All Forum Posts by: Darryl Ribeiro Sr.
Darryl Ribeiro Sr. has started 6 posts and replied 15 times.
Quote from @Alan F.:
Quote from @Darryl Ribeiro Sr.:
Looking for some advice on solar companies. I have recently purchased a 4 unit. I am living in one and will rent out the others. I used to have sunrun for a solar company at my old place. It wasn’t a pleasant experience for us. I recently spoke with momentum. They are offering a 25 year lease with no out of pocket cost or maintenance fees. 2.9% annual raise.
I've been an Electrical Contractor for 31 yrs, installed over 5 megawatts, done fuel cells, turbines etc. I don't have solar on any of my buildings. Making the building energy efficient is much higher ROI. It's not sexy work though.
If you do go solar, buy it. Go with mico inverters and monocrystalline panels. Avoid string inverters and optimizers.
Warranties are only as good as the company behind them.
Use your search engine & type in Solar Company bankruptcies.
@Colleen F. thanks for the advice!
Looking for some advice on solar companies. I have recently purchased a 4 unit. I am living in one and will rent out the others. I used to have sunrun for a solar company at my old place. It wasn’t a pleasant experience for us. I recently spoke with momentum. They are offering a 25 year lease with no out of pocket cost or maintenance fees. 2.9% annual raise.
Thank you! Definitely a good foundation for what we are looking to accomplish.
Quote from @Ryan Thomson:
@Darryl Ribeiro Sr. 200k in equity. Nice. Think through what could reasonably go wrong and make sure you can make it through that. If you can, then a 3% down house hack could make a lot of sense. @Kyle Spearin is a knowledgable house hacking realtor in your area. It may be worth connecting with him.
Quote from @Justin Hammerle:
@Darryl Ribeiro Sr. - If you guys are in a tough situation and are both in agreement I don't hate the idea of switching out a SFH for MFH house hack; a MFH will however carry additional expense and time with the added income. I would also visit with a loan officer and go over all the risk factors of loan approval for a MFH in the markets you are considering assuming you will need to sell prior to being pre-approved.
I’ve spoken to a loan officer & they say this is the best route. I was pre approved for 550k but the funds to purchase the MFH are coming from the sale. We will use the first time home buyers 3% rate for the MFH.
Quote from @Nathan Gesner:
Quote from @Darryl Ribeiro Sr.:
My fiancé has over 200k in equity in her home. Her DTI is way to high to pull any of it out. We are trying to buy more properties so we've decided to sell & start over. The property we live in now is a 4 bed 1.5 bath single family, purchased with an 3% first time home buyers. We are looking to buy something that will pay for itself and eventually cashflow 3/4 tenement with me using my first time home buyers. Any thoughts on this strategy. TIA
Selling doesn't sound right to me. Her DTI is too high, which indicates her financials are not completely under control and you may make the same mistake with a new purchase. I would increase earnings, reduce expenses, hustle, save up, and then buy another property to occupy with just 5% down. This allows you to keep the first property which probably has a low interest rate. And if her finances are under control, then you can cash out some of that equity and invest it, which will jump you to 3+ properties.
Thanks for the advice.
My fiancé has over 200k in equity in her home. Her DTI is way to high to pull any of it out. We are trying to buy more properties so we've decided to sell & start over. The property we live in now is a 4 bed 1.5 bath single family, purchased with an 3% first time home buyers. We are looking to buy something that will pay for itself and eventually cashflow 3/4 tenement with me using my first time home buyers. Any thoughts on this strategy. TIA
Post: Need help with getting creative with some equity
- Posts 15
- Votes 4
Quote from @Scott E.:
I feel like I'm stating the obvious, but what does the DTI look like if you are also on the loan?
Post: Need help with getting creative with some equity
- Posts 15
- Votes 4
I have a problem & I'm hoping I can get some feedback. My fiancé has equity in the home she can't take out because her DTI (debt to income) is about 80%. We were looking to take 30k out of the house to put for a down payment on a fha. Any suggestions on how we can do this?