** Need a loan for rental investment **

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** Need a loan for rental investment **

Jack SaundersPro Member
Rental Property Investor · Greensboro NC · Member since 2024 · 42 posts · 21 votes

Single family home being sold as is due to out of state owners from inheritance.

Loan amount range 110 - 175k

I have the down payment in my bank account.

To be used as long term rental. 

Termite and General inspection will be done. 

Lenders please DM me for additional details so we can make this deal happen!
 

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Devin PetersonBusiness Member
Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 676 votes
2y
Quote from @Jack Saunders:

Single family home being sold as is due to out of state owners from inheritance.

Loan amount range 110 - 175k

I have the down payment in my bank account.

To be used as long term rental. 

Termite and General inspection will be done. 

Lenders please DM me for additional details so we can make this deal happen!
 


Jack, are you a first-time investor? This seems to be a pretty standard DSCR deal. Make sure you have enough money in liquid for a down payment, reserves, and est closing costs. You should be able to get this done in 30 days or less with an experienced DSCR broker.

[email protected]860-538-3672
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  • Nick Conley
    Lender · Dallas, TX · Member since 2023 · 71 posts · 19 votes
    2y
    Quote from @Jack Saunders:

    Single family home being sold as is due to out of state owners from inheritance.

    Loan amount range 110 - 175k

    I have the down payment in my bank account.

    To be used as long term rental. 

    Termite and General inspection will be done. 

    Lenders please DM me for additional details so we can make this deal happen!
     

     Hi Jack,

    You will find a lot of lenders who will want to help you, but it would help them and you save some time if you can narrow a few things down.

    What state is the property in? What is the purchase price?

    Are you qualifying on your full income or looking for a loan type with easier qualification standards such as a DSCR loan?

    They will also need your FICO when looking at rates just as a heads up.

    0Reply
  • Devin PetersonBusiness Member
    Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 676 votes
    2y
    Quote from @Jack Saunders:

    Single family home being sold as is due to out of state owners from inheritance.

    Loan amount range 110 - 175k

    I have the down payment in my bank account.

    To be used as long term rental. 

    Termite and General inspection will be done. 

    Lenders please DM me for additional details so we can make this deal happen!
     


    Jack, are you a first-time investor? This seems to be a pretty standard DSCR deal. Make sure you have enough money in liquid for a down payment, reserves, and est closing costs. You should be able to get this done in 30 days or less with an experienced DSCR broker.

    [email protected]860-538-3672
    ProAlpha Capital55 Reviews
    WebsiteView Page
    1Reply
  • Jack SaundersPro Member
    OP
    Rental Property Investor · Greensboro NC · Member since 2024 · 42 posts · 21 votes
    2y
    Quote from @Nick Conley:
    Quote from @Jack Saunders:

    Single family home being sold as is due to out of state owners from inheritance.

    Loan amount range 110 - 175k

    I have the down payment in my bank account.

    To be used as long term rental. 

    Termite and General inspection will be done. 

    Lenders please DM me for additional details so we can make this deal happen!
     

     Hi Jack,

    You will find a lot of lenders who will want to help you, but it would help them and you save some time if you can narrow a few things down.

    What state is the property in? What is the purchase price?

    Are you qualifying on your full income or looking for a loan type with easier qualification standards such as a DSCR loan?

    They will also need your FICO when looking at rates just as a heads up.

    This makes sense.   I will take more time and give better details next time.   I found a local property opportunity and I was like a kid in a candy store 😆.   I do have a few lenders that have reached out.  To add more clarity 
    I am looking for conventional 30yrs for rental property. My credit score is excellent and 25% down payment which are in my personal savings account.
    0Reply
  • Chad Davis
    Lender · Richmond VA · Member since 2012 · 319 posts · 33 votes
    2y

    @Jack Saunders Just to clarify you are looking for conventional and not DSCR. If the latter happy to take a look and run some numbers for you and may be able to get you at 20% down instead of 25%. Check Inbox

    1Reply
  • Carrie Matuga
    Lender · Riverside, CA · Member since 2017 · 248 posts · 98 votes
    2y

    @Jack Saunders 

    Assuming the property is rent-ready and only needs cosmetic or no updates, you can get a DSCR loan using leverage of 75-80% depending on your credit and the DSCR ratio. If the ratio is above 1.15 and your credit is in the range of 760+ you are looking at DSCR rates at about 6.8-7.5%

    If the property needs renovations beyond minor cosmetic, you 'd likely be looking at a fix and flip bridge loan at 10-12% interest only and then would need to refinance into a longer term, lower rate option.

    1Reply
  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    2y

    I've always had the best luck with local community banks for such investments. My recommendation would be to go to your local REIA and ask around who other investors use. If the bank has lent to them, they're likely to lend to you too.

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    1Reply
  • Jack Matthias
    Lender · Chicago · Member since 2023 · 176 posts · 70 votes
    2y

    Hey Jack,

    What state is this property in?

    Thanks

    0Reply
  • Jack SaundersPro Member
    OP
    Rental Property Investor · Greensboro NC · Member since 2024 · 42 posts · 21 votes
    2y
    Quote from @Jack Matthias:

    Hey Jack,

    What state is this property in?

    Thanks


     Hey Jack and All,

    I am all set with lenders now.   I did not realize how many responses I would receive.  I have to say I have already spent hours on BP soaking in all of the great advice.  The one area i really lack in knowledge are the different loan options.  I appreciate those lenders who are willing to explain the options.

    0Reply
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