All Forum Posts by: Ash Hegde

I've had Ally for years and like them. 

If you are done acquiring properties there's nothing wrong with paying them down. The main argument against it is that you could use that money to continue investing and make a better return, but if you aren't going to use it for investing anyway and it helps you sleep at night go for it. 

That looks rough for a first rehab, especially if you don't have a trusted contractor. They get paid because finding and managing subs is not fun. 

Agree with Mark. You could get a HELOC if it's your primary. If that's enough to buy and rehab, you could do that with HELOC cash, or use the HELOC for a down payment on a hard money loan to pay for the purchase and rehab.

Cash out refi is a good option. If you do a conventional loan you'll need to provide proof of personal income and qualify with that (your rental income on the property will help you as well). If you do a DSCR loan you will qualify based on the rents vs what the new mortgage payment will be.

You can then use that free cash to get a DSCR mortgage on new investment properties, yes.

Agree with the others, building ground up is an additional challenge for a new investor (unless maybe you have a construction background yourself). 

For arbitrage you'll need to make sure that STR is allowed where you plan to rent and that the landlord is ok with you subleasing the property on Airbnb.

@Phil Shelton in the example you did for DSCR, your annual debt service would be a year of mortgage payments, not your whole loan balance. Rent/Mortgage Payment.

DSCR is easier to get, but if you have the personal income to support it, conventional should give you better rates, less points, and no prepayment penalty.

I'll third what the others have said, that's not a bad deal right now. 

You mention the terms changed, what did they originally offer you that is making you question these final terms?  

@Hussein Shamsideen you have to apply for your license, take a course, pass the exam, and do a background check. Here is the DBPR page with some info and links to the application:

https://www.myfloridalicense.c...

This is the course I took, Aceable agent:

https://www.aceableagent.com/?...

Hope this helps.