you so much for your reply. I have begun taking a look at the OH area as you suggested. I also replied to your DM. thank you so much for all of your suggestions

Hi Everyone, my name is Leo, I have been a member of BP for over 7 years and now I want to pull the trigger. I am looking to BRRRR long-distance because my NYC market is too expensive for me. Do you guys have any suggestions on how I go about researching where I can find properties that appraise at approx $100-200K ARV. I have no idea how to search the country for locations where I can find these properties and be sure that they rent easily. Any suggestions would help! I really appreciate it!