Tag Archive for: DSCR

Investing in Rental Properties: DSCR Loans

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If you’re new to investing in rental properties, understanding how DSCR loans work is essential.

In the investment world, rental properties are a great source of wealth. The financial potential in fixing up places to then rent out is a very lucrative model, especially in the current housing economy.

What is a DSCR Loan?

DSCR loans are specifically designed for real estate investors who hold rental properties. 

The acronym literally stands for Debt-Service Coverage Ratio which is a fancy way of saying that the loan cares about the cash flow of a property.

The great news, especially for new investors, is that accessing these loans is less dependent on personal or business income. Even if you’ve just begun a new business, qualification for DSCR depends almost entirely on the potential value and expenses of the rental property itself. 

What is a DSCR Ratio?

The DSCR ratio is a simple calculation that compares income to expenses—the cash flowing in vs. the cash flowing out—on a single property.

Essentially, a DSCR ratio of 1 simply means that the income and expenses equal each other.

The DSCR ratio measures the break-even point of your investment. So long as you bring in the same amount of money as you invest, you won’t lose anything.

However, a DSCR ratio of higher-than-1 is even better. A higher ratio means that you’re bringing in more money than you’re spending—generating cash flow and building wealth.

Use Our DSCR Loan Calculator

To help you find your projected rents, expenses, and ratio, you can use our DSCR loan calculator. It’s a free, user-friendly download that will help you estimate your DSCR ratio to see if your investment property is going to break even.

Once you have an estimate for your ratio, it’s time to start looking for loans. 

Finding a DSCR Loan

Banks typically like to see ratios of 1 or higher. 

However, if you’re investing in rental properties that might not break even, you can often still find a loan, but you might be stuck with higher rates.

You can also check out our website and inquire about the DSCR options we offer. 

 

Read the full article here.

Watch the full video here:

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DSCR Loan Calculator: Understanding Monthly Payments

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Looking at a DSCR loan calculator and wondering what numbers you need to plug in to make everything come out even? 

If you’re new to the DSCR game, you’ve likely heard people talking about the DSCR ratio and how that number helps you set rents. But how do you actually calculate all of that? 

There are quite a few numbers that go into calculating a DSCR ratio (which is then often used to calculate rents).

What is a DSCR Ratio?

A DSCR ratio is simply the break even point. 

Essentially, you start by adding up all of your monthly expenses (mortgage payments, taxes, insurance, HOA fees, etc.). If you compare that number to the amount you’re charging for rents and those numbers are the same (you’re putting out and bringing in the same $$ amount), then you have a DSCR ratio of 1.

You never want a DSCR below 1 (spending more than you’re bringing in). However, a ratio of 1 simply means that you’re breaking even. In other words, you’re not actually making money unless you can raise the ratio (and raise rents) in order to bring in more money than you’re spending.

Lenders like to see positive cash flow, so it’s typically good to aim for a DSCR ratio of 1.25. That means you’ll make 25% more than you’re spending. 

How To Calculate Monthly Loan Payments

One of the most significant outflows of cash is the loan payment. In addition to fixed costs (think taxes, insurance, etc.), these payments are a significant factor of a DSCR plan. Once we know how much money is going out every month, we can figure out how much we need coming in.

The property in our example cost $250K and the investor paid a 20% down payment. 

  • Purchase Price = $250,000
  • Down Payment = 20%
  • 30-Year Fixed-Rate (8.5%) DSCR Loan = $200,000

The easiest way to calculate your monthly payments is to use a calculator designed for these numbers. We recommend using a site like calculator.net and selecting their amortization calculator. 

You can plug in the numbers, and it will do the work for you.

Once you plug in the numbers and hit calculate, you’ll see that your monthly loan payments are just under $1,538.

Updated Monthly Costs:

  • Fixed Costs Approximate Estimate = $450
  • Approximate Loan Payments = $1,538
  • Total = $1,988

Now that you know all of the money you’re paying each month, you know that to hit a DSCR ratio of 1, you’ll need to have rents of at least $1,988 in order to break even.

When working with your DSCR loan calculator, the monthly payments are a critical component to set you up for success.

 

Read the full article here.

Watch the full video here:

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What is a DSCR Ratio?

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The DSCR ratio is the foundation of successful DSCR investing. But what is it and how can you use it to build income?

When getting into the DSCR game, it’s important to run some numbers on the front end to evaluate potential deals. 

How do you know if your property is going to meet DSCR requirements? What’s the minimum loan you’ll need, and what’s the maximum you can shop for the purchase price?

Today we’re going to look at these calculations, walking through how you can get pretty good estimates for these numbers using the DSCR ratio and the average rent rate in your local area.

It All Starts With The Ratio

The DSCR ratio is simply the break-even point for that property. Essentially, if the ratio equals 1, then the total cost of the project is canceled out by the incoming rent.

These costs are decently easy to estimate by talking to other investors in your area. You can often find HOA or tax information online which will help you figure these numbers.

Understanding the DSCR ratio is the foundation for successful investing. 

By building your investment strategy off of this ratio, you know that, at the very least, you’ll break even by sticking to a DSCR ratio = 1. 

Once you’re sure you can break even, you can even set your rents slightly higher (or try to keep costs lower) to have a higher ratio of 1.25 (where you’ll have 25% higher income than outgoing cash). This typically comes in a later step which you can read about in a previous article. 

 

Read the full article here.

Watch the full video here:

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BRRRR Method: How Bridge Loans Pay Off

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Bridge loans on the front end are the key to successfully entering the BRRRR method.

BiggerPockets launched the BRRRR acronym a few years ago. BRRRR stands for Buy, Rehab, Rent, Refinance, Repeat. This acronym outlines a helpful strategy for successful real estate investing. 

It centers around buying properties with built-in equity. After renovations, the investor can refinance therefore creating a sustainable cycle of investments. 

Strategic Loans

Instead of throwing a DSCR at the whole thing from the start, we suggest a different strategy of kickstarting your BRRRR cycle. 

1. Start with bridge loans.

The BRRRR method is all about sustainable investing. How can you use other people’s money to keep cash flowing in and out of your projects?

This means beginning with a loan that’s going to cover those starting costs so you can get ownership and claim that equity! Bridge loans are perfect for this (especially if you get a private money loan).

A bridge loan is more flexible than a DSCR so you can cover the purchase, rehab, even the closing costs. 

2. Add the DSCR.

Once you’re actually starting to rent out the property, that’s the time for the DSCR. DSCRs have more restrictions anyways, so they’re most effective when used for renting.

The DSCR can pay off the bridge loan and you can refinance the property for an even better outcome. 

The Beauty of the BRRRR Method

By using this loan strategy with the BRRRR method, we’ve worked with a client who was able to come up with a plan that should easily generate over $1,000/month of positive cash flow for himself. 

And it all started with strategically using other people’s money to enter the BRRRR cycle. 

This is the beauty of real estate investing. It’s accessible and profitable, even for beginners. 

 

Read the full article here.

Watch the full video here:

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How to Calculate DSCR Loan Amount

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How can you use the DSCR ratio to calculate DSCR loan amounts?

When getting into the DSCR game, it’s important to run some numbers on the front end to evaluate potential deals. 

How do you know if your property is going to meet DSCR requirements? What’s the minimum loan you’ll need, and what’s the maximum you can shop for the purchase price?

Easy. Start with the DSCR ratio, and then walk through these steps to figure out your payments.

Calculating DSCR Loans

1. Figure Out Local Rents

Using resources like Zillow or rent.com, you can look around to find standard rents for your area. This is the first step in getting future estimates (such as loan total, purchase price, etc.). 

Don’t start spending money before calculating whether or not you’ll actually be able to pay those costs back.

Let’s say standard rent in the area is around $2,500. This means that, in order to break even, we need to keep all of our monthly expenses below that $2,500. 

  • Rents = $2,500
  • Expenses ≦ $2,500

2. Monthly Expenses

For this example property, there are three monthly expenses. Taxes, insurance, and HOA fees. Other properties might have additional insurance or fees, so make sure you look at the neighborhood.

Here’s what we’re looking at for this example:

  • Taxes: $1,200/year ($100/mo)
  • Insurance: $2,400/year ($200/mo)
  • HOA: $200/month
  • Total Monthly Expenses: $500

Obviously at this point in the process, these numbers are only estimates. However, if you do research to have informed estimates, you can save a lot of money and headache down the road.

3. The Leftover = Maximum Mortgage Payments

If our estimated rent is $2,500/month and we subtract our $500 of monthly expenses out of that number, we’re left with $2,000/month. 

  • $2,500 (income: rent) – $500 (expenses) = $2,000 (leftover)

Now we’re ready to talk about the mortgage.

The leftover $2,000 is the maximum you could pay each month towards a mortgage. 

If we want to qualify for a DSCR and keep our ratio at 1, this gives us our upper limit.

Translating Expected Expenses Into Your DSCR Loan

So, how do we take this $2,000/month number and translate it into DSCR loan requirements?

How much could you afford in a loan?

The easiest way is to use our updated DSCR calculator. It’s free to download and easy to use!

By inputting the current estimates, you can use this download to calculate DSCR loan requirements. What do you qualify for? What terms can you expect?

Our current estimate would likely qualify for an 8% interest rate on a 30 year mortgage.

With those numbers, we can now really start planning.

The Maximum Loan Amount

As we mentioned above, we recently updated our DSCR calculator to include a worksheet that helps you figure out your maximum loan. Even if you’ve downloaded the calculator before, you can redownload to get the updated version.

You can also use sites like calculator.net, input the numbers, and see what you’re working with.

Once we use our DSCR calculator, we discover that the maximum loan we can get and still keep our DSCR ratio at 1 is around $272,500.

 

Read the full article here.

Watch the full video here:

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DSCR Loan Calculator: Understanding Fixed Costs

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Looking at a DSCR loan calculator and wondering what numbers you need to plug in to make everything come out even? 

If you’re new to the DSCR game, you’ve likely heard people talking about the DSCR ratio and how that number helps you set rents. But how do you actually calculate all of that? 

There are quite a few numbers that go into calculating a DSCR ratio (which is then often used to calculate rents).

What is a DSCR Ratio?

A DSCR ratio is simply the break even point. 

Essentially, you start by adding up all of your monthly expenses (mortgage payments, taxes, insurance, HOA fees, etc.). If you compare that number to the amount you’re charging for rents and those numbers are the same (you’re putting out and bringing in the same $$ amount), then you have a DSCR ratio of 1.

You never want a DSCR below 1 (spending more than you’re bringing in). However, a ratio of 1 simply means that you’re breaking even. In other words, you’re not actually making money unless you can raise the ratio (and raise rents) in order to bring in more money than you’re spending.

Lenders like to see positive cash flow, so it’s typically good to aim for a DSCR ratio of 1.25. That means you’ll make 25% more than you’re spending. 

How to Calculate Your Fixed Costs

The first step of figuring out the ratio is to get a really clear picture of your expenses. Expenses come in two parts: fixed costs and monthly payments for loans. 

Let’s look at fixed costs right now.

These fixed monthly expenses consist of things like HOA fees, insurance, taxes, and other exciting things.

For Example…

Let’s take a peek at some numbers based on a property we reviewed recently:

  1. Taxes. This property had $1,200/year in taxes. Divide that by 12 and you have $100/month. 
  2. Property Insurance. We’re going to look at $1,800/year or $150/month.
  3. Flood Insurance. This property didn’t have any HOA fees, but it did need flood insurance. That comes to $2,4000/year or $200/month.

In total, you have $450/month in expenses for this property before factoring in your mortgage payment.

When working with your DSCR loan calculator, don’t forget about the fixed costs. It’s a critical number in calculating the ratio that’s going to set you up for success.

 

Read the full article here.

Watch the full video here:

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DSCR Loan Requirements: Calculating Maximum Purchase Price

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How can you use estimated rent to get a clear understanding of DSCR loan requirements?

When getting into the DSCR game, it’s important to run some numbers on the front end to evaluate potential deals. 

How do you know if your property is going to meet DSCR requirements? What’s the minimum loan you’ll need, and what’s the maximum you can shop for the purchase price?

Today we’re going to look at these calculations, walking through how you can get pretty good estimates for these numbers using the DSCR ratio and the average rent rate in your local area.

What is a DSCR Ratio?

The DSCR ratio is simply the break-even point for that property. Essentially, if the DSCR ratio equals 1, then the total cost of the project is canceled out by the incoming rent.

These costs are decently easy to estimate by talking to other investors in your area. You can often find HOA or tax information online which will help you figure these numbers.

Understanding the DSCR ratio is the foundation for successful investing. 

By building your investment strategy off of this ratio, you know that, at the very least, you’ll break even by sticking to a DSCR ratio = 1. 

Once you’re sure you can break even, you can even set your rents slightly higher (or try to keep costs lower) to have a higher ratio of 1.25 (where you’ll have 25% higher income than outgoing cash). This typically comes in a later step which you can read about in a previous article. 

Calculating Maximum Loan Amount Using the DSCR Ratio

1. Figure Out Local Rents

Using resources like Zillow or rent.com, you can look around to find standard rents for your area. This is the first step in getting future estimates (such as loan total, purchase price, etc.). 

Don’t start spending money before calculating whether or not you’ll actually be able to pay those costs back.

Let’s say standard rent in the area is around $2,500. This means that, in order to break even, we need to keep all of our monthly expenses below that $2,500. 

  • Rents = $2,500
  • Expenses ≦ $2,500

2. Monthly Expenses

For this example property, there are three monthly expenses. Taxes, insurance, and HOA fees. Other properties might have additional insurance or fees, so make sure you look at the neighborhood.

Here’s what we’re looking at for this example:

  • Taxes: $1,200/year ($100/mo)
  • Insurance: $2,400/year ($200/mo)
  • HOA: $200/month
  • Total Monthly Expenses: $500

Obviously at this point in the process, these numbers are only estimates. However, if you do research to have informed estimates, you can save a lot of money and headache down the road.

3. The Leftover = Maximum Mortgage Payments

If our estimated rent is $2,500/month and we subtract our $500 of monthly expenses out of that number, we’re left with $2,000/month. 

  • $2,500 (income: rent) – $500 (expenses) = $2,000 (leftover)

Now we’re ready to talk about the mortgage.

The leftover $2,000 is the maximum you could pay each month towards a mortgage. 

If we want to qualify for a DSCR and keep our ratio at 1, this gives us our upper limit.

Translating Expected Expenses Into Your DSCR Loan

So, how do we take this $2,000/month number and translate it into DSCR loan requirements?

How much could you afford in a loan?

The easiest way is to use our updated DSCR calculator. It’s free to download and easy to use!

By inputting the current estimates, you should be able to get a pretty good idea of what sort of DSCR loans you’ll qualify for.

Our current estimate would likely qualify for an 8% interest rate on a 30 year mortgage.

With those numbers, we can now really start planning.

The Maximum Loan Amount

As we mentioned above, we recently updated our DSCR calculator to include a worksheet that helps you figure out your maximum loan. Even if you’ve downloaded the calculator before, you can redownload to get the updated version.

You can also use sites like calculator.net, input the numbers, and see what you’re working with.

Once we use our DSCR calculator, we discover that the maximum loan we can get and still keep our DSCR ratio at 1 is around $272,500.

Putting It All Together: Purchase Price

If our maximum loan is $272,500, this helps us know what to look for in a property. The goal of real estate investing is to leverage other people’s money to ultimately turn a profit for yourself. 

So if we use that loan amount and we estimate a potential down payment of 20% or 25%, what sort of purchase price can we look at?

Our DSCR calculator has a worksheet that will also walk you through these calculations, but you can see in the graph above that we can look for properties in the $350,00 bracket. 

Once again, looking at DSCR loan requirements, we know we need to have a plan to break even to qualify.

Work Backwards Before You Work Forwards

You’d be surprised how many people call us because they bit off a deal they couldn’t chew. It takes time to research the rents and expenses, but it’s worth it to protect your investments.

By working backwards from the estimated rents and fees, we were able to determine both our loan and the maximum purchase price. 

This method is ultimately built on the foundation of maintaining a DSCR ratio of 1 or better to ensure that we’re never losing money in our investments.

If you need help with this or if you want us to run through some numbers, we’re happy to help. Just email us at Info@TheCashFlowCompany.com.

You can also visit our YouTube channel for more tips and tricks for creating wealth through real estate investing.

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The BRRRR Method: When to Use DSCR and Bridge Loans

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How can you use the BRRRR method to get you in and out of a property with little-to-no money down?

Let’s start with a real scenario we encountered a few weeks ago. A client from Michigan called. He’s done flips before and even kept a few rentals, but he’s new to the BRRRR method. 

In the past, he’s always used partners or cash to fund his investing. However, this property needs more money.

He’s buying it for $200,000, putting approximately $22,000 of rehab into it, and we’ll estimate closing costs around $7,000. That’s a total of $229,000 for a pretty basic investment property. 

Where can this client find the money, and how can he leverage it to his advantage?

What is the BRRRR Method?

BiggerPockets launched the BRRRR acronym a few years ago. BRRRR stands for Buy, Rehab, Rent, Refinance, Repeat. This acronym outlines a helpful strategy for successful real estate investing. 

It centers around buying properties with built-in equity. After renovations, the investor can refinance therefore creating a sustainable cycle of investments. 

Can You Use a DSCR Loan to Begin the BRRRR Method?

The short answer is technically yes. However, since you don’t currently own the property, you can’t claim the equity in it just yet which makes it a not-so-great deal.

For our example client above, a DSCR loan will only cover up to 80% of the purchasing costs. This leaves 20% leftover — a large amount of cash that our client and a lot of newer investors simply don’t have.

Additionally, a DSCR loan won’t cover renovations or closing costs.

If you’re trying to exclusively use a DSCR for a BRRRR, you’re going to see the payments begin to add up really quickly.

A Better Plan

Instead of throwing a DSCR at the whole thing from the start, we suggest a different strategy of kickstarting your BRRRR cycle. 

1. Start with a bridge loan.

The BRRRR method is all about sustainable investing. How can you use other people’s money to keep cash flowing in and out of your projects?

This means beginning with a loan that’s going to cover those starting costs so you can get ownership and claim that equity!

A bridge loan is more flexible than a DSCR so you can cover the purchase, rehab, even the closing costs. 

2. Add the DSCR.

Once you’re actually starting to rent out the property, that’s the time for the DSCR. DSCRs have more restrictions anyways, so they’re most effective when used for renting.

The DSCR can pay off the bridge loan and you can refinance the property for an even better outcome. 

The Beauty of the BRRRR Method

By using this loan strategy with the BRRRR method, our client was able to come up with a plan that should easily generate over $1,000/month of positive cash flow for himself. 

And it all started with strategically using other people’s money to enter the BRRRR cycle. 

This is the beauty of real estate investing. It’s accessible and profitable, even for beginners. 

We’re Here For You

If you have any questions or want to discuss a project, reach out to us at Info@TheCashFlowCompany.com.

Please also check out the free tools on our website for downloads that can help set you up for success. Additionally, if you’re interested in the BRRRR method, make sure to explore our BRRRR roadmap. 

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Traditional vs. DSCR Loan Comparison

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This loan comparison can help you figure out what loan is right for YOU. 

Whenever we’re talking about rentals, we’re always going to come back to cash flow, and it’s important to find the best cash-flowing loan. 

We want to look at the pros and cons of each type of rental loan to help you understand which might be the best option to help your cash flow for a specific deal. 

Traditional Rental Loans

Pros of Traditional Loans

1. It’s a 30 Year Mortgage. This standardized timeline is reliable and consistent across most traditional loans.

2. No Prepay Penalty. Without a prepayment penalty, you can get out of the loan whenever you want. This is great if you anticipate a changing market and might want to sell early.

3. Lower Interest Rates. Between DSCR and traditional rental loans, you’re often looking at at least a whole point difference in the interest rates. While a single percentage might seem small, when you’re dealing with hundreds of thousands of dollars, the interest adds up very quickly, and you should consider it during loan comparison. 

Interest rates affect everything from your cash flow to your credit score to your debt ratio. Depending on where you’re at financially, lower interest rates can be a huge point in favor of these traditional loans.

4. Home Hacking. With traditional rental loans, you’re actually able to do an owner-occupied loan. This allows you to live in one of the units you’re working on. Especially if you’re working on multiple units, you can move from one to another as needed.

Sometimes these owner-occupied loans have lower down payments and better rates, so they’re often worth looking into.

5. Same Rules Nationwide. Traditional loans are consistent across the country. No matter where you go, the guidelines are the same. This makes them predictable although they often have stricter guidelines than other loan types.

Cons of Traditional Loans

1. Property Limits. With traditional loans, you’re limited to 10 properties or 10 units. So while they do often have the best rates, you’re limited in how many properties they cover.

2. Need Income Proof and Good Credit. Not all loans need proof of income, but traditional loans certainly do. Your rates will also be limited by your credit score.

3. Cannot Close in an LLC. Unlike other loan options, traditional loans require you to close in your personal name because you cannot own the property when you’re going through a purchase or refinance in an LLC.

An LLC typically works to protect individuals from the financial effects of a business. However, because of the limits of traditional loans, you can’t use that protection in this scenario.

4. One Year Seasoning. You’re not allowed to refinance until after a full year has passed. This is especially important to consider if you’re doing a BRRRR and want to tap into some equity with a full refinance or purchase.

DSCR Rental Loans

DSCR stands for debt-service coverage ratio. You’ll often see these loans come up for anything from a single family home to a larger multi-unit property.

Pros of DSCR

1. Flexibility. While traditional loans find strength in their consistency, investors sometimes find themselves needed a lot more flexibility. That’s where DSCRs come in. 

DSCRs are significantly more flexible because lenders and investors can negotiate unique terms that fit a project’s specific needs. When doing your loan comparison, consider how much flexibility you’ll need.

2. Ease! The biggest benefit of DSCR is ease. It doesn’t matter if you’re employed, what your tax return says, or how much income you have flowing. DSCR lenders only care about the rental property and whether it has the potential to produce cash flow.

3. Close in an LLC. Another big thing in the real estate investor world is closing in an LLC. Unlike traditional bank loans, you can both buy and refinance in an LLC, so you’re protected all the way through.

4. Available in all 50 States. No matter where you are, you will be able to find available DSCR rental loans. However, the details might vary.

Each lender offering DSCRs have their own terms, guidelines, etc. This makes it incredibly important to shop around to make sure you find the right fit.

5. Unlimited Number of Properties. You will find so many options in the DSCR world. You can find loans for specific properties or do a blanket loan for $50 million that could cover as many units as you wanted.

Always make sure that the lender and loan are the right fit for you, and remember that there are a ton of options available!

Cons of DSCR

1. Prepayment Penalties. The number one downside of DSCR loans are the prepayment penalties. If you’re looking to get in and out of a property within the first three to five years, there’s a prepayment penalty unless you buy it out.

2. Higher Rates. Rates for DSCRs typically run anywhere from 1%-3% higher than traditional bank loans, depending on credit score, size of loan, etc.

3. Might Disappear or Change Quickly. DSCR loans are prone to change quickly. When shifts happen in the real estate market, they might even disappear for a brief time before showing up again.

While traditional bank loans are more slow-moving, DSCR moves quickly, and sometimes that can become an issue to real estate investors.

4. Can’t Home Hack. DSCR also does not allow you to live in any of the units you’re working on as you could with an owner-occupied traditional loan.

 

Read the full article here to learn more about loan comparison.

Watch the YouTube video:

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What’s the Right Prepay Option For You?

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How can you choose the right DSCR prepay option for your project?

It’s important to look at the prepay penalties of your loan so that you can figure out what fits your particular investment. You should also take time to research the following to make sure you’re getting the best deal possible:

Think about your timeline.

Are you keeping the property long term? Do you think the market’s going to go down? All those things come into play when you’re determining what prepay is best for you. 

A good lender will walk you through the numbers and your options, but the more information you have about your timeline, the better they’ll be able to help you.

Work with a knowledgeable lender.

Make sure you pick a lender who has options. DSCR companies often specialize in loans for a specific group, so it’s possible they won’t have the perfect loan for you. 

A good lender should have at least five to ten different DSCR funders that they could match with your loan. They should be able to help you find a loan that fits your timeline, cash flow, and specific project needs. 

Consider your exit strategy.

Prepay penalties come into play when you exit your loan. 

If you know on the front end of your project that you want a DSCR loan but might not need five years to complete it, then that should be a huge consideration when configuring your DSCR. 

Prepay Cost Examples

This chart can help you understand how DSCR prepay penalties can affect the cost of your project.

In this example, we’re considering a loan of $100K from a person with a 780 credit score. 

DSCR Prepay Penalties Comparison

When comparing straight vs. declining prepay options, it’s always worth considering the timeline of your project as well as whether or not interest rates are projected to drop. 

Also, always check what added fees your lender might have connected with their prepay option as these can vary significantly. 

 

Read the full article here.

Watch the full video here:

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