All Forum Posts by: Paul Zofsak

So, I have to wait another year before I can get my DTI to use my rental income and just count the PITI against me? That seems like a long time to wait, especially with the market turning the way it is. Is there any type of lender that is not going to focus on the DTI so much but will consider the rental history, my income, my actual debt...?

since march of 2005, however it was my primary residence until september 2011

I was recently turned down for a conventional loan because I was told my DTI was too high; everything else looked great except that. I have one property so far and it is turning a profit, the only other debt I have is the mortgage on my personal home and some student loans I cosigned on for my wife. With the rental property figured in I am at 48% and without it I am at 35%. Is there any other way to go about this or maybe look into something else all together? I have started an LLC for the real estate investing, but am tied to the loan personally. There has to be something I am overlooking...

Thanks everyone, I have gotten a lot to take into consideration, but mostly that I was on the right track to begin with. Now, on to the next challenge.

Yes, cypress , Katy and cyfair school district area

We plan to buy and hold. I prefer the cashflow of multifamily, however in my area sfh are available at a rate of about 50 to 1 multifamily. We are looking at starting on the nw side of Houston, a very large subdivision style area with new neighbor hoods always under development and excellent schools. Considering buying a sfh here with a high desirability by tenants. Or a multifamily closer in to the city that will cost a little more but will generate mote cash. The sfh in our area are generally 10 years old or less, multifamily near the city can vary greatly in age. My agent is telling me that sfh is the way to go but I always prefer to get several opinions.

Right now the SFH market in my area has shifted rapidly to a seller's market, which I am guessing will drive down the inventory and make renting a more viable option for many more people. Also in my area duplexes are not very common, I would have to go closer in to the city which means older buildings, lower income tenants, and a higher likelihood of the tenants neglecting their obligation on upkeep of the property. Or the other option would be to buy in better areas that are kind of trendy and have prices to match. It seems in my case that SFH may be the route to go, but I just wanted to hear from other investors on their situations.

My wife and I are just starting out and trying to determine which niche is going to be the best for us. We eventually plan on moving into apartment complexes down the road but need to establish that road first. I would like to hear from everyone which they prefer and why, what works and what doesn't. That should help me decide what will be best for us. So what will it be, single family homes, or multi family units...

So I am getting ready to submit an offer on a property, the market is turning into a sellers market so I may have to pay full asking price. I indicated to my agent that maybe I could recoup some money by getting help with closing cost; as I have done with all my personal property purchases. My agent tells me that investors usually don't ask for help with closing costs... This will be my first purchase as an investor so my question is, is that correct, or like I am thinking, I want to spend as little as possible whether through purchase price or by getting help with the closing costs. What are all of your thoughts?

So insurance came in lower than expected, about $860 annually. The area is just outside of a small rural town that is a great area and is growing. Thanks for all of your input.