All Forum Posts by: Matthew Pos

@Alan Ouellette the condo produces a cash flow of around 300-400 a month , I'd be getting into a multi family after this is all finished and rented out.

@Scott Wolf Trying to finance under my name and the property should be cash flowing 300-400/month

and property is located in Connecticut.

and that's mostly all banks have been telling me this morning

the property has not yet hit the market.. its a friend of mines who looking to get out of it and go multi-family but needs the proceeds from condo for down payment for it.

Ok great stuff to look into Thanks.

now would a loan officer be familiar witha DSCR loan if mentioned to him or its someone specific ?

some banks called me back and told me it would be hard or isn't worth it to them to loan me because the price is only 62k for the condo they are looking for contracts over 100k+

now I'm thinking the route i need to go to is either private money orsuggest a sellers financing 

I currently own a single family (primary residence) and a condo (rental).
for about a month we were in the process of selling our single family after we find a multi family to house hack but an opportunity came up for a condo that is about to come on to the market and I am currently in talks with my loan officer how to go about this to get it financed.

he as mentioned if i were to get the condo(investment Property loan) i may have trouble trying to get into a multi family after because of debt to income ratio will possibly go sideways.

now it raises questions for me ..
will that mean that if i hit the range where my debt to income that i wont be able to secure any more/any kind of loans from the bank ?

how do i get my next deal if banks wont loan me because iv hit my debt to income ratio by owning multi properties ?
will it mostly be private money i need to use ?
do HAVE to partner up ?

Thanks in advance.

me wife and I are starting the process to sell our single family and use the proceeds from that to put down on a multi family home , move in and repeat the process we are currently meriden and
we currently rent out a condo in meriden also.

we are just looking to expend and own more units.

My tax home is in Connecticutand we own one rental property and would like to looking into a new market out of state.

We are looking to schedule a viewing tour in the west coast for a potential rental property and would like to know if my travel expense is deductible?

I have an unfinished walk-in Attic and was wondering if i can use this part of the my house my home office also wanted to know if i finish the attic up by that i mean putting up dry wall and flooring etc.. are those material deductible as a start up cost in finishing my home office ?

Thanks in advance.