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19 October 2024 | 3 replies
You should confirm zoning allows it, then talk to the neighbors to ensure they are OK with it.
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20 October 2024 | 13 replies
I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).
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19 October 2024 | 16 replies
Being that you already have property management experience and feel confident in your ability to manage a single-family or multifamily property, it really comes down to your financial position.If you have a good amount of cash available to put a down payment towards the purchase of a property and maintain sufficient cash reserves (or if you have a partner you can work with who does), then there's nothing wrong starting off with a multifamily property.
21 October 2024 | 1 reply
Although not required, spending a few hundred dollars can help you discover hidden repair issues.Contingency fundA mortgage lender typically requires you to have significant cash reserves before buying a residential rental property.
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22 October 2024 | 7 replies
This is an opportunity to confirm they have the expertise you need.
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17 October 2024 | 12 replies
Based on the results, you may want to renegotiate with the seller if repairs are needed or confirm the buyer's interest if the property condition impacts the deal.
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20 October 2024 | 147 replies
They all have alerts for Columbus on, and Midwest, and everything else we are talking about...and not a single one has popped in to defend themselves.If someone called me out in the forums and it was valid and responded to and confirmed by others, I would either admit my playbook, show up, or respond in some way.
24 October 2024 | 88 replies
They are more like an investment club / provide coaching (I am guessing for a fee) but I as a sponsor was told we don’t get any fee or have to provide any kickbackSomeone I know who is a member noted they do not act as investment advisors or provide investment advice nor are paid based on specific investments but I am sure someone can Confirm this I wonder how they get paid then.. ???
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20 October 2024 | 19 replies
Would confirm to the rest of the sfr in the neighborhood?