All Forum Posts by: Michelle Kotler

@Adam R Gebner thanks for your reply.

Great deal!  Did the lender base the refi only on the rental income or did you have to show personal income?  I’m looking for lenders who will refi based only on rental income. 

Buy a property to live in first and house hack it. Much lower down payments for owner occupied property (sometimes 0% - 3%  down with certain government programs).  Rent a room or two to others, or better still, if you can buy a 2-4 unit with the same down payment, live in one unit and rent the others. 

Hello, I would like to use the BRRRR strategy for buy and hold rentals. However, I do not qualify to refinance property based on conventional guidelines. Are there non-traditional lenders who will let me refinance based only on the rental income without verifying my personal income? If so, can anyone please recommend lenders who will do this?

You might want to become a private lender.  You can partner with an experienced and successful house flipper in your area and make 10-15% interest and take first position on the property in case of default.  You don't have to do any of the work, just use your money to make money.

This reply does not apply to the financing issue but rather, combining all rental properties into one LLC. If a tenant gets injured in one of your properties and sues the LLC, all of the properties owned by that LLC will be at risk to satisfy a judgment. You would be much better off keeping those properties separately owned. Good luck with your financing search.

Thank you.  Any suggestions regarding minimum credit scores?  Or is this not as much of a concern because the government is subsidizing heavily?

Thanks so much for your advice.  I really appreciate it!

Hello, I'm considering renting to HUD housing voucher holders. Can anyone please recommend a good screening process? Minimum credit score, Etc.?