All Forum Posts by: Sam Wilson

@Timothy Hero Thank you for the advice. I'm definitely looking to scale and have started to look at how to maximize the equity vs the cashflow. For the DSCR loan. If it isn't reported on credit and the bank doesn't know about it, could I use the income on that to subsidize my personal DTI or would I have to leave that out of the equation too?

@Dave Skow I'm starting the process of looking for lenders today. Thank you for the great advice. I'll see what I can come up with!

Hey Dennis, I really appreciate the thought you gave in the reply. I have been considering a DSCR loan on the first property and I figure I could get around 260k equity out of it. My main concern is that I am aiming to move out of the home I am in and purchase another primary using conventional financing at the end of the year. Is there a way to get the DSCR loan and not have it negatively affect my DTI when I apply for the next primary or am I stuck in a position where it would be one or the other? I've been talking to lenders and it I haven't been able to get a definitive answer on if they will lend without counting the DSCR loan on my personal DTI.

Hello everyone, first of all I want to thank you for taking the time to read my post and hopefully give me some advice. I am a newer investor in the Portland area and I need advice on how to move forward with financing my next deal. To get a clear picture of the situation here are my current investments and funds available. 

Property 1: $1,900 - rent / no debt / value 420k+ / Cannot sell

Property 2: $2,800 - rent / PMI - $1,857 / 300k mortgage 2.5% / 590k+ value / Leased month to month

Property 3: $3,700 - rent / PMI - $3,162 / Primary, $450k mortgage 5.3875% / 650k+ value / House hack room by room rental

W-2 income is 6k per month

75k cash

I have identified a property in Wyoming (family there/boots on the ground) for 150k and a rehab of 65k. ARV is north of 240k. Ideally I would be able to buy and renovate this property as well as have funds to buy another primary home to live in and house hack by the end of the year. I'm unsure how to get past the DTI barrier.

How would you structure the recourses to not only do an out of state flip but also be able to move into a 500k plus primary home to house hack in my home state?

I greatly appreciate your time and here's to the best real estate community out there!

View report

Hey everyone, I'd like to give a bit of background so it's easier to understand where I am having issues deciding if I should move forward with this house. I live just outside of Portland, OR and the housing market is the housing market. In the last year I remodeled my home and rented it out. I'm currently living in a van (being a homeless landlord gave my lender a chuckle) and have made an offer on a home after 6 weeks of van life. The report is attatched and all the numbers are fairly accurate from what contractors have told me. It is a 2800 square foot house with an unfinished basement. My plan is to make the top unit a 4/2, rent it out for around $2,400-$2,500 and convert the unfinished basement into an ADU to live in. After a year I would move out and rent the bottom unit for $1,300-$1,400. My problem is that it needs a lot of work and would cost nearly all the money I had saved up. I was planning on buying a primary in oregon and using other funds to start cross state investing. Should I go all in on this deal or find something cheaper and less of a project? For example buy a 400k house that I can live in for 5% down and no rehab and take the other 75k and start investing out of state? I'm a newer investor and eager to hear different perspectives, thank you in advance for your words of wisdom.

If the lease ends before the 90 days is up should I still up the rent or wait until the 90 days of the notice are over and amend the lease?

Good afternoon, 

First of all, thank you for taking the time to read my post. I am a newer landlord in the Oregon market. I have one SFR rented out and leased through June 1st 2022. I didn't think about laws regarding rent increases until the renewal came up for discussion. I have a great tenant and am not concerned about them being upset in any way. I would like to verify that I am doing everything I can to follow the letter of the law. I am reading that you need to give a tenant 90 day notice to increase rent if they are on a fixed term lease. In order to change this tenants rent, do I:

1.) Change the lease to month to month at the end of the term (6/1), serve the notice today and wait 90 days to increase rent (more trouble than it's worth for $30 a month?)

2.) Send her the notice now and increase the rent at the end of her lease (6/1) / is there something I am missing?

3.) Leave the rent as is and plan for a larger increase next year following the 90 notice standard 

Thank you for your answers in advance, it is much appreciated!