David Naphy
Cash out Refi or wait
23 January 2025 | 7 replies
Are you reserving for cap ex, maintenance & vacancy?
Lindsey Waltz
85% ltv DSCR
29 January 2025 | 7 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).
Panos Coufos
HELOC to Fund Downpayment on Next House Hack?
23 January 2025 | 1 reply
I have cash reserves and money in retirement accounts, but I don’t want to dip too deeply into my reserves.
Kyle Kulhanek
Retitling a property to an LLC - Chicago
23 January 2025 | 7 replies
Additionally, confirm the transfer won’t lead to property reassessment, which could increase taxes.
Robby Sanchez
Communication within the GP team
24 January 2025 | 2 replies
It’s better to pause and confirm than risk relaying false information.Remember, deals are built on relationships, and relationships are built on trust.
Patrick Jaraique
Florida property management
29 January 2025 | 2 replies
In our experience, the #1 mistake landlords make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.
Muriel Hair
Are Home Prices Going Up or Down
28 January 2025 | 3 replies
The US Census has confirmed they were miscounting Detroit's population.
Tyler Edens
House Hacking Budgeting
20 January 2025 | 4 replies
That said, even with conservative rental income estimates, my living expenses would eventually drop to several hundred dollars less than what I’m currently paying in rent once the house hack starts generating income.I do have cash reserves to weather some rough patches, but the idea of pushing my budget this hard makes me uneasy.
Joshua Nichols
Funding Flipping for the First Time
30 January 2025 | 5 replies
They will usually want to see you have the capital for closing costs and some "reserves", meaning they want you to have a few months left over to cover any surprises.
Susan K.
Q on deferred salary to a Solo 401K
30 January 2025 | 6 replies
I would recommend consulting with a tax professional to gather more details to confirm this based on your situation.