All Forum Posts by: Melissa Odom

Thank you for all the great information! Hearing from all of you with experience makes me feel more confident that this is the right way for me to go.

Thank you for sharing your knowledge!!!

Hello,

I am new to real estate investing.  I currently have 3 LTR and soon will be remodeling a small family-owned shopping center in Wimberley, Texas.  My question is how can I leverage my 3 rental properties to cash out money for the remodel?  Doing a conventional loan for each property is out of the question due to my debt-to-income ratio.  I have recently been learning more about DCSR loans.  All three properties have positive cash flow - not a lot, but I am not losing money.  

One lender I have spoken with stated that the DCSR loans are not regulated. In my situation I can only borrow 70% of LTV. He also stated a 3% origination cost. Is this for all DCSR loans or can these items vary?

I have also been told by multiple people that I should create an LLC or Trust. Maybe one LLC for all 3 properties or one LLC for each property? And then I think you can put an LLC into the Trust. I know with conventional loans the property cannot be in a trust or LLC when you go to refinance. That seems to be different with a DCSR loan?

Just reaching out for some feedback from people with more experience than I have in this area.  

Thank you in advance for your time and information!

Melissa

 Thank you Jerrod!  I am still learning about all the benefits of BiggerPockets.  This helps.  :)

Hi Everyone,

I am a new investor in the Austin, Texas area (more specifically - Kyle and Wimberley).  My current project is one that I inherited but will definitely pay off in the long run.

One of my biggest questions I hope to get answered is how private lending works and if it is worth it.  Right now, I have been refinancing rentals (I have 3) to pay for projects.  I am wanting to purchase the property next to my current project, but not sure I would qualify for another bank loan.  Credit is not an issue.  

Out of my 3 rentals, one was inherited and the other two we lived in and instead of selling when we moved, we rented.  It has worked out so far.  The equity is great.  I am looking to become more of an active investor with the goal of quitting our day jobs sooner than later.

Any advice is welcomed.  Thank you for your time.

Melissa

Hi Seo!

Thank you for this post.  My project is not that big, but the information is definitely still useful! 

Thank you, John!

I had forgotten about Nextdoor.  Reactivating my account.  :)  

Hi Preston,

Great suggestion!  Thank you.

Hello,  

I am looking for some guidance.  My current project is to remodel two buildings in a commercial shopping center in Wimberly, Texas.  Right off the bat, there are foundation/framing issues that need to be addressed.  Any suggestions on how to go about finding a commercial general contractor and/or structural engineer.  What questions should I be asking?  

Thank you,
Melissa