DSCR loans don't require personal income verification or a debt-to-income ratio, making them ideal for properties with strong cash flow, even if the current owner has credit issues.Here's how it could work:You could use a DSCR loan to refinance the hard money loan, securing more favorable terms without having to involve the seller's credit.Since the rental income easily covers the property’s debt service, you’ll be in a good position for lender approval, bypassing the conventional mortgage route.This approach could allow the owner to stay in the house, while you take over financing with a less restrictive structure.

Hurricane Milton Approaching: Hurricane Milton is intensifying and we are all keeping an eye on the news.

Would love to learn more about your verification methods, as it’s always good to hear different approaches

Great question and honestly, having a business partner can be both a blessing and a challenge, depending on how you approach it.

There are pros and cons to this approach but it's one thing that makes REI fun.

There are many REI specialized accountants on this forum who provide bookkeeping and tax services, but all of us have different models of service, different approaches and different prices.

Then as units become vacant, then do other renovations.Hi Rick - I love this approach and way of thinking.

Hello BP Community,I have been approached by the holder of a seller-financed note (for a property I purchased from them) asking if I would be able to repay my note earlier than agreed. 

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

I recommend getting around 5-8 quotes to see how each contractor would approach the job.