Most people could have done a better job than me when it comes to underwriting, strategy, etc, but I was fortunate to be connected with good people.

Of course having success in another industry helps, but there is a huge difference between being promoted within a fortune 500 company and understanding the risks of a multifamily project.  

(We fortunately closed right before they changed the rules about MIP on FHA loans, so ours will be canceled in a couple of years once we reach 20% equity, or earlier if we refinance before that). 

I was fortunate enough to qualify it during covid times but if it's 1-2 unit with FHA, it will not trigger the SS test or lower your monthly PITI payment to make sure it passes the PITI test.

We own a successful business and are fortunate to not have to rely on W-2 employment. 

@Sai MedavarapuMetro Detroit (my rental portfolio is here)Purchase: $80k-$130kRent: $1200-$1500ROI: Double DigitCash flow: couple hundred/monthAppreciation: Double digit (for past 10 years, will gladly send data)Location: C, B- (suburbs and certain markets)We have over a dozen Fortune 500 companies just in Metro Detroit with huge Healthcare, Auto, mortgage, Amazon fulfillment, and more jobs.The bad reputation comes from OOS investors wanting $20k D market properties.

Fortunately I had lease signed with deposits collected from tenant for a lease amount of $2,525 which allowed me to meet the DSCR. 

Chances are that money is better in your hands where you can decide where it goes than in the government's hands.How you run your business and what you do with your money is your choice, but if you are worried about people who are less fortunate than yourself-donate money to charity, help with fundraisers that help those groups, offer them employment opportunities and training. 

@Tarik Turner fortunately our properties are over the 100k mark and the loan would be over 1m so we check the boxes there.Has anyone done a portfolio loan out there?

Glad I haven't had to deal with late rents I've been very fortunate.