All Forum Posts by: Chris Lyman
Chris Lyman has started 4 posts and replied 5 times.
im looking for areas to invest in remotely and one I really like so far is Buffalo. Does anyone have any advice or experience in this market?
Thanks
Post: Questions about reserves for multiple properties
- Posts 5
- Votes 1
I am a beginner investor and am planning on following the BRRRR method. After recently speaking to loan professionals I have become aware of the fact that after you have a couple of properties lenders will require that you have 3-6 months of reserves for your loan payments for each properties on hand. I am interested in how savy investors handle the need for these reserves cutting into the capital needed for down payments?
Quote from @Michael Paling:
Hey Chris, Michigan's a pretty big state. what city are you located in?
Have you tried talking to any lenders yet? of course not having much income will be a hurdle, but you never know where conversations could lead to. Maybe look into DSCR loans, because those are more based on the deal you have and the income it'll produce instead of your personal income.
Thank you Michael. I am in the saginaw area. Currently my plan is to find a duplex that I can house hack for the next year to two. My girlfriend and I are looking together. She currently has some income. We found a lender that would finance us with 5% down but i havent been able to find any deals at least one that arent in tough areas like 601 or 602.
I am 55yrs old and a new investor. Im looking for some advice about where to start given my current situation. I have virtually no income, due to my background. I do have very good credit (+800) and have about 75K to work with. I looking for advise to help get over the no income issue and maybe a mentor. Im in Michigan. Thanks
Post: New Investor Looking to Build a team in Saginaw, MI
- Posts 5
- Votes 1
Hello everyone. Happy New Year! Im a new investor and new to Bigger Pockets. I am looking for real estate agents, wholesalers and contractors to create a team with. If you do business in Saginaw please message me. I look forward to hearing from you!