All Forum Posts by: Nicholas L.

@Austin Murphy congratulations.  Do you already own a primary?  Buy one, make sure you like being a landlord, and go from there.

@Luke Elliott start by picking a market within driving distance, finding a good agent in that market, and go from there.

@Charlene Fetzer selling or holding is a very personal decision, so I am not going to give you any advice on that.  I wish you the best of luck in whatever you decide.

With that said, if you're looking to refinance to unlock some more of the equity, you could look into DSCR loans. They will pull your credit and still require a substantial amount of documentation, but they don't have DTI / employment requirements the way conventional loans do. I just did one at 75% LTV and a 6.5% interest rate, and I was very happy with the whole process.

Again, good luck.

@Andrew Loaicono

Just curious - what makes you pick PA?  Do you feel like it's the closest landlord friendly state?  Or do you have personal ties to it?

@Dylan H. OK -  house hack a primary using a low money down loan, and then if you like being a landlord, buy another as an investment with a higher down payment.  

If you're using conventional financing, like from Wells Fargo, the analysis is primarily going to be of your own personal situation and DTI ratio. Interest rates will be lower.

If you're using a DSCR / non QM loan, the analysis is primarily going to be of the property and not you. But they'll still pull credit. Interest rates will be higher.

@Jon Troxell lots of lenders lend in multiple states.  Just ask them.

@Luke Elliott

what are your goals?

@Michael Kurtin

It's going to vary A LOT by property - what are you looking at?

For example, on a random duplex, utilities might not be split, and so the landlord might be responsible for some of the utilities.  Or snow removal.  The tenants might own some of the appliances.  Two single family homes a few miles apart might have very different tax rates.  Existing leases might have quirks in them.

Do you have specific questions?

@Dylan H.

I'm confused, are you asking about lending options?  Or just different options in general - e.g. flipping vs. buy and hold vs. being a private money lender?

Do you own a primary now?  Have you talked to a lender?  What are your goals?

@Christopher Cosby others with more experience should chime in here on what I am about to say - like @Jay Hinrichs - but you don't really "find" a private lender... usually a private lender is someone already in your network - a trusted business associate, colleague, family member, your dentist, etc.

And you can usually find legit HMLs at REIA meetings. They often host them... because they want folks to get into investing and use their services. There are local ones and national ones.