All Forum Posts by: Thor Klein

Hi Stacy

Thank you very much for your detailed reply. Does me being a first time BRRRR investor matter to most DSCR lenders? I do own one long term rental if that's relevant

Is it purely based off the asset or does my experience (or lack thereof) disqualify me from anything? 

Appreciate your help!

Hi all,

I'm looking to do my first BRRRR this year but am unclear on the cash out refinance aspect. My main concern is that once the property is rehabbed and rent ready, what qualifications do banks require to refinance?

I've been at my job for only 6 months and know that's usually not enough to qualify for traditional financing. Are most lenders looking at my W-2 history and DTI to determine whether I qualify for the refinance or is it more based on the asset and/or its cash flow?

In other words, should I wait to pursue a BRRRR project until I can qualify for the refinance or are there ways around this hurdle. Any insights would be appreciated, thanks!

Hello Bigger Pockets Community,

I am looking to buy my first rental property in the near future and would love some opinions/thoughts on the following situation:

I have about 50k saved up and was wondering whether it would be smarter to use that as a down payment to buy one SFH in the 250kish price range or use it to buy two separate single family homes each in the 100kish range.

Would love to hear all thoughts and opinions!   Thanks!

Hello bigger pockets community,

I am 23 years old and am very motivated to buy my first investment property sooner rather than later. I have read several real estate investing books and listen to a lot of bigger pockets podcasts but am still new and fairly inexperienced to real estate investing and realize that taking action is the key. 

I have around 40-50k that I can put into a down payment but my main hurdle is financing the property. I am not able to qualify for a traditional loan due to my lack of job history. I am posting on here to see if anyone has any tips or suggestions on how to buy an investment property without traditional financing. I live in San Diego so am looking for an out of state investment because I am not able to afford a SFH here as they are too expensive. Any out-of-state investing advice would be greatly appreciated as well!

Thank you for the suggestions!!