All Forum Posts by: Matthew Powell

@Travis Watson the more properties you buy the worse your DTI becomes. Especially since most places say they can't factor in rental income for two years. Have you had issues with different lenders saying they can't refi or allow a purchase because too many home loans are under your name?

@Greg Dickerson Yea I will have to start calling around more banks then. Any place you’d recommend?

It's almost always one of the first things we get asked is about our DTI we literally have almost no debt other than the 3 mortgages. It seems to be a big turn off to the banks we have spoken to.

@David Zheng Thats incredible! My current goal is to be retired from my W2 by the time I am 35. You were able to cut down your time significantly with hard work and determination. Proof that the amount of effort you put into a task dramatically changes your outcome. Congratulations on your achievements.

What types of properties did you focus on? Did you only focus on your area or did you branch out to long distance investing.

A lambo parked in my garage has always been my dream. I will achieve it and am more motivated to see someone my age has done it through real estate.

Our goal is do multiple properties at one time using the BRRRR strategy. HOWEVER we have noticed that banks will not allow us to include the rental income as income when refinancing unless there is a two year history. So how are people getting approved for multiple home loans in less than a year after they started? Their DTI ratios must not be the greatest if they can't count the income for two years. Their must be a way around this that I have yet to discover. We currently have 3 mortgages and are trying to prepare for when we buy the next.

Has anyone else been running into this issue?

It’s something that I have not gotten a clear answer for.

My wife and I are ready to give our long distance real estate investing a try! We are from Portland, Oregon and have honed in on the Spokane, Washington and northern Idaho area. 

We are looking for a group that we can form a mutually benefiting relationship where we can work together to achieve our goals. Not trying to use people for information. Would like all parties to benefit. We want to approach this with the BRRRR strategy.

If anyone could steer us in the right direction to someone that has knowledge in the area that may be of help that would be greatly appreciated. 

Looking forward to connecting with people and getting things started in a new area. 

We are finding the biggest hurdle of getting ourselves another investment is... MONEY!! We need to come up with a large enough down payment to get the ball rolling. We keep hearing of people using other people's money to start investing. HOW IS THIS POSSIBLE? 

I think what I don't understand most is how the breakdown of the deal would work for both parties. Lets say I found a deal that requires a $30k down payment. I find a partner willing to pay the full downpayment and go into this deal. What do we do from there? There has to be some form of a written agreement on who gets what of the profit, who's in charge of maintenance, what happens when a partner wants out, who's on the loan/title... etc  

I find it hard to believe that this person wouldn't just take this deal and run with it on their own since they are funding everything with their money and I won't be giving a dime. Everything I would have to offer they could hire a management company to do the same. 

Looking for some guidance on how a partnership like this would work. As this could be a great tool to add to my belt that would help us get on our road to financial freedom faster. I would love to be able to be the one providing the down payment for others, but we are not quite at that point yet. 

@James Wise Way to throw in the Scarlett Johansson reference! 😂 I will scratch out that “good deal” and replace it with a “slam dunk, hand over the Larry O’Brien trophy deal” 🤩

@Alan Grobmeier I agree with you 100%. It’s bound to happen to not get paid. We have been fortunate that the two tenants we have from our duplex have paid us on time every month. When that day does come that someone doesn’t pay I will be sure to throw down Thor’s hammer. It’s important to set that expectation early. I don’t want to be put into a hole and not be able to get myself out. 

My old man didn’t give me cookies every time I did something wrong as a child. He punished me so I wouldn’t do it again. 

@Alan Grobmeier oh yes those numbers may have been a little exaggerated. 😀 But anything is possible. I have found a few places around the country that on paper they put out those numbers. I supposed if I screened tenants really well I may be able to lock in a few good long term tenants. In those areas though you are most likely correct in the sense that being paid may not be as easy as it sounds. Will be a fun journey I am sure. 

My daughter believes in Unicorns... So maybe there’s a chance. 😉