All Forum Posts by: Mike Davis

@Myles Taccini what @Dave Skow suggested would be the best way to go first. If the DTI is still a concern, then a HML may be able to offer some options.

@Tristan Moylan you have so many options on what you can do. @Dock Newell Jr is right about the VA loan, you can use that as your first house hack. Aside from your first house hack, start off small and get a few projects under your belt, by doing this you will build your experience and you will get more favorable terms when financing. For you VA loan, of course you will do that in your personal name. For the other projects, look to start an LLC and get the properties in the LLC name, this will keep the mortgages from reporting on your personal credit. Feel free to reach out for more info!

@Cody Hill if you will have all the same investors, set up an LLC. Sounds like you may be doing different investors on each deal and may need a new LLC on each deal. I would meet with RE attorney and have all partners at initial meeting to make sure there are no questions on the roles in the deal. Complete all the due diligence upfront for a smooth or more smooth partnership.

@Sheena Drake if it's a concern that the mortgage is reporting on your personal credit, you will have to refi it into the LLC and possibly sign a personal guarantee. This will not report on the credit.

If you only transfer the property to the LLC, you may want to make sure that has no affect on the title insurance, @Colton Loretz may be able to advise on that.

@Samira Schadt if there is a VA loan available, I would look to house hack now. If you qualify for an FHA with 3.5% down go that route if you can't do a VA. You need to factor in how much your losing each month buy renting. If you find a multi-unit and live in it, you have to factor the income potential as well.

All told, you can start now to look for a great deal, give low ball offers if you want and see what happens, you may get lucky. Good Luck!

@Max Tierney not knowing your entire situation, this is one option: you can buy your next property, to get a better deal make sure it needs rehabbing, complete the rehab. Refinance in 3-6 months off the appraised value of the property, get your money out and rinse and repeat.

@Auria Styles you are sitting in an excellent position, @Dave Foster is well versed on 1031s, he may have some input. Good Luck!

@Elizabeth Hayden That is great! When I ran into difficult tenants, 99% of the time I was able to get them out and the property would be in fairly good condition by using the cash for keys method.

@Tatyana Rimar I think starting with @Nick Giulioni will be your best way to get started the fastest for the "how" to get started in OOS investing and @Zachary Inman to give you the the areas and property types for the best bang for you dollars. Good Luck!

@Jillian Kemmerer a Commercial HML REHAB loan possibly