All Forum Posts by: Derrick Wortman

Hey All,

I currently have 6 properties under statefarm insurance and my personal home/auto/umbrella through Allstate. Farmers Insurance thinks it would be smart to have all of my policies through Farmers Insurance (my 6 of my Rental Insurance Policies, Home Insurance, Auto, and Umbrella). I feel like this is a bad idea, what if I have a claim on 1 rental and all of my other policies shoot up? Is this a bad idea?

 Thank you, just found an insurance provider who offers USLI ,I will get a quote from them thanks!

Hey Everyone,

I'm looking for an Umbrella Policy that would cover 6 Rental Properties (1 is a duplex). Does anyone know of an insurance provider that wouldn't require any other kind of Policy? Any help is much appreciated! 

Hey Everyone,

I am struggling trying to figure out what kind of Financial Advisor I need. I am trying to accomplish the following:

- I have 7 properties that have great cashflow that I plan to retire off them.
- I want to talk about my retirement plans, if I should form an LLC, if I should be investing in my 401k, etc.

I got this far mostly by myself and it’s to the point I need some guidance. I'm not sure if I need a fiduciary, wealth management firm, financial advisory. All I know is I'm just looking for strategy help/expertise and not for a company to manage my investments/funds who preferably charges a flat fee vs a % of my assets. Any guidance would seriously be appreciated!

Hey Everyone,

I would like to see if it's possible or if it would make sense to wrap my 6 investment property mortgages into one 30-year mortgage. I have roughly 50-70% equity in each property, each property has a 30/yr mortgage with interest rates that are pretty low (3-4%). I guess I just want to simplify things and possibly tap into all of that equity. Thoughts or suggestions would be appreciated! 

Thanks everyone    -Derrick

 I didn't even know that was a thing, I will look into this thanks!

 Unfortunately they are only taking a percentage of my rental income into consideration, as well as seeing that I claim very little profits on my tax returns. 

 Thanks Shiela,

I'll be honest I'm pretty new to all this, I'll put a post in the Pirvate Lending Forum and will look into Private Lending. Thank you!

I've reached the DTI limit with typical Lenders at this point. I have 5 Investment Properties (1 duplex 4 single family) and I am getting great returns. My credit score (FICO=830, others around 775). I am at the point where I believe I need to look into a creative way of funding these deals. I'm looking for someone in Ohio that can help me.

-All of my investment properties are in a city in Ohio with roughly 4500 people (County has 200k+ though) but it’s a place that is growing and in high demand (I heard some Lenders won’t allow this?).

- My Loan needs will typically be between $50-100k.

- I do not have an LLC currently, hopefully that's not required.

- I am looking for a 30-year loan most likely and can put 20-25% down.

- I will most likely need to jump on an investment quick.

This is currently my track record, I also have a full time job with decent income but again I'm at my DTI limit.

Property 1 - Paid= $44,500 Owe= $28,700 Rent = $800/mo Mortgage+Tax+Ins= $400
Property 2 - Paid= $44,000 Owe= $32,700 Rent = $930/mo Mortgage+Tax+Ins= $360
Property 3 – Paid= $134,900 Owe= $124,600 Rent = $1775/mo Mortgage+Tax+Ins= $980
Property 4 – Paid= $56,000 Owe= $42,600 Rent= $925/mo Mortgage+Tax+Ins= $415
Property 5 – Paid= $65,300 Owe= $50,259 Rent= $950/mo Mortgage+Tax+Ins= $385

I've reached the DTI limit with typical Lenders at this point. I have 5 Investment Properties (1 duplex 4 single family) and I am getting great returns. My credit score (FICO=830, others around 775). I am at the point where I believe I need to look at DSCR Loans from what I've gathered. I'm looking for a Lender in Ohio that can help me.

-All of my investment properties are in a city in Ohio with roughly 4500 people but it’s a place that is growing and in high demand (I heard some Lenders won’t allow this?).

- My Loan needs will typically be between $40-100k.

- I do not have an LLC currently, hopefully that's not required.

- I am looking for a 30-year loan most likely and can put 20-25% down.

- I will most likely need to jump on an investment quick.

This is currently my track record, I also have a full time job with decent income but again I'm at my DTI limit.

Property 1 - Paid= $44,500 Owe= $28,700 Rent = $800/mo Mortgage+Tax+Ins= $400
Property 2 - Paid= $44,000 Owe= $32,700 Rent = $930/mo Mortgage+Tax+Ins= $360
Property 3 – Paid= $134,900 Owe= $124,600 Rent = $1775/mo Mortgage+Tax+Ins= $980
Property 4 – Paid= $56,000 Owe= $42,600 Rent= $925/mo Mortgage+Tax+Ins= $415
Property 5 – Paid= $65,300 Owe= $50,259 Rent= $950/mo Mortgage+Tax+Ins= $385