All Forum Posts by: Ko Kashiwagi

Hi Mike,

How many of the 6 units are occupied? If the NOI is tight, you might want to go with a DSCR program that goes off of Rent/PITIA. If the loan amount is high enough and the NOI is there, you can go for full doc or a program with more stringent UW model for better rates.

Happy to take a look

I've done many in the 50k range loan amount. Happy to take a look at your situation

Hi Austin,

You would need a lease (cannot be yourself) and have it non-owner occupied. DSCR reliance is possible of subject to with proper documentation. Some lenders may have seasoning requirements so if you've only owned it for a few weeks, not everybody can do this.

When did you purchase this property and gain title?

Congratulations Tanya! How did you go about finding this deal?

Hi Joshua,

Typically rural DSCR loans come with an LTV hair cuts, making the max LTV 65-70% LTV. You may want to look at local credit union that is willing to do DSCR or Global DSCR - I've seen local banks/CUs being more flexible, but they tend to have 20-25 year ARM with 5 year balloon

Hi Emily,

How much longer do you have and is the seller willing to extend? Getting a different type of loan on the purchase is probably ideal but it all depends on timing. A lot of DSCR loans take 2.5-3.5 weeks.

Hi Travis,

The fact that you've narrowed down to "a 2 bed, 1 bath house in South City St. Louis and making it a mid-term rental" is already a big step. A lot of beginners I talked to don't even know which state they want to invest in. Next steps would be to target budget for down payment/closing, figure out target price range, make expectations on returns (CoC/ROI), and start crushing numbers in your target niche to get a feel for what is a Goode deal.

Talking to local professionals will be very helpful so I would recommend networking online & in person (with meetups). PMs, Agents, investors, contractors...

Hi Christine,

Section 8 Inspections can be a little bit tedious and the Trump Administration has talked about cutting down on Section 8. Depending on the market, you can sometimes collect higher than market rent with Section 8 and the payments are reliable which is an upside.

Check out this website to get info on Section 8 in your area!

https://www.hudhomestore.gov/Home/Index.aspx

Finding cash flow while occupying one of the unit would be tough in Miami. However, if the net loss you are paying is less than the rent you would've paid in the market, that can still be a huge gain considering you can start cash flowing once you move out.

Is it possible to do STR to increase your cash flow?

Congrats on the close!

Starting with limited renovation is a great idea. You can start getting into renovation as you build your team. It sounds like getting a rock star property manager is key if you're going with a. 4 plex at the 200k range.