Real Estate Rookie 52: Rookie Reply: My Debt-To-Income is Too High to Get Another Property, How Do I Keep Up the Momentum?
This week’s question comes from Meghan on the Real Estate Rookie Facebook Group. Meghan is asking: How do I keep up the momentum after closing on two deals, when my debt-to-income ratio is too high to get another loan? I’m too new to bring experience to the table, and without much cash or financing, what do I bring to the partnership?
We’ve heard this A LOT from rookies, and this is one of the main reasons that rookie investors get stuck and stop investing consistently. Ashley and Tony both have some great advice on keeping the ball rolling so your investment portfolio keeps growing!
Here are some suggestions:
- You always have some amount of experience that is valuable to a partner
- Find strengths in yourself that partners may lack
- Share what you’re doing with other investors or in your social circles
- Be confident on future deals: you’re bringing partners an opportunity
- Look into other types of lending like commercial lending
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
- Debt-to-income (DTI) ratios and how they affect loans
- Getting your personal finances together to show investors you’re responsible
- What you should say to ANY investor who may be interested on partnering up
- Finding a strategy that fits into your lifestyle
- And More!
Links from the Show
Check the full show notes here: http://biggerpockets.com/rookie52
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