All Forum Posts by: Nick D'Agostini

I called to confirmed that my current E&O insurance would cover me if I were to expand into brokering mortgage notes. But they could not wrap their heads around what the process was. All they were hearing was "MORTGAGE", and that my insurance doesn't cover originating or processing loans. I explained multiple times that this was not the case. So my question is, does your typical real estate broker E&O insurance cover brokering notes, or do you need to get additional policies?

Hey there! I am part of a group of investors that have been looking at a few different markets to invest in multi-family properties. We are currently zeroing in on Detroit. I've been doing the research on the different neighborhood and statistics, but wanted to see if anyone had any first hand knowledge or opinions on specific neighborhoods to invest in or just on the Detroit market as a whole. I will be making a trip out there in a couple of weeks to visit the area. Any recommendations for good commercial broker and/or property managers would be much appreciated.

Side Note: My wife and I are also looking to pick up a couple SFR rentals for ourselves as well. So any opinions on Detroit neighborhoods to look into would be amazing.

Thanks

Hey there. I am interested in the rental buy and hold approach to maximize cash flow. I have been reading a lot of books and listening to a lot of podcast about the subject, and I already own 9 rental units (SFR's & 2-4 Units) so far. One obstacle I am encountering, I can't find any information on how to get around it. All of my properties have positive cash flow and equity, and I have more capital for a down payment to purchase more rentals. But I am finding it hard to get loans now. The banks are only considering any income from my rentals once I can produce 2 years of tax returns for that property to them, and still once I am able to do so they only take into consideration 60% of the income. So any home I've purchased in the last 2 years, the bank considers 100% of the debit and 0% of the income, and rentals owned longer than 2 years they consider 100% of the debt and only 60% of the income. So although my credit is good, I have 30% plus reserves for a down payment, my debt to asset ratio is holding me back from obtaining a loan. I used hard money to purchase last property because it was such a good deal and was barely able to refinance it a year later even after renovations and a large loan pay down. I worry if I were to use hard or private money again, I wouldn't be able to refinance later because of my debt to asset ratio. How do investors get around this problem and increase their portfolio with multiple properties and loans?

Thanks