All Forum Posts by: Kristin Vegas

Hi Kristin, 

For DSCR loans, personal income is not required. These type of loans typically look at your credit score, the down payment, and the potential rental income of the property. DSCR lenders don't require w2's, tax returns, or pay stubs to qualify you for a loan. If these are investment properties you are looking to purchase then, DSCR loans may be the better option for you.

Hope this helps! 

Sounds like you are looking for a loan for a new primary residence do I understand that correctly? DSCR loans are strictly for business purpose use only and cannot be used as owner-occupied. Maybe the best bet is a rental refi on one of the two existing properties to be able to get a new home all cash?

Hi Kristin,

Most DSCR lenders won't check your personal income/tax returns. Nine times out of ten, they won't even request them since they will use the property's projected income to see if it's enough to cover the projected monthly PITI payment. As far as moving, most DSCR lenders will allow you to be an out-of-state investor. I am happy to assist if you have any further questions.

Hey @Kristin Vegas!  Super happy to hear we will be welcoming you to Chicago!  You will find a ton of great folks here in BP willing to help and plenty of others once you arrive.  

Are there any specific areas of Chicago you are looking at? BRRRR is a great option here and tons of price points.

I like @Jonathan Greene Q - Do you want to move to Chicago are you feeling like you have to?  Because I agree real estate is possible in any location, different areas just take different strategies and sacrifices!

I moved from Florida to start investing in Columbus, Ohio. I saw the amount of opportunity here with the amount of growth coming to this city and decided to go all in. 

Are you moving in order to invest or simply moving and want to Chicago and want to start off by buying a property? 

@Kristin Vegas

Yep! I moved out of CA (grew up in NorCal and went to school in SoCal) to Reno, NV to house hack. I've done it twice now and it's changed my life. 

Still wanted to be close to CA and Lake Tahoe but have much more favorable tenant/landlord laws, property taxes DO NOT reassess on the sale, stable diversified job growth, population growth, land constraints force appreciation, and a ton of outdoor activities that I enjoy. 

Every situation is going to be different, but I respect you that you're willing to move out of state to pursue your dreams! Not a lot of people think this way, but if you're trying to eventually live like 99% of people can't, it should be hard. 

@Kristin Vegas

Relocating out of state to begin real estate investment might be a big choice, but it can also lead to new markets and possibilities. Market research, local expertise, networking, property management, financial planning, potential legal and tax ramifications, risk management, and long-term vision are important factors to take into account. Look at areas with high rental demand, possibilities for capital growth, and properties that fit investment objectives. Collaborate with nearby property managers, real estate brokers, and other experts to obtain important information and handle regional laws. Make connections with neighborhood residents, real estate agents, and investors in your area to get knowledge from their experiences.

Effective property management in the Chicago market requires working with a trustworthy property management firm. A strong financial strategy is necessary, and it should include a budget for moving costs, property acquisition costs, renovations, and any vacancies. It is important to think about the potential legal and tax ramifications and to have backup strategies. It is important to have a long-term perspective that takes diversity, scalability, and portfolio development into account. In your new area, you may develop a profitable real estate portfolio with tenacity, endurance, and a calculated strategy.

Good luck!