All Forum Posts by: Matthias Pieplak

@Ko Kashiwagi

Yes, without the Triplex' mortgage, or if at least a portion of its rental income can be counted against the payments, my DTI would allow me to qualify for the amount I intend to borrow for the new primary.

@Ko Kashiwagi

Hi Ko,

I hope to answer the question you are asking.

I did qualify for the Triplex solely based on my W-2 which has since gone up a bit.

Because I live in it, but the other 2 units are tented, I was able to depreciate 2/3 of all CapEx and OpEx (units are equal in size).

The rental income covers about 81% of my monthly mortgage payment.

One lender has told me, they need a 2-year rental income history on my taxes. To consider it, despite all units having been rentals before and same tenants for 3+ years.

Hi there,

I'm looking to work with a lender to finance an off-market property in Maryland I want to buy as my primary residence*, max 10% down.

What's the catch?

I bought a Triplex last year as my primary and live in one unit. The other two are rented and have a previous rental history. My DTI is off, if this rental income is not considered.

Second catch, I had Cap-Ex on the Triplex and another property which I bought in ruin and stabilized, last tax year. Expenses neared my W-2 income, so that I am showing massive losses for 2023. (Yes, I live on rice 'n' beans)

If you have an underwriting process that can focus on my current cash-flows (and perhaps track record of successfully stabilizing properties), I invite you to comment or DM.

THANKS BP COMMUNITY!

Matthias

Greater Salisbury Maryland Area

*Primary in purpose but certainly made into another income stream, seasonal STR or as a house hack.

@Kyle Deutschmann Congrats! - I invest on the eastern shore but some of the listings up in Baltimore have caught my eye recently. My biggest hold-back, I don't know the neighborhoods.

Hi Erik,

The property shown is a 2-unit and zoned as such. The other units mentioned in my introduction are no relevant to this particular refi.

That's very helpful, especially when I want to determine my potential cash-out at the beginning of a project, based on the expected arv AND rent.  Thanks, Alex!

Good morning,

It's been a busy year. Me and my team acquired 5 units, rehabbed like crazy and now we are broke ;-) in a good way. I'm excited for this year's tax returns. We have new opportunities on the horizon, so to us, refinancing is a must.

I'm looking for a DSCR lender  to refinance out of a stabilized Duplex with area code 21869. All the renovation work has been photo-documented. Here are additional details.

Estimated ARV: $250,000

Desired cash out: 65-75% LTV
Desired P&I payment: $1,350 /month

Gross rent: $2,250

Thanks everyone for your input! I check my DM's once a day. P.S. *I'm also interested if someone wants to share DSCR underwriting criteria, which I'm not familiar with.

Matthias Pieplak
RuNuts Properties LLC
Berliner Builder LLC, MHIC #156220

Every time my dad asked me if he should make an offer on x house or y condo I said Do It! I was 12 and 17 years later he hasn't made a single offer still.

My first deal, I was in Germany, remotely helping my (then) fiancé to buy a 4/2 in Florida in 2017, as a college student. 2 years later I moved in with her and throughout our time we house hacked to cover the mortgage.

2020, Covid made us move up the East coast where we bought a Duplex. Living on the first floor in a 1/1 arrangement, we run the 2nd floor as an Airbnb. Paid for the entire mortgage last year.

Literally one month after closing our new neighbors and now friends (tenants) told us their landlord would sell that Duplex, NEXT DOOR! It took us 5 month to close (March '21), and me another 12 months to fix up both sides. I had no choice but to say yes to this opportunity and my partner encouraged it. I experienced so much joy and so much frustration during those months. All worth it.

We just bought house No 4. One a year is the goal, for now. I am working on my MHIC/GC license and getting our next STR ready, while building a professional STR team and looking for business partners to build an STR portfolio that could fill a market niche we have discovered.

I have been fortunate to bump into like-minded people who are on similar journeys. They give me the motivation and tips to so what it takes.

I read so much good advice here. Phenomenal

@Neil G. - My two cents from experience as someone who frequently stays in Airbnb's and also hosts/co-hosted in several locations:

Easy fix: pictures. Add some close ups of elements that define the character of your place. Add nearby hot spots, as was suggested above.

Harder fix: Get more reviews and get over the 4.9 Star threshold! Any rating under a 4.85 Star review hurts occupancy. Not only does the Airbnb algorithm push you down, people (including me) can filter by rating, too. Switching management seems the way to go. Choose a host with Superhost-Status.

 @Chris Seveney - Hi Chris,
Why do you think STR's are not sustainable in this market? When reading the thread the discussion evolved around property values. What about supply and demand for nightly stays? I wonder if the area has strong marketing initiatives? Virginia certainly has been rising in popularity in general, which would confirm what @Cassidy Burns has shared.