All Forum Posts by: Landon Bleau

As long as the numbers make sense and you're still hitting your goals for CoC return for the STR, I would definitely use the DSCR loan. Yes a conventional loan likely has a better rate and terms, but as long as the deal still makes sense using DSCR loan, go for it.

Definitely rent now, remodel this upcoming winter.  Sure you won't get quite what you would it was completely remodeled, but you'll be able to make enough to last you throughout the winter and likely cover a good amount of the remodel costs.   

Don't think they could give you anything that you couldn't find on the BP forums or podcasts, would say save the $7-9K and use it on marketing.  

Think it depends on how much capital you have. If you're going to use an FHA loan, then the property will need to be in fairly good shape already to pass the inspection (unless you use FHA 203k loan). If you have more capital, then I would suggest buying a fixer upper as you can build much more equity that way.

Begin by becoming knowledgeable on a market and running and understanding the numbers. In order to buy a cashflowing property, you have to know how to run the numbers and see if it will cashflow.  Don't get too caught up in choosing a market, there are tons that will work, so just choose one and start running numbers!

Midwest!  Tons of different markets to choose from.  We have very high cash flow, which we often times sacrifice high appreciation for.  I invest in the market I live in and have my criteria at $200/month/door for multifamily and $500/month for single family.  Just have to find a solid team/PM/Partner/Agent to work with.  

Can you just qualify based on your W2 incomes? Unless the market you're in is very expensive, I wouldn't think you'd be limited to just 1 property before you DTI is too high.

Don't think there is any secret sauce to this, just have to ask!  If you don't want to be direct about it and make him think that you want to buy it, then say you're asking for a partner or that you know an investor who is always looking to acquire properties and wondering what he would take for the property?  If it's a price that fits into your numbers, then tell him you'd be interested, and if it's too much, just say thanks for letting me know and I'll get back to you if the investor has any interest!  

I would definitely suggest using an attorney.  They can write up the contract once and you can use it as many times as you want with a few tweaks each time.  Likely wouldn't be more than a couple hundred dollars.  

Not that I'm aware of, can't your contractor just submit the plans?  In my area the company doing the egress window will get the permit for the work to be done, costs about $5K/egress window.