All Forum Posts by: Shedrick Boyd

@Luke Trovinger thank you man! Things are going well. I just acquired my second property in Fort Collins and now I’m currently self managing two rentals. I also started a new career at one the biggest property management companies in northern Colorado. Really excited to learn and develop the necessary skills to succeed in this business! 

@Dennis Waynecorrection* how you are able to acquire properties without using a bank I should say

@Dennis Waynewill you educate me on how you are able to acquire properties or leverage yourself? Do you use a lot of private money? I’d love to learn a strategy to avoid banks or point me in the right direction I can learn and develop a new skill

@Chandler Kimble two lenders told me 5 percent and one was through rocket mortgage. I’m not sure where they’re getting their info either so I’m not sure how accurate it is

@Account Closedin my infancy so what information I am learning I am trying to follow and stick with what I know before I begin vetting deals I am not educated on

@Chandler Kimble lease began November 2020 so very recent for me

@James Carlson will you educate me on what happens after reported income on taxes after 2 years?? Will banks still use any mortgage(s) as part of my DTI even when I'm not paying for them and have substantial history of rental income? I have yet to get a understanding on what to expect in the future and how I can overcome these objections

@James Carlson I am actually living with my parents. My next investment would be a primary residence for the first year, which I would eventually turn into a rental. I have not reported any rental income on taxes yet because it has been so recent and I have not had a full tax year to report.

@Karen Margrave each lender has given me a different answer but all result in me not being able to qualify for any relative amount. Based on the information in my post would you have any ideas or strategies I should research to develop a successful game plan?

Currently in the process of getting financing. Going to be a owner occupancy conventional, so only need 5%, I’m on board!

Lender tells me they can't use rental income because I don't have 2 years rental history...Now my rental property mortgage is being fully calculated (even though I'm not paying for it at all) and screwing with my DTI.

Now my qualified amount is significantly less and in my market, (shoutout Denver, CO✌🏽) that wouldn’t be enough to purchase me a shed....

With the current market I am now beginning to think maybe this is not my time, I can wait, save up a lot more, and come back when it’s less competitive. OR maybe I need to keep looking around and find a different lender?

Is the universe telling me to WAIT OR is it throwing me a TEST!? Thoughts anyone!?

P.S. I’ve spoke with 3 different lenders now and had my credit pulled 3 different times. Getting old at this point...