All Forum Posts by: Jarred Sleeth

Generally you're going to be looking at 6-12 months seasoning, and a 75% LTV on the cash out if you're doing this conventionally. 12 months is most common.

I believe typically they will only count 75% of the income, and as the above poster mentions, they will want to see 12 month leases and reported income on taxes showing history.

There are sites OTHER than BP?

;)

Congrats @Joshua Dorkin and @Brandon Turner

Wow, what a response. I'm continually impressed with the support we have here locally in the Maryland/DC area. Lots of great advice and help has been posted for you here! You'll have a great start and I wish you the best in your investment future.

Welcome to BP!

Thanks to everyone for the help! Looks like I'll be able to get this done after all.

You definitely have the advantage of capital, but even with money this isn't a business you can jump right into and make that kind of cash flow. Do you have a time frame in mind? I think you could build out that kind of cash flow in 5-7 years. You might want to consider partnering up with someone to help get the ball rolling assuming you don't have industry experience.  What you can bring to the table is capital, they can bring some experience and knowledge.

Good luck!

These are GREAT tips to help out someone looking to present their deals to a lender. Congrats on your success!  

@Martin Harris Thanks for the info. My credit is excellent, the issue I am running into is finding the right loan outside of the conventional arena. I'm trying to move forward buying just with the entity. Refinancing the ones I bought in my name is becoming tricky.  I have a few leads out right now from this thread already, but you may hear from me. I appreciate the help!

@Rex King I have considered rolling them all into one, however one of the rates is rock bottom, and due to a higher loan amount, when I ultimately end up with a much higher rate my cash flow will really suffer. I haven't quite figured that one out yet!

@Rex King

Thanks for the info. I am able to find 30ams but just looking at rates in the 7s. I would probably rather have that then a balloon, but I may be shopping for a local bank to work with in the near future anyway.

Thanks again