All Forum Posts by: Derrick Wortman

Thank you! Do you know if I need an LLC, currently everything is just under my name?

Hey All,

I am looking to purchase my 6th Rental Property. All my properties are bringing in great returns but I'm hitting a ceiling when it comes to DTI Debt to Income ration. With most lenders only factoring a percentage of my rental income, my DTI ends up being over 50%. Does anyone know of a Lender that will work with me on this in Ohio? Thank you!

Hey Guys, 

I just had a brief discussion with my Loan Officer about wanting to go from Full-Time at my current job to Part-time. They said that if I did that they would need proof of income for 2 years in order to fund additional deals, so essentially I couldn't buy more rental properties for 20% down for a whole 2 years, which makes no sense to me since I'm still with the same company. Is this common, and is there any work around for this? I reached the point where I want to spend more of my time on my properties. With my job my current debt-to-income ratio is 33%, working part time it would be around 38%. Thanks all!

I have a partner lending me $12k for an investment opportunity. Is there such thing as an app we can both sign into, and I can pay them monthly automatically, and it factors in the amortized loan automatically?

@Melba Chambers thank you very much!

@Jonathan Taylor thank you

@Remington Lyman do you suggest any places specifically? Thank you!

@Melba Chambers am I able to use a personal loan to buy a house? Thanks for the comment!

Hey All!

There is an investment property in Ohio very close to me that is for sale for $15,000. I have a few thousand but not the entire $15,000. I know I could easily fix this up for $3000 and start renting it out for $700 at least a month.

My question:

How can I get financing for $13-15k to purchase this house. Are there specific loans I can only get to purchase an investment property? Thanks everyone!!

-Derrick

Thanks Guys, this is Newton Falls Ohio, very small town.