All Forum Posts by: Michelle Chevalier

 Yes, the $40k down payment is included but $15,500 seemed like a lot to me for closing costs. 

Thank you so much for all of the replies! I learned so much from these responses and it helped me to better understand the reasoning for the conventional loan not working and why the DSCR might be so high. I requested a copy of the fee breakdown so I can see what all is being charged and I have some ideas about how to move forward. My broker said he did have 1 lender who would allow 100% gift funds to be used so he is going to see what that deal would look like.

I am new to this community and real estate investment but this community has been so helpful. I am hoping I can soak up all of your knowledge and give back one day as well. Thanks again!

I am trying to purchase a second SFH investment property. I have one SFH rental that I purchased in 2021 using FHA (it was my primary residence at the time). I am trying to get a conventional loan this time around for the second rental property. My front end DTI is 26% and my back end would be 39% with the second mortgage. my credit score is around 710-760 depending on the reporting agency. I make $131k, including the rental income. Budget is $200,000 and I plan to put down 20% that is a gift from my mother.

I talked to a mortgage broker with Edge Home Finance and submitted an application for pre-approval. The broker told me that he couldn't make a conventional work because I'd have to purchase 4 points and that would be outside of compliant pricing. He recommended a DSCR loan instead but the fees seem high ($55,500 to close). I haven't seen a fee breakdown yet but something feels off here. Would the 39% DTI really disqualify me for the conventional loan?

 The mortgage was just issued in September 2023. It was a fully occupied 4 unit property when purchased. Payments have been made on time since. I'll ask for proof of rent payments. 

I am going to start this question by saying that I am completely green to being a landlord and I am looking for my first tenant. I have two girls, unrelated, looking to rent my house. They would be on a joint lease together. Both meet the income requirement of 3x rent on their own and have excellent credit repayment histories. One of the two has minimal debt but the other has a mortgage on a rental property that her family manages. With this mortgage, her monthly debt payments are almost as much as her income (I'm honestly not sure how she was even approved for the loan). How do I navigate this? Do I ask for bank statements? Proof of rental income? Or do I not need to ask for anything else since the other tenant would qualify all on her own? 

I know this is an old post but I'm curious what features are lacking in one platform that the other makes up for. I'm leaning toward Hemlane for the maintenance coordination but want to be sure that I'm not overlooking an important feature that it is lacking. Thanks!

 That would be great. Thanks!

Thanks, Cliff. I would love to work with Bridgestream but they are "not interested" in managing properties in my neighborhood (near the Oregon District). They seemed great so I was very disappointed. 

I am about to turn my primary SFH in Dayton, OH into a rental property. I have neither the expertise nor time to try and manage it myself so I am in the market for a PM company. Most of the smaller, locally owned companies have terrible online reviews. Does anyone have a recommendation?