He recommended a DSCR loan instead but the fees seem high ($55,500 to close).

Could you share more information, such as , did you buy it close to where you live, what softwares are you using to automate, are you self managing or have a PM in place for maintenance and bookings and also communicating with guests?

You can try DACA which has no PMI and limited closing costs.

Get as close to the truth as legal in your state and clarify that you're not a huge capital group coming to town to slum lord the entire city, you're a hard-working guy trying to break out of the 9 to 5 (if that's legal to disclose) and being able to turn a modest income on a rental would be a vital step toward that dream of financial freedom. 

I could technically get $332K out, so this leaves a little meat on the bone to cover closing costs, potential unexpected rehab issues, etc.

Thanks @Hugh Carnaha,Well keep me posted on when and where your next pints/properties meetup is, not to put any pressure but the choice of where you get your pints could indicate the quality of the group (kidding, of course, too many good breweries in SGF).But please keep me posted, would love to get connected going into 2024.Thank you!

It is not fraud as long as you live in the property as long as the occupancy affidavit in the closing docs require.

Financing is a crucial factor when finding your next rental property, and there are numerous ways to secure the funds needed to close a deal.We want to hear from you!

Still, with 20% down, you're looking at $5500/mo in total payment (not including any other upkeep expensese), and median LTR rents around there are probably $5500-$6000, so that's close but still very tight.And of course, putting down more money will increase your chances of cash-flowing.

Hello,I'm currently self managing close to 10 units and have been using Avail to automate things as much as possible.