All Forum Posts by: Garrett T Colburn

Yes. Like Bryan said, there is an investors meeting every second Tuesday of the month in Evansville. You can find them on Facebook at Ohio River Investment Club (ORIC) or meetups.com. Good luck!

@John Patterson

I may have been told the wrong information from my lender and other people about this, but from what I understand is after showing rental income on your tax returns for one year the rents should add to your income, Lowering your DTI so you continue to purchase. That is although if you bought them right and the rent is greater than the payment by whatever percentage your lender uses. I may be wrong but I was having this conversation with my lender just the other day.

@Lance W. Hey I’m in Owensboro also

Hey everyone I’m a newbie investor in Owensboro Kentucky with only one property under my belt, but am interested in getting another one under contract soon. I’m looking for any recommendations for a good hard money lender for a flip I’m wanting to get into. If you know of anyone around my area that would be perfect but I’m not opposed to out of state lenders either as long as they’re proven and trusted. Thanks for your help

I'm in Owensboro 

@Joseph Walsh Thank you for your response. And yes, I've already got a HELOC on my primary. This helps alot thank you!

@Michael Albaum Thank you so much for your response! I feel like getting started is always the most confusing part of this. I'm very realistic about what could happen. Thank you all!

@Chris Mason Thank you for your reply! And no I'm not afraid of human contact, lol. Just trying to get some advice from seasoned investors who have experience. 

Okay, so I haven't bought an investment property as of yet, but I'm looking to soon. Either by putting cash from savings down for the 20% or using my HELOC as the down payment. But something that I am very curious about is what's after the first property? I cannot seem to find anything that will explain this to me (no I have not called an accountant or mortgage lender yet). So from what I'm understanding, is after 1-2 years of being a land lord, I can use about 75% of the rental income to offset the DTI, if the property is cashflowing of course. How does this work? I know I'd have to report all income on my taxes and what not, but I've read a lot of articles saying to write everything off that I can? So I guess my question is, if I were to write as much as I could off, would that effect me proving the rental income to help my DTI? I am very confused about this.

Example:

Mortgage Payment PITI: 650

Monthly Rent: 950

Would it be 75% of $11,400? (yearly gross rent) or would it be the based off of 75% Net profit? Would be writing as much off as I can effect the amount I can use as income? 

Thank you guys so much for reading this novel and helping me out on this.

How would I go about using a HELOC on my house as a down payment for a rental? What are the steps and how do lenders react when you go this route? Can't seem to get a solid answer from anyone when I ask. Thanks in advance