943: BiggerNews: Can’t Qualify for Another Mortgage? Try THESE Investor Loans w/Jeff Welgan

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Investing, Business

4.8 • 16.6K Ratings

🗓️ 26 April 2024

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

Want to scale your real estate portfolio faster? These investment property loans can help. Most real estate investors get stuck early on in their journey. They buy some properties and build up some comfortable cash flow, but then…they can’t qualify for another loan. They’ve either reached the maximum limit on conventional mortgages OR don’t have enough income to qualify for bigger and better investments. So what do they do? Give up? Settle with a small rental portfolio? No, they use THESE investment property loans instead. Jeff Welgan, our investor-friendly lender expert, is back to show us what we’ve been missing. From DSCR (debt service coverage ratio) loans that help you scale to more doors, to no-income-necessary investor loans that don’t look at your income, to business bank statement loans that’ll let you buy homes based on your business’s cash flow, these mortgages can help anyone in any position, purchase real estate faster. If your DTI (debt-to-income) ratio is too high and you’re struggling to qualify for another mortgage, this is THE episode for you. We’ll discuss using your property’s rent to qualify for more, loans that get around DTI requirements, using your business to fund your deals, and the mortgages you should look into FIRST before you move on to more complex loan products. Stick around if you’re ready to scale faster! Thank you to our sponsor, Rent App: the free and easy way to collect rent. In This Episode We Cover Why you cannot overlook rehabbing older homes and outdated properties The two things that tell Lisa an older home ISN’T worth investing in Why termites, foundation problems, and outdated electrical systems aren’t as bad as you think The huge mistake Lisa made that ruined a $100K+ rehab project and how to avoid the same fate Tenant retention 101 and best ways to ensure your vacancy rate is low and your cash flow is high DealMachine’s five ways to find motivated sellers in any market And So Much More! Links from the Show Find an Agent Find a Lender BiggerPockets Youtube Channel BiggerPockets Forums BiggerPockets Pro Membership BiggerPockets Bookstore BiggerPockets Bootcamps BiggerPockets Podcast BiggerPockets Merch Join BiggerPockets for FREE Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts Get More Deals Done with The BiggerPockets Investing Tools Find a BiggerPockets Real Estate Meetup in Your Area Expand Your Investing Knowledge With the BiggerPockets Books Be a Guest on the BiggerPockets Podcast Ask David Your Real Estate Investing Question Dave’s BiggerPockets Profile Dave’s Instagram Find an Investor-Friendly Tax Pro Today Hear Dave on The “On the Market” Podcast Watch Dave on the “On The Market” YouTube Channel Real Estate Podcast 939 - BiggerNews: 100% Financing for First-Time Home Buyers is HERE w/Jeff Welgan What Is Debt to Income Ratio? (DTI) DSCR Loans: What Are They And How To Get The Best Terms Connect with Jeff: Jeff's Instagram Jeff's LinkedIn Jeff's Website (00:00) Intro (03:20) What is DTI? (07:03) Use Rent to Qualify! (09:32) How to Qualify for More (13:30) Investment Loans You’ve Never Heard of (21:48) No Income to Qualify? (26:04) Which Loan to Choose? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-943 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Have you locked down your first deal or maybe two deals and your lender has told you that your debt to income ratio is now maxed out?
0:08.0	Has this stopped you from taking down your next property?
0:11.0	Well today on the show we are going to discuss
0:13.3	conventional and non-conventional ways that will help you scale your portfolio.
0:17.7	Hey investors my name is Dave Meyer and today we have a bigger news episode
0:21.9	for you.
0:23.0	We're bringing back a lender we had on the show last week,
0:26.8	Jeff Wellgan.
0:28.0	And last week, if you didn't listen yet,
0:29.8	he discussed first-time homebuyer programs that can help you get to that first
0:34.2	deal if that's where you are in your investor journey. But today we're going to be
0:38.8	talking about how investors who have already locked down one, two, or maybe three properties and are wondering
0:44.5	how they can get financing to build their portfolio further.
0:49.2	And this is a really common issue for investors.
0:52.4	You get your first few deals and then no one really... really three deals to five or ten deals. That part, that like middle part of scaling, is really
1:04.8	one of the hardest parts of building your portfolio. So that's why we're bringing on
1:09.2	Jeff to help you navigate some of the strategic decisions, some of the tactical things that you could do to make yourself
1:15.3	more lendable and make financing easier as you look for your next property.
1:19.6	Before we get into the show, our bigger news episode today is brought to you by Rent App, the free and easy way to collect rent.
1:27.0	Learn more at rent. App slash Landlord.
1:30.4	All right, let's bring on Jeff.
1:32.2	Jeff, welcome back to the show.
	...

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