All Forum Posts by: Ryan Iskierka

If the property was purchased using an FHA loan, why don't you refi into a conventional home loan and then go purchase another property using the FHA and house-hacking the new property. If you are already renting out rooms in your apartment, why not rent your room out, cash flow even more and then continue to repeat the process.

Hi Maria!

Not all lenders require the two year in order to qualify you for the income. If you have owned the property less than two years, lenders will review your last year tax returns and see if you claimed that property as income.  If you purchased a property in between the time you file taxes and present it to the lender, they will require to see your lease agreement. 

As far as your question regarding a cheaper house or more expensive home, that shouldn't matter. Most lenders will take 75% of your rental income to count as income for you and that will help your DTI. If your PITI is more than you are collecting in rent, yes, it will hurt your DTI. If you are cashflow positive, that will help your DTI.

Hope this helps and let me know if I can help in any other way! 

Hey Caleb! Welcome to BP and the exciting world of real estate investing! This is a wonderful site to gain all the knowledge and really see other investors doing a lot of deals.  

It sounds like you have some good goals ahead of you.   I would consider looking into house-hacking, if possible.  It's a wonderful way to reduce your mortgage, while building equity in your primary residence.  You have a lot of great multi-family properties in the San Pedro area that could start you off on the right direction! You might not cashflow from it, but it could reduce your overall monthly spending, which in turn could be saved faster for another investment property. 

Best of luck on your journey and I definitely recommend reading all real estate related books, listen to all the podcasts and definitely network! Feel free to reach out if you have any questions!

Ryan 

Hey @Phillip Chang, first, welcome to making your first post on here! It sounds like you have done some good investments and are in the right direction!

I am a local lender and also working with the David Greene Team.  Just wanted to say welcome and if we can ever do anything to help you, let me know. 

I am looking for a reliable handyman for the north orange county area of California.  My wife and I are trying to do some small renovations for our primary residence and are looking to get some bids.

@Ashley Wynn, thank you for the name of the credit union you used.  I will look into them as well. 

@James Rodgers, yes please send me their contact.  Thank you so much for the quick response. 

My wife and I currently own a SFR in Birmingham and have a nice amount of equity in the property. With all that is happening right now in the world, we wanted to try and open a HELOC on this property. If anyone has any local banks that might be doing them still, it would be greatly appreciated to get the names of the banks.

Thanks for your time!

Ryan

@Alexander Lim

Congratulations on your first investment! Would like to hear more about your property and location. Send me a direct message if you want!

We are in the same department! Stay safe!

@Hud Floyd

This is a great post and it has been interesting to see all of the first responders who invest!

I am currently a police officer for Los Angeles for 9 years.

My wife and I purchased a triplex in Long Beach in 2015. We house hacked it and ended up selling it in late 2019. With the new laws in place we decided to sell and take our profits and roll it into a 1031 exchange. We are still working through the 1031, but have officially closed on 2 properties in Kansas City and hopefully soon 1 in Alabama. We decided to go with a turnkey company just based on our timeline for identifying properties.

We would like to branch out of turnkey and get into Multifamily eventually.

It was a pleasure to meet you and congratulations on your huge success in the investing world.