DSCR lenders will run personal credit (which, along with LTV and DSCR, is among the three biggest factors determining your rate and terms) and typically require three to six months of PITIA “reserves” in liquid assets.

I can't speak about other markets, but in my experience the 2 biggest parts people miss about Memphis is the growth in the MSA population and the MSA GDP.While the City of Memphis itself has stayed relative stable in population over the past 50 years, the greater MSA has grown almost 50% during that time frame (see chart below).  

Share something that is challenging you on the retail side and then quickly follow up with asking them what their biggest challenge has been in this market.

This gives much better diversification protection across geographies, asset types, strategies, investment subclasses etc. versus putting all the eggs into one basket.The downside is that it's not for everyone, and a person has to be comfortable with turning over control to someone else.

Most property managers would be very happy if that was their biggest concern.

What are your top 3 biggest struggles right now as a real estate investor? 

Property: Triplex, new entire remodel from the studs just completed and vacant- Unit 1: 3 bed 2 bath - Unit 2: 1 bed 1 bath- Unit 3: 1 bed 1 bathLocation: Long Beach, CAPurchase Price: $1,250,000Financing: FHA 1.75% fixed 30 year- Down: 7%For anyone that knows or has tried to finance a 3 – 4 unit property with FHA, the biggest roadblock is the Self-Sufficiency Test.

They can leverage their network and expertise to find potential deals, including off-market properties.It's crucial to think about the downsides of gap funding and explore other ways to build savings.

My biggest surprise in trying to fix this is that the administration fees went from approximately 10% to 30% on my revised quotes.  

Then you can direct up to 80% of the proceeds to a new LLC which you are the managing member of and partner with the DST Trust to purchase CRE all tax-deferred with a new depreciation schedule.Since the deferred sales trust is an exit plan and you are buying a new property the LLC receives a new depreciation schedule vs a 1031 where the depreciation schedule travels with the exchange.The downside to the deferred sales trust is the stepped-up basis is forfeited vs a 1031 where when you die your heirs get the stepped-up basis.The upside is you can buy CRE whenever you want to with no timing restrictions.