I came across an investor refinancing a duplex in Tucson with a loyal tenant who had been there six years. She never raised the rent much, so the lease sat about 300 dollars a month under what the place would fetch today. She ran her numbers on market rent and figured the cash out was in the bag....
Hi Everyone! My siblings and I are purchasing a rental property together through an LLC and currently are talking to a national bank. They let me know that closing would take around 45-60 days. Is this normal? And if anyone has any good recommendations for DSCR lenders in Cleveland that can poten...
I’m a lender, so I probably shouldn’t say this: the lowest rate isn’t always the cheapest money. Suppose I’m buying a property and I have two financing options. One lender is at 7.25%. The other is at 6.75%. Same loan amount, roughly similar terms. Half a point cheaper? Easy decision. Except the ...
The appraisal is usually the first real money you spend with a lender, and it's mostly non-refundable. So the time to find a problem with the loan is before you pay for it, not after. Here's what I'd read for on any fix and flip or bridge term sheet. What the leverage is based on. "Up to 90%" mea...
Kansas City investor here, introducing myself to this side of the forum. I've completed 7 projects in the last 3 years, mostly renovations and BRRRR holds, and I'm at the stage where the quality of my lender relationships matters more than the quantity of deals I chase. I'm structuring my buys mo...
adapted from my dscr loans guide - more relvant now than ever with the crazy rates right now See a lot of "what are DSCR rates right now?" posts on here, and the honest answer is it depends a LOT on how you structure the loan - theres no single rate even for the same borrower on the same property...
I am looking for financial advice. My wife and I recently sold our first flip and are looking to buy a forever home. The home we are looking at is in rough shape and will only accept cash offers. We are looking at offering 260k. We are able to contribute 100K leaving us with money to rehab after ...
I'm interested in hearing from investors who have used private money financing to purchase and renovate investment properties. For those who have completed fix-and-flip projects using private lenders: Did your financing cover both the purchase price and renovation costs, or did you need to bring ...
I've been working on a refinance for a BRRRR in Indiana with a broker for the past couple months. I had the ARV estimated at $130k, with a loan amount of $97.5k. I had my rate locked at 7.375%. I got a call from the broker today that we need to go with a different lender because he had apparently...
I am a mortgage broker and I have an Arizona client who is looking to finance a PadSplit. Does anyone have experience with these kinds of properties? Any lenders that are PadSplit friendly? Following up with specifics. Looking for DSCR lenders that will close on a turnkey rent-by-the-room PadSpli...
Hi Guys. I am finishing a three-apartment unit renovation, and I am starting to look for a lender to refinance it long-term. Any suggestions for companies you had a good experience with? Can be brokers, banks, etc.? Are there any lenders charging less than 7%? I would appreciate any help and guid...
Some houses come with a loan attached that no bank will ever write again. A 2.75% loan. A 3% loan. Sitting inside a house that's for sale right now, and the next buyer can take it over. When I ran our MLS, 26 active listings in Kentucky were flagged assumable. Out of roughly 4,500. Then I searche...
Theres this investor in Sacramento that owns a duplex with a rate he locked years ago, and a great deal lands in his lap that needs about $60K fast! His first instinct is to do a Cash out refi which would mean swapping that rate for today’s rate on the whole balance. He was ready to burn the brid...
When bringing private capital into a deal, operators seem split right down the middle. Some strictly borrow on a promissory note at a flat interest rate (say 10% to 12% annualized). If the project sits on the market an extra two months or has minor hiccups, the interest meter keeps running, but i...
Hi all, Rob here, a Louisville agent who works mostly with investors. Most deals I see die on the financing, not the property. Here's how I match the money to the deal. Buying a rental and your W-2 doesn't tell the whole story: a DSCR loan, debt service coverage ratio. The lender qualifies the bu...
If you plan to buy a rental in an LLC, a few things need to line up before you apply Form the LLC first. The purchase contract, the loan, and the insurance policy should all carry the same name, and changing it midway can delay closing. Expect a personal guarantee. Most lenders will lend to an LL...
Disclosure up front: I run CR Equity AI, a lender (NMLS 2797309). Details are anonymized. This is for education, not a sales pitch. We recently worked on a DSCR portfolio loan for roughly 175 rental units spread across about 150 properties. Most are in one West Texas metro, with a handful in smal...
Hello, I was sold on this idea and I’m looking to find out how common or possible creative financing is. Does anyone have experience do creative financing? Please let me know
What's included? What are the fees? What's the term? What happens if the project takes longer than expected? What's one question you always ask a lender before signing?
Here's something I've been wondering about. A restaurant can serve excellent food, have loyal customers, employ twenty people, and make a healthy profit year after year. Yet getting a substantial business loan can be surprisingly difficult. Meanwhile, the building housing that restaurant might qu...
That line stuck with me. He wasn't saying rate didn't matter. It absolutely did. His point was that when he's under contract on a good deal, knowing the financing will actually perform is sometimes worth more than saving a little on the rate. He'd rather know the terms upfront, know what's expect...
Hey everyone, I’m Zach. I’m with Triple Crown Capital Group, a Texas-based hard money lender, and I’m new to BiggerPockets. I wanted to introduce myself, but more importantly, I wanted to hear from the investors on here. For those of you actively buying or working on deals in Texas, what’s been t...
Conventional is hard to beat when the file fits. Good rate. Good terms. Usually no prepay. I’m not going Non-QM just for the sake of going Non-QM. But this is where I think investors need to stop looking at rate only. Take a 2-4 unit investment property. Conventional financing is generally going ...
In this BP interview, Nathan said he uses a business line of credit to purchase his properties. https://www.biggerpockets.com/blog/deal-diary-nathan-nicholson?utm_campaign=InvestorBrief&utm_medium=email&utm_source=lterable&utm_channel=28425&utm_content=Marketing&user_id= "Every time I pay a prope...
I’ve noticed that DSCR rates are much cheaper than conventional rates right now. It’s still possible to get a DSCR loan at 6.5%, while conventional investment property rates are at a minimum of 7.5%.