How do i find a DSCR lender in OHIO
My partners and I are interested in purchasing our 2nd rental property somewhere in OHIO. Due to the fact that i have 2 rental properties already in MY name, I know going the traditional route wont work. (I bought a duplex with my partners and a SFH with my wife) I found a post on IG where you can get a DSCR loan. I'm interested in finding a lender that I can contact to see about qualifying and possibly purchasing another rental property some time in 2023. Any information would be helpful and grateful. Thanks!
Quote from @George Duchatelier:
My partners and I are interested in purchasing our 2nd rental property somewhere in OHIO. Due to the fact that i have 2 rental properties already in MY name, I know going the traditional route wont work. (I bought a duplex with my partners and a SFH with my wife) I found a post on IG where you can get a DSCR loan. I'm interested in finding a lender that I can contact to see about qualifying and possibly purchasing another rental property some time in 2023. Any information would be helpful and grateful. Thanks!
Hey George! Happy to help. I am a Loan Originator and can do both conventional and DSCR. I'm located in Cleveland area but work with clients across the country. Feel free to reach out if you're still looking!
- 262.955.5168
- https://barrettfinancial.com/lzwirlein
- [email protected]
Hi George! I've worked with a lot of investors to purchase homes with DSCR loans and I've also purchased properties using DSCR loans previously. I'll be happy to chat about your options.
Quote from @Ashley Cross:I appreciate it! When I’m close to purchasing.. I’ll reach out
Hi George! I've worked with a lot of investors to purchase homes with DSCR loans and I've also purchased properties using DSCR loans previously. I'll be happy to chat about your options.
Hello! @George Duchatelier, I have started my out of state real estate journey in Indianapolis. Now, I have a portfolio of Short Term Rentals and Long Term Rentals and manage them remotely from OOS. I’ve been putting offers in Columbus because my business partners have found success doing Mid Term Rentals there and the returns are solid.
Also, I've helped other investors with their DSCR loans and flip projects in Columbus. Happy to share my experiences and chat with you more if you're interested.
Quote from @Jayson Cain:Greatly appreciated! I was talking to my lender of my house I purchased earlier this year. The interest rate is super high from what he’s told me. Might have to hold off for more favorable rates in the long run.
Hello! @George Duchatelier, I have started my out of state real estate journey in Indianapolis. Now, I have a portfolio of Short Term Rentals and Long Term Rentals and manage them remotely from OOS. I’ve been putting offers in Columbus because my business partners have found success doing Mid Term Rentals there and the returns are solid.
Also, I've helped other investors with their DSCR loans and flip projects in Columbus. Happy to share my experiences and chat with you more if you're interested.
i have a follow up question regarding DSCR loans. Can you get a DSCR loan that includes rehab costs?
Quote from @George Duchatelier:
i have a follow up question regarding DSCR loans. Can you get a DSCR loan that includes rehab costs?
Good question, the vast majority (99.99%) of DSCR loans do not include a construction holdback.
In most instances it's more advantageous to use an I/O loan that doesn't have a prepayment penalty to do your rehab.
I’d be happy to talk more on the topic.
Quote from @George Duchatelier:
i have a follow up question regarding DSCR loans. Can you get a DSCR loan that includes rehab costs?
There are lenders who offer DSCR loans and short-term rehab loans, but they are typically two separate loan products. If the property needs rehab the lender would lend a portion of the purchase price (i.e. 80%) and typically 100% of the rehab costs. Once the property is completely rehabbed then you can refi into a 30 year DSCR based loan
Quote from @Tarik Turner:Great info! Thank you!
Quote from @George Duchatelier:
i have a follow up question regarding DSCR loans. Can you get a DSCR loan that includes rehab costs?
There are lenders who offer DSCR loans and short-term rehab loans, but they are typically two separate loan products. If the property needs rehab the lender would lend a portion of the purchase price (i.e. 80%) and typically 100% of the rehab costs. Once the property is completely rehabbed then you can refi into a 30 year DSCR based loan