All Forum Posts by: Dave Skow

@Jay Scott- if you can access ample funds from HELOC for a down payment on a rental - run the numbers to see how these look when including the HELOC payment ( the full amortizing payment and not the interest only payment )/ the new rental loan and the potential rental income ....my guess is that the cash flow wont be there

@Orhi Tahi- this is a good rate in  the  current  market for a rental property loan  ( assuming its  a 30 yr fixed and that you arent paying a ton of points )

@Jessica Heller- contact  several  lenders on the  same  day - provide them  with the  same criteria -  get  some  quotes and ask the  questions you have  ...compare the date and the feedback received and then make a  decison on  starting the pre approval process 

@Jay Scott- thanks ...you are in solid shape ...but  getting started with rentals or house hacking will take some  funds and  also ability to pay more expenses than usual at times  ....if you  sell - you will have some funds to  work with ...depending on where you  consider buying - the sales proceeds may not go  far ...you might consider look for a small rental in a lower priced area  to begin with so you can get a  feel of how the process and numbers  work ...down payment of  15% of the purchase price   Plus  loan costs are  needed 

@Justin Melton- have them put  down as  much as they  can ....consider get  some co borrowers  lined up for the new loan to help them  qualify  ...payoff  loan as soon as FL  sells 

@Robin Roundtree- thanks ....if you move - will your husbands  income /  employment be able to  continue ?   if yes - great  - if not  - moving without any  income  stream isnt the  best  idea  

@Aaron Bard- plenty of  lenders  offer  DCSR loans ...contact a  few  for  quotes ...also - dont  pay  any  lenders  at the beginning of the process 

@Alexie Franck-  thanks ...6.125%  rate   with 1% fee+  costs on a MF are  excellent terms  right now 

@Michael Adamo- thanks - if you decide to purchase a AZ  property - make sure to get pre approved for a loan  ( if needed)  well before you begin looking for properties 

@Raj Goel- I think buying rental properties will be smarter  move ...you might not  see a  6K positive  cash flow right away but you will maintain your liefstyle in your home...>Consider  a  MF   2-4 units  property