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19 November 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).
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14 November 2024 | 8 replies
The outside color of the house does not match my expectations for the inside design.
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14 November 2024 | 4 replies
I'm a current NARPM member with both the RMP and MPM designations, as well as a member of IREM, where I'm currently working on my CPM.
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28 November 2024 | 184 replies
The Order finds that White signed these letters as ORES's part-time CFO, or using his CPA designation, but did not verify whether the statements were accurate.Without admitting or denying the findings, White consented to the SEC's Order finding that he willfully violated Section 17(a)(3) of the Securities Act of 1933 (Securities Act), and he agreed to pay a $60,000 civil penalty.
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18 November 2024 | 14 replies
If the only difference between a co-signer and an applicant is a second job or some other insignificant factor, they are NOT co-signer material.
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20 November 2024 | 18 replies
I will look at a few factors, rent for area, total mortgage payment with property taxes( which can be crazy in Detroit), investment in neighborhood, I like looking into places where they are building homes and apartments that attract young professionals or families , and also looking at potential to make a single family home into a duplex or something can add an adu or transform a basement to a studio apartment!
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1 December 2024 | 377 replies
It’s difficult with little ones but that was my driving factor.
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14 November 2024 | 1 reply
We gutted the interior down to the cinder blocks, re-designed the unit layout to fit a more modern lifestyle.
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19 November 2024 | 9 replies
Will depend on several factors like the type of property, type of tenants, your risk tolerance, other assets you own, your estate planning, laws where the property is located, etc.
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14 November 2024 | 25 replies
If you're okay with not having any of those, then hey, they're an amazing free option that your tenants will like.Landlord Software: Software and platforms designed specifically for landlords and typically have more than just rent collection.- Pro's: Additional functionalities, such as tracking maintenance, automated bookkeeping, screening reports, etc.