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29 September 2024 | 21 replies
And yeah I am not opposed to the 80% ltv, just figured get the most I can possible to utilize it as best possible with cash reserves left over.
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30 September 2024 | 12 replies
Remember that it takes a bit of cash to put a down payment, have capital reserves required by lenders, and rehab the property.
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30 September 2024 | 10 replies
., 3+1+1 extension structure).Confirm if the deal involves bridge loans or fixed-rate, long-term agency financing.Assess if the extension options are realistic based on the current and projected market conditions.
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27 September 2024 | 8 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).
22 September 2024 | 13 replies
If you have a super high net worth or income, perhaps your reserves could be lower.
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26 September 2024 | 32 replies
You can use Zillow and Rent cast to check rents to confirm.
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29 September 2024 | 10 replies
Partner with a friend to protect both interests, create an Operating Agreement, and focus on saving and preparing for the down payment and reserves.
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26 September 2024 | 17 replies
Yep, it's doable assume you qualify. depends on FICO, DSCR 1.00+ and I'd plan for at least 6 months of reserves.
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26 September 2024 | 5 replies
I list it in airbnb and Furnished Finders, if they reserve from Airbnb all the instructions are given to them through Airbnb.
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25 September 2024 | 14 replies
Your brother-in-law’s 10% ownership won’t affect your ability to claim this exclusion on your portion.Unfortunately, the option to roll proceeds into another property (like a 1031 exchange) only applies to investment properties, not personal residences.You’re likely eligible for the exclusion, but I recommend confirming with a Tennessee tax professional for any specific state tax issues and to verify your status with overseas residency.Let me know if you need more guidance on this or related financing!