All Forum Posts by: John Wallace

Yeah... DTI is a little too high to get a mortgage for the new home purchase.

In order to get into the new place I need to be able to make a non-contingent offer. 

We're in Santa Rosa Beach. Super desirable area. Will not be a problem finding a buyer for our house. 

I've got a situation where I would like to buy a new construction home to be my primary residence. I am currently living in a home that I will need to sell. However, to get into the new home, I need to be able to make an offer without contingencies. So I am thinking a bridge loan might be what I need. My home should sell for more than the cost to buy the new home. We will be listing our existing home in the next week or so. But there's no way it will sell before I need to make my non-contingent offer for this new home. 

Does anyone offer a load like this? 

Current Home Value: $1,100,000 (I owe about $438,000)

Cost for new home: $950,000

As far as other assets: 

Rental 1: Value $330,000 (owe $177,000)

Rental 2: Value $196,000 (own free and clear) 

I have some stocks I could liquidate, but would rather not. 

Thanks for these answers! 

Credit score is around 740. 

I have 2 rental properties.

The First is in Crestview FL with a long-term military tenant.
Cashflows ~ $800 monthly.
Mortgage is $180k. Home is worth $330k

The Second is a Townhome in a student housing development called The Timbers in Tallahassee.
Cashflows ~ $1400 monthly
No Mortgage on this. Home is worth $190k

Hi everyone. 

I'm hoping you can help me find some good DSCR lenders and give me an idea of the going rates?

I was quoted 9.75% for a DSCR on a rental property recently. Is that average? High? Low?!

As I am shopping, what can I expect to find? 

Thanks in advance !

John

Thanks for the replies, everyone. 

Here's my situation:

I have 2 rental properties.

The First is in Crestview FL with a long-term military tenant.
Cashflows ~ $800 monthly.
Mortgage is $180k. Home is worth $330k

The Second is a Townhome in a student housing development called The Timbers in Tallahassee.
Cashflows ~ $1400 monthly
No Mortgage on this. Home is worth $190k

Here's my question. I have been considering a DSCR loan on the Townhome to get some of our cash out of it.

Given my situation, how could I use that... to expand my rental properties? It seems like I could take $120k or so out of the Townhome to then use it as a down payment on another one or two.

Can I get another DSCR loan on the next acquisition?

Anyway... this is a VERY passive part of my life. Both properties are under property managers. They do everything.
But I have a sense that I'm not making the most of it and that I could potentially grow my portfolio if I made better use of the value in these properties. What recommendations do you have? Thanks in advance!

Here's my situation: 

I have 2 rental properties. 

The First is in Crestview FL with a long-term military tenant. 
Cashflows ~ $800 monthly. 
Mortgage is $180k. Home is worth $330k

The Second is a Townhome in a student housing development called The Timbers in Tallahassee.
Cashflows ~ $1400 monthly
No Mortgage on this. Home is worth $190k

Here's my question. I have been considering a DSCR loan on the Townhome to get some of our cash out of it.

Given my situation, how could I use that... to expand my rental properties? It seems like I could take $120k or so out of the Townhome to then use it as a down payment on another one or two. 

Can I get another DSCR loan on the next acquisition?

Anyway... this is a VERY passive part of my life. Both properties are under property managers. They do everything. 
But I have a sense that I'm not making the most of it and that I could potentially grow my portfolio if I made better use of the value in these properties. What recommendations do you have? Thanks in advance!