Hi BP team,I’ve been trolling the forum for years and just closed on my first rental property in Philly, a triplex.Close date was 4/15 and no lie, the last 45 days have aged me with stress and anxiety(I’m 27).I purchased just outside a college area, not really a prime location/there is a new property being built right next door, which started the week I closed and development on my block.Long term, maybe my home value increases w the development — BUT it literally killed the lighting/views in a couple units which is making tenant finding harder (plus construction noise) and I kind of already knew my challenge would be in placing tenants.

View report*This link comes directly from our calculators, based on information input by the member who posted.Hey Guys, First time using BRRRR calculator.

I view my mistakes as educational tuition on how I can make more money on the next deal.

@Robert N.Everything you're describing works for DSCR loans.

Any projects would need to undergo a thorough environmental review to study the potential consequences for fishing, shipping, marine life and views from the beach.

So if you can imagine that a 30 year fixed rate loan at 2.99% might not look as desirable to a lender on a 30 year adjustable rate loan at 2.5%....because of exactly the reason you described - it will adjust after a few years.So lenders sell these products with the idea that you can just refinance out of the product if it adjusts.  

Full reno, all new modern furnishings, added additional 400 sq ft heated space through single car garage conversion to rec space complete with glass garage door with views of mtns, large flat screen tv, bar area , foosball & darts What was the outcome?

Just clearly describe your sleeping arrangements so there are no surprises. 

I think what you describe matches my expectation. 

"Don't miss the opportunity to view this fixer-upper's dream!