It was a personal referral, received a credit at closing for renovations as well How did you finance this deal?

More on DSCR loans in case helpful: DSCR loans won't use your income to underwrite the loan.DSCR loans are based off of down payment, credit score and either actual or market rents so it helps to supercharge an investor's real estate goals and net worth.

Yes, your rate will change but not much if you have good credit it will go up around 5.875% to 6%.

In hot markets, some wholesalers and investors use 80-85% of ARV (minus repairs) instead of the typical 70% to stay competitive.A few tips:1.

Avoid PMI and then go to a local credit union and get a heloc after closing to gift the money back.Have this as a tool in your tool belt but pursue use of the 3.5% FHA, knowing that you will be at a competitive disadvantage if you are competing with non FHA buyers, then you can call in the favor from your gift person.Just know that if someone gifts you down payment money, your bank will require them to sign a letter stating that it is in fact a gift that doesn’t need to be paid back.

You need to build your credit.

Fast forward 20 years: I now have money in the bank, excellent credit, live modestly on my own, and run a business that’s doing well.Unfortunately, I wasn’t able to save much for retirement during most of my life.

I’d really appreciate any insights, whether there’s anything I missed, any places you’d avoid, or any tips for STRs in this market.

Bank Credit Line How did you add value to the deal?

Ask for a line of credit.