All Forum Posts by: Samuel McCrory

Congratulations on completing the your first real estate investment! It sounds like you've taken an important first step in this industry. My own experience was a bit bumpier, but I'm happy for you.

Regarding hard money vs DSCR, hard money is typically used for cash financing, while DSCR is used as a refinancing option if conventional financing is not an option. From my discussions with lenders, they typically require rental history to verify the NOI (Net Operating Income) / total debt service or the debt service coverage ratio

Thank you!! I was thinking DSCR for not having to utilize any credit. What other conventional options are there to utilize so it is not effecting DTI?

Unfortunately for entrepreneurs, all conventional loans measure DTI. Instead of DTI, DSCR loans measure the properties ability to pay back the loan. They all look at your credit at some level

Yeah, its all a pain sometimes lol. Trying to put more on the business burden then myself.

1 Vote

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Quote from @Samuel McCrory:

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Quote from @Samuel McCrory:

Investment Info:

Single-family residence buy & hold investment in Foxholm.

Purchase price: $215,000
Cash invested: $50,000

First Investment Property full of learning Curves, but overall very happy with the choice I made to proceed.

What made you interested in investing in this type of deal?

Fully Remodeled home, Corner Lot, New Roof, Bigger sq ft for the area.

How did you finance this deal?

Kiavi

Lessons learned? Challenges?

used hard money and should of gone dscr loan.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Hannah Smith Berkshire Hathaway

Congratulations on completing the your first real estate investment! It sounds like you've taken an important first step in this industry. My own experience was a bit bumpier, but I'm happy for you.

Thank you!! I was thinking DSCR for not having to utilize any credit. What other conventional options are there to utilize so it is not effecting DTI?

DSCR is really the main option that will not use DTI. Can you clarify what you mean on "not having to utilize any credit"? DSCR lenders will still pull credit, but if you borrow through an LLC then it won't show up on your personal credit report

Yes, that is what I mean.

0 Votes

Quote from @Jarrod Covey:

Quote from @Samuel McCrory:

Investment Info:

Single-family residence buy & hold investment in Foxholm.

Purchase price: $215,000
Cash invested: $50,000

First Investment Property full of learning Curves, but overall very happy with the choice I made to proceed.

What made you interested in investing in this type of deal?

Fully Remodeled home, Corner Lot, New Roof, Bigger sq ft for the area.

How did you finance this deal?

Kiavi

Lessons learned? Challenges?

used hard money and should of gone dscr loan.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Hannah Smith Berkshire Hathaway

Congratulations on completing the your first real estate investment! It sounds like you've taken an important first step in this industry. My own experience was a bit bumpier, but I'm happy for you.

Thank you!! I was thinking DSCR for not having to utilize any credit. What other conventional options are there to utilize so it is not effecting DTI?

1 Vote

Investment Info:

Single-family residence buy & hold investment in Foxholm.

Purchase price: $215,000
Cash invested: $50,000

First Investment Property full of learning Curves, but overall very happy with the choice I made to proceed.

What made you interested in investing in this type of deal?

Fully Remodeled home, Corner Lot, New Roof, Bigger sq ft for the area.

How did you finance this deal?

Kiavi

Lessons learned? Challenges?

used hard money and should of gone dscr loan.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Hannah Smith Berkshire Hathaway

0 Votes

All Forum Posts by: Samuel McCrory

Samuel McCrory has started 1 posts and replied 4 times.

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