All Forum Posts by: Lindsay Schubert

Hi Lindsay, you can explore Debt Service Loan (aka DSCR, investor loans). It uses the projected rental income of a property instead of the borrowers income to qualify. Projected rental income is determined by appraisal. I think they require 15% down for the right deal.

Thank you so much for your help! I will look into it!

0 Votes

Miami, Florida

Quote from @Ash Hegde:

Agree with Greg that if you are not moving in, the 20% conventional is the best option for overall cost. If you do end up moving to Miami and can be an occupant for the first year you will have more low down payment options.

Thank you for the insight!

0 Votes

Miami, Florida

Quote from @Greg Scott:

Using a conventional loan and putting 20% down is probably the best way to go. The other types of loans come with higher interest rates so will hurt your cashflow.

If you are worried the down payment will reduce your cash on hand too much, change your strategy and find something that is less expensive. Either go to cheaper cities or consider starting in single family. Single family properties are cheaper and much easier to manage than plexes.

Thank you for your advice! I appreciate it!

I have been looking at different cities, and states. The only reason I am trying to make this work is that I might be transferring to Miami, so if I had to live on the property, it would be beneficial.

0 Votes

Miami, Florida

Quote from @John Hernandez:

I am not 100%, but I am fairly certain an FHA is out of the question if you don't use it as a primary home.

Yes, that is true. Thank you for replying!

1 Vote

Miami, Florida

Hello!

My name is Lindsay Schubert. I am a full-time Air Traffic Controller is San Juan, Puerto Rico. I want to start my rental portfolio in Florida. The hope is to be in this area eventually.

I am looking to start with a multifamily property that is a triplex or fourplex. I have a long way to go with setting up a team and finding the right areas. I have been constantly reading and researching the steps to take. I am just getting stuck on the financial method. The prefered methods to do are FHA or 203K Loan, but unfortunately I would not be able to live on the property. I do not want to put 20% down on a conventional loan if it is going to drain my bank account and if there are better options out there. There is Private Money Lenders, Owners Financing and Partnerships, but I don't know where to start. I don't have networking events in Puerto Rico, so I came to the forums for advice.

Thank you in advance!

1 Vote

Miami, Florida

All Forum Posts by: Lindsay Schubert

Lindsay Schubert has started 1 posts and replied 5 times.

Post: Unusual Situation, Looking for Advice!

Post: Unusual Situation, Looking for Advice!

Post: Unusual Situation, Looking for Advice!

Post: Unusual Situation, Looking for Advice!

Post: Unusual Situation, Looking for Advice!