@Anna Sarvis, I understand the property they were first looking at is likely no longer available (likely because houses fall out of contract all the time).There are a lot of ways to skin this cat.  

The way i see it is my cash in the bank is only giving me 5% interest which will start going down once rates fall.

Below are some general notes on DSCR loans:* usually used for single family or 2-8 multi family unit properties (fits your scenario)* must be for investment, non owner occupied (if looking for a product for alternative qualifying solutions for owner occupied there are other products)* can close in a personal name or LLC* usually 80% LTV for a purchase (20% down payment) & usually 75-80% LTV for cash out refis* prepayment penalties vary and are optional, but the higher the prepayment penalty, the lower the rate / options typical range from no prepay all the way up to 5 year prepay and structures vary for how those penalties work (3 year is my most popular by far)* appraisal most likely required and paid out of pocket during transaction* can be used for long term, mid term, or short term rental properties * generally 1%+ is the desired DSCR ratio but you get better rates if the ratio is higher (usually rate breaks kick in at 1.15%+ or 1.25%+) and you can still get the loan done if ratio is lower than 1% but the rate will reflect that (DM me if you wand help learning how to calculate the ratio)* the average time to close is 21-30 days* fees vary lender to lender and product to product, but $1595 underwriting plus title fees is pretty standard* 700+ credit is preferred to get max LTV, but plenty of options if credit falls below that* a typical loan minimum is $75k (have limited options for $50k+) and typical loan maximum is $3-4m (have limited options for $4m+)* 3 months reserves usually required, having 6+ months will usually result in better loan terms, 0 reserves can still get the job done if you go with a program that allows you to use the cash flow as reserves* 30 year fixed, IO, and ARMS available

There is small retention pond kind of area next to my property belonging to city which they are not managing ( There are big trees there which are close to my property about 12 feet away which may damage roof if fall towards my property but it never seems happened since 1961 touch wood).

Rate is reasonable at first glance but yes rates are moving down and should continue to shop, get quoted, can be major changes day over day10% Down DSCR doesn't exist and has never existed to my knowledge so I wouldn't count on that15% down does exist and is rare, however as others have noted, usually it doesn't actually work since the restrictions, such as a high DSCR ratio or LTR only rent qualification (and high rate environment) never let the numbers work however as rates continue to fall we may finally be able to see some 85% LTV DSCR Deals actually pencil again!

If you have had problems or been a victim of his company this would be a great opportunity to share your story and come together.

Now that interest rates are falling, you are going to see even more appreciation.

This said; let’s assume escrow falls out.  

pid=2114Houston Real Estate Highlights in August, 2024:• Single-family home sales declined 8.3 percent year-over-year• Days on Market (DOM) for single-family homes went from 43 to 47 days• Total property sales were down 11.2 percent with 8,730 units sold• Total dollar volume declined 8.8 percent to $3.5 billion• The single-family median price was down 0.3 percent to $336,940• The single-family average price rose 0.9 percent to $421,912• Single-family home months of inventory registered a 4.5-months supply, up from 3.2 months last August• Townhome/condominium sales continued to decline, falling 16.7 percent, with the median price statistically flat at $226,000 and the average price declined 1.2 percent to $258,952.

Hello am new here am nate and purest of rookie.. got nothing in my back got some dedt that can't seem to pay off car is falling apart.. and still live with parents.. still have this drive to buy a house and just rent it out or do the FHA loan.