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All Forum Posts by: Erik R Aho

Erik R Aho has started 1 posts and replied 23 times.

Post: Looking to get into REI, starting with $140,000.

Erik R AhoPosted
  • New to Real Estate
  • Long Island, NY
  • Posts 23
  • Votes 14
Quote from @Milton Chamberlain:

Hi Erik, Happy to chat with you about your goals and how investing in real estate can help you. Give you any feedback you may want.


 Hey Milton, I see that you're an agent. Do you work with many investors or do you own any properties yourself?

Post: Looking to get into REI, starting with $140,000.

Erik R AhoPosted
  • New to Real Estate
  • Long Island, NY
  • Posts 23
  • Votes 14
Quote from @Jessica Allen:

Hi Erik, My first recommendation to look at DSCR loans through hard money or private money lenders. These typically are not reported to credit bureaus and also do not affect your debt to income ratio which frees up your credit for personal loans that you may need in the future as well as does not limit you to the amount of loans that you can have as a buy and hold investor. Using DSCR loans gives you the option to use some of your cash up front instead of using all your cash reserves which also in turn allows you to grow your portfolio faster.

Thanks for the reply Jessica! When it comes to finding a lender for a DSCR loan, does the lender need to be in the same area as my property, or can I choose any lender, and they'll get me the loan out of state?

Post: Looking to get into REI, starting with $140,000.

Erik R AhoPosted
  • New to Real Estate
  • Long Island, NY
  • Posts 23
  • Votes 14

The thought of buying cash flowing rental properties interests me. However, I'm from Long Island, NY and cash-flowing deals are very hard to find. I'm considering purchasing out of state but don't know which markets I should look out or how to find deals in said markets. I'm 20 years old and have about $105,000 outside of retirement that I'd love to do something with. However I lack the confidence and knowledge to get started. Any tips?