Quote from @MIchael McCUe: Money isn't easy to save and $10,000( my debts) is a ton of money I want to save for a downpayment, I'm just starting so I don't have any money I would like to save $60,000 to buy a rental property, I think I could do it in  5-6 years, my brother filed bankruptcy and they relieved him of $6000 in debt from cash money.a list of my debtGst Hst Tax 4500 income tax from working with my dad I oweScotiabank credit card 1400Canadian Tire credit card 500cash money loan 2400Belair 600echelon 600should I pay the 10k back in the next while or should I file bankruptcy like my brother as It won't be for years until I am able to get a downpayment for a rental house anyway.Here are the negative consequences, in regard to real estate, of filing bankruptcy1.

While you work on that, you could also explore creative financing options like DSCR loans or partnerships to fast-track your first STR.

But it’s something I tailor the business plan to just in case.So your investor could get caught in having their loan called with not a lot of notice if things change.

10% down 2nd home loan and savings from the proceeds of already owned STR's.

My borrower is refinancing the loan to hold the property (BRRRR) and I'm wondering if the new lender will have any concerns with this policy. 

We set a record for our Team, serving 82 families and funding over $32 million in loans this year.We ranked in the top 5% of loan officers/teams in the entire Nation and top 3% in the State of Oregon!!

They’re requesting what feels like an unreasonable amount of information, and the demands keep escalating.So far, they’ve asked for:A video tour of my home officeCredit checks on me and my partnerCopies of the deeds for every property we ownA copy of my partner’s home lease and utility billsBusiness phone billsA signed letter from the bank verifying our accountsBank statementsHonestly, it feels more like qualifying for a loan than trying to become a customer.

Or put in your interest rate here, and your loan balance there.The art is where I think most people struggle, and I don't think this can really be done without real world knowledge.  

Last year one of our lenders would not lend to new customers or customers who have never did a commercial loan with them.  

Do DSCR loans qualify if purchasing through 1031 w/debt-carry-forward requirements?