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All Forum Posts by: Bre Reichle

Bre Reichle has started 3 posts and replied 12 times.

Post: Creative financing help needed

Bre Reichle
Posted
  • Investor
  • Posts 12
  • Votes 4
Quote from @Charles Granja:
Quote from @Bre Reichle:

Hey Guys. Here's my scenario:

I have a rental property that has recently started generating net $21,600/yr with energy of around $300,000

I have another property under rehab that will be ready by the first of year that will generate around $15,000/yr with an energy of around $152,000. 

I am not a W-2 employee. My only income are the properties. 

I would like to invest in a multi-family (duplex) next year. 

Are PMLs my only option? 

Thanks for all the help <3


 Hi,

You should be able to use some of that income to qualify you for the multi-family if you have rented them for 2 years. Otherwise, the current leases will negate the debt service and not affect DTI that comes from W-2. When you are buying next year, if you find a duplex that has an existing tenant, they can use 75% of the income to help qualify you for the property. Another way you can invest with no W-2 is DSCR loans but they aren't worth it for you and technically you aren't supposed to live there but I don't know all of the stipulations.


 Thank you so much for the guidance. I will try and locate a duplex with renters already present. That will be a big help. It has only been 6 months for that income and I do not live in either property. So, two years before I can tap into that energy? Ugh! :( 

Again, thank you so much. 

Post: Creative financing help needed

Bre Reichle
Posted
  • Investor
  • Posts 12
  • Votes 4

Hey Guys. Here's my scenario:

I have a rental property that has recently started generating net $21,600/yr with energy of around $300,000

I have another property under rehab that will be ready by the first of year that will generate around $15,000/yr with an energy of around $152,000. 

I am not a W-2 employee. My only income are the properties. 

I would like to invest in a multi-family (duplex) next year. 

Are PMLs my only option? 

Thanks for all the help <3