DSCR Loans: The Shocking Truth About Qualifying Without Income—and Why It Could Make or Break Your Next Investment Deal
Tony:
Alright, Ash, let’s finally answer this question for Chris. What should he do? He gave us a few options. If you are in his situation, what do you focus on? What are you going to do and why?
Ashley:
I think my answer has changed over the years. At first, I never wanted to fail. I would grind and do whatever it took to finish it, even if it meant going at a loss. But now I just like, I would don’t want to say give up, but I would not be so worried about finishing a project just to not be a failure that I didn’t even finish it and I’m selling the flip uncompleted. I think that I would either sell the flip now be done with it, get rid of it before you’re putting more money into it, or I would want to see the numbers a little bit more as it listed as a long-term rental. Because if it’s a couple hundred dollars that you’re losing in cashflow, it’s however much it ends up being. If that’s something you can manage for several years, is there an opportunity for it to appreciate a little bit more? Is there an opportunity to be able to refinance to pull out more money? So I would also look at that as an option too.
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