DSCR Loans: The Shocking Truth About Qualifying Without Income—and Why It Could Make or Break Your Next Investment Deal
Ashley:
That idea is to try to sell it, see what happens. But in the process, start looking at what refinancing would look like so that if it doesn’t sell and it sits, you are already in progress of getting that loan to refinance it and rent it out. Another thing too is it is mentioned if he does refinance and hold it, he’s putting at 46 K loss. Technically it’s not a loss, it’s just that your money is sitting in that deal and you’re not pulling it back out. So I think that’s another thing too is kind of change your mindset on that, that depending how long you hold that property, yes you could still lose that 46 K, but you could lose more than that and the bank have to write a check to the bank at closing two years from now because it’s worth even less because a tenant destroyed the property or something like that. So I think the numbers do come a lot into play as to what to do, but I also think about how successful do you think you’ll be finishing the project to sell it If you do rent it out, what kind of headaches will come along with that? So there’s also that mindset piece and why you got into real estate investing and what makes it worth it at this point.
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