All Forum Posts by: Nick Shri

DM me details.

I am sure you have heard the maxim 'cash is king'. 50% down is locking up your cash in a non or not high cash flowing property. Lenders may not like that. Cash out refinance, well with high interest rates in future you will not or continue to have reduced cash flow. And banking or counting on appreciation would be more like gambling, you don't know for sure what is going to happen. I like to invest the least possible as required by the lenders and have cash reserves.

Goodluck to you on your journey! And if possible, log your journey here on BP.

Quote from @Dylan H.:

Quote from @Nick Shri:

Quote from @Dylan H.:

What are the high w2 earners doing to get started in REI?

I see folks barely touching 100,000 earned annually securing financing. I am earning closer to 200,000 annually, is there anything I can do to leverage that income with a lender? 

I've been reading about hard money lending the past year but with my w2 income I cant justify HML. Thoughts?

You can easily get qualified if your DTI makes sense to the lender. Also, how much liquid cash do you hold makes all the difference. If you're already leveraged high, your high income makes no difference to the lender. Focus on your DTI to get approved for 2nd home or Investment property. 

Nick thx for the response. Current frontend DTI 11% and 14% backend

I am not familiar with FE or BE DTI, but assuming its 14% you should qualify. You do want the lender to consider income from your rental portfolio, that will qualify you for larger amount. There are few known lenders on BP especially among TK buyers, DM me and I will pass on their info if you are interested.

Quote from @Dylan H.:

What are the high w2 earners doing to get started in REI?

I see folks barely touching 100,000 earned annually securing financing. I am earning closer to 200,000 annually, is there anything I can do to leverage that income with a lender? 

I've been reading about hard money lending the past year but with my w2 income I cant justify HML. Thoughts?

You can easily get qualified if your DTI makes sense to the lender. Also, how much liquid cash do you hold makes all the difference. If you're already leveraged high, your high income makes no difference to the lender. Focus on your DTI to get approved for 2nd home or Investment property. 

Hi BP'ers

Any experienced investor/agents here who could provide some starters on how do I go about acquiring 5-25 unit? Where do I start?

TIA

Nick.

I despise Condominiums. One special assessment and you will never recover, HOA fees will keep increasing and that will prevent any appreciation. And gazillion other HOA rules preventing on renting, parking, what to keep on balcony, what color curtains and on and on and on. They are cheap for a reason.

Quote from @Slaiman Atayee:

Quote from @Nick Shri:

TowerFCU is slow as slug, 90 days to close on heloc! When I applied last year, both TowerFCU and Nextmark were in play, TowerFCU had little better interest rate and closing time was same for both 60-90 days. Things may have changed in year.

Absolutely painful process including not hearing from them for 7-10 days at a time despite responding to all requests immediately. All to get rejected lol. I chose them initially because they cover all closing costs vs Arlington where you have to pay recording fees/taxes. 

Most CUs will pay for closing on HELOC. It costs them roughly between $500 and $1000 for closing, and they hope to make that in interest from you. I learned there tons of small CUs in DMV that offer no-closing-cost HELOC after I applied with TFCU, and some banks offer that too but interest rates could be higher. Upside - quick close. If you are still hunting call TD Bank, they were closing in 2 weeks last I checked.

Quote from @Joaquin Camarasa:

Welcome Peyton, 

I'm in NoVa, there is an in person meet up group that meets once a month. Find below the BP link. Next one is Thursday May 12th. You will be able to meet there, other investors, agents, lenders, pretty much all connections you can find in real estate. 

https://www.biggerpockets.com/...

I would recommend attending, let me know if you come and I will introduce you to everyone. You can then talk to different members of the community and see the path each person took. 

You are off to a good start, talking to people and networking will give you a vast amount of knowledge and you will know exactly what to do when the time comes. 

^^^ This! DC is the only place where I have seen MFs, hardly any outside the beltway.

TowerFCU is slow as slug, 90 days to close on heloc! When I applied last year, both TowerFCU and Nextmark were in play, TowerFCU had little better interest rate and closing time was same for both 60-90 days. Things may have changed in year.

Michael, 

VA Beach is a huge area. You can target military families for renting or vacationers for STR. Go on YT and search for bp podcast with property pastor, he is in VB. You may want to speak with him.

Goodluck.