All Forum Posts by: Lindsey Kocher

Pretty much all DSCR Lenders will not let you have a hard money loan that secures the property for the 25% down payment just FYI (if I am reading you correctly)

A LTR for $675k that rents for around 9K a month.  Sweet deal!  Get it.  

Hi Karac. Depending on the state it may not be worth it, and that transfer tax would be ridiculous as well.

I would check if you are able to transfer it into a Trust without paying the transfer tax, as the bank/lender won't be able to tell you anything if it's put into a Trust.

Another thing is the Trust won't really give you any protection, it'll just give you some anonymity if anything so you don't have your name on the property and you are a little harder to find. Good to have? Absolutely. Necessary? Ehh that depends on your personal situation. I have one so I would recommend doing it because if something happens to either one, or both of you, then the trust will decide where that property goes (essentially you making the decision) as compared to the judge making the decision for you during probate.

In regards to insurance, 100% YES you should always have a solid insurance policy for any home or rental you own. For the rental it would mainly look like a 1 million dollar general liability policy, and ALWAYS make sure the fair rental value coverage is accurate to what the property is actually being rented for.

Agree with the others information.  They are all the way around more difficult to verify and get comfortable with.  If tenants are non-nationals they are likely more at risk for uprooting and not staying at your unit as long.  That said, some of our best tenants have been non-nationals, so it can be worth the extra risk.

We use a point system to screen, so the lack of credit info has to offset by other attributes we see as a good tenant.