All Forum Posts by: Syreeta McDonald

 Let me just say your tender and tone in this forum response is unptofessional. 

Hello. I live fairly close to the Poconos. I would like to purchase a STR that I can also enjoy as a vacation home. I would be satisfied with just making enough to cover expenses because I need a place to get away from the city. My mortgage would be about 15,000 a year. Then there is a course money that is needed to pay cleaners and for repairs. Is this still a profitable area to invest in? Thank you.

Does anyone know of any counties or PA Pocono Communities that allow tiny homes or small cabins to be built? I noticed that most communities that allow STR require a minimum square footage of 900 or 1200 square feet. I wanted to build something between 400-500 square feet. Thanks.

I own the property free and clear. It's a rental property in an LLC. I was doing a cash-out refinance. I originally wanted to go for the DSCR loan, but the broker switched to a conventional loan because the DSCR rates were high and now the underwriter will not close the loan.

Hi. Unfortunately, 9 days before closing my lender tells me that I cannot close a conventional loan in an LLC. To transfer the house back in my name in 7k. Is there anything I can do to decrease this amount? Of course the conventional loan rate is much more feasible than the DSCR loan. Thank you.

Got it! Thank you!

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*This link comes directly from our calculators, based on information input by the member who posted.

Hello,

This is my first time using the calculators and I am not sure how to interpret the results. I am attempting to BRRR a property. From the looks of things, it seems that this is not a good deal. Any thoughts on the analysis? Thanks.

Hi. I am pulling out 140,000 on a property owned free and clear as a CASH REFI. I am trying to qualify with a Conventional loan, but if not I am going with a DSCR loan. My question is, once I receive the 140,000; would I be able to use this money as a down payment to purchase three other properties, using additional DSCR Loans, if I can show that the potential rents from each individual new house will cover the mortgage payment for each home? Thank you.

Hello Friends,

I own a rental property free and clear worth about 270,000. I would like to do a cash refi to purchase more real estate. FICO score is in the high 600's. I have a credit card company offering me 50% off on debt that is still on my report (50% off of 26,000). 

Should I save up the 13,000 and settle the debt first before applying for the CASH Refi to get a better rate (would take me 3-4 months), or should I just apply for the REFI now and then pay off the debt. I am anxious to buy more properties because I need time to set these up so that I can start making money. Would paying this debt off first make much difference? Thanks!

Very helpful. I owned the property for 5 years and it appraised at $260,000. The property is in an LLC. The monthly rent will be $1350. I am looking for two other properties between $150,000-200,000. Will then rent out through Section 8 which offers higher rents.