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29 July 2024 | 0 replies
Purchase price: $505,000 Cash invested: $55,000 Sold our first condo and used the equity as down payment and for a couple upgrades on this this single family primary residence / house hack.
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29 July 2024 | 20 replies
I have never purchased a property in LC that does not cash flow.
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29 July 2024 | 0 replies
Purchase price: $36,000 Cash invested: $50,000 Sale price: $275,000 Bought a house, fully intending on living there.
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30 July 2024 | 24 replies
Hi there; one way that has worked for me is to create an account with my bank ie: If I purchased a 4 unit at 1014 Lincoln- I then would open a bank account called Trust 1014.
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29 July 2024 | 21 replies
I am in north Jersey and just purchased a 2 family.
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29 July 2024 | 0 replies
Purchase price: $750,000 Currently operating as a 9 unit mobile home park with single family home
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29 July 2024 | 2 replies
I inherited the lease at purchase.
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29 July 2024 | 5 replies
I am getting ready to purchase my first rental property, and am going through the process of what I want my leases to look like.
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29 July 2024 | 2 replies
Purchase price: $588,000 Technically a duplex but its a single family home with an ADU built into the home using the space above the garage as the ADU living space.
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29 July 2024 | 9 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).