All Forum Posts by: Tevin Swain

so just to be clear , it’s my long term debt , my monthly expenses and my income that they care about? 

@Caleb Heimsoth Thank you , basically I should keep my monthly expenses as low as possible to increase my savings and control my spending? 

Good evening , I am new to investing and my goal is to take control of my own finances and improve my financial health. I understand that this takes time and discipline which is fine . There are two things I have questions about and I was looking for help toget answers these questions. What exactly is debt to income ratio , does this only apply to credit ? Or is this a term used for financial health? In regards to debt to income ration , what do banks and mortgage lenders look for and what is most important when presenting financial information? Ok... that is definitely more tha two questions but any question that BP can answer would be great!! Thanks in Advance!

@Lee Ripma Thank you , I will take heed! 

Originally posted by @Perry Farella:

You should consider using a renovation loan that has no pre-payment penalty. As long as you have no more than 4 financed properties you would qualify. I do it for Investors around the country frequently. One is for single family and I have another for 2 to 4 units. Basically a 30 year term in your name, not any LLC, todays low rates, around 5% perhaps, 20% to 25% down on sum of purchase price plus rehab dollars needed. The property is appraised to ARV off a written contractors proposal. You cannot do the work yourself. I have a Blog on BP where I have posted about it before. I'm happy to answer your questions.

 Thank you , Mr.  @Perry Ferrella I do appreciate it I would love to talk more about this possibility.  

@Lee Ripma Thank you so much for your help , I was doing some reasearch with some local banks as well as HML and it seems that experience does make a difference along with other factors. If you don't mind me asking , do you pay for Bigger pockets pro? And how much does it help with your business. So far I'm using the free version and it's been helping me a great deal so I can imagine how good the pro version is .

Thank you , it is greatly appreciated 

Thank you so much Tom , is it likely to be able to find a bank that may be able to do that in any area?  I do know some local credit unions who will lend on investment properties but I’m guess that depends on the banks and the specifics.  Thank you for the response I may have to take a look into some other options for funding. I do appreciate it . 

Thank you so much , I will keep that in mind! May I ask which methods you’ve used hard money to complete deals? 

Hello , I have only posted on bigger pockets a few times , but a new resolution I am deciding to ask more questions to get more results from my Real estate investing career. I recently have become more interested in building my portfolio and using a few real estate strategies such as the BRRRR method and I would like to know in general has anyone used a hard money loan to do this kind of transaction? And how did it turn out for them? I am also would like to know what are some of the things I should look out for ?