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27 August 2024 | 18 replies
I'm guessing you might know.Thanks all
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28 August 2024 | 16 replies
Example a few weeks ago: got a "customized' postcard saying something like "Dear Andrew, we noticed you recently bought a property on 3455 Main Street - we have access to many properties just like this one, all over town.
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28 August 2024 | 3 replies
He says that he is willing to cooperate and pay all the fees that are mentioned in the lease.
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30 August 2024 | 6 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).
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28 August 2024 | 18 replies
It's all about making the numbers work.
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28 August 2024 | 9 replies
The pain is removing all HVAC, plumbing & electrical so you can sister or replace a beam or joist and then put them all back in.
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28 August 2024 | 6 replies
I look forward to making connections and learning from you all!
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27 August 2024 | 8 replies
I assume you got a copy of all leases and estoppels before purchasing the properties?