All Forum Posts by: Tarik Turner

Born and raised in NYC living in NJ now feel free to connect I can always suggest a few events and meet ups in the area as well

I would say other than obvious rates and loan expenses you want someone who has a great response time, hassle free and lender with a simple (and most importantly) quick process - Time is always a major factor in RE investment loans  

Not all lenders are concerned with income. You just need to deal with asset based lenders rather than conventional lenders

Lenders do not mind issuing a POF or reviewing an applicant as long as there is future business to be done.

Always have your loan product in place prior to searching for the deals so you know what you can get approved for and how much cash you may need to come out of pocket with.

Looking at the situation it is going to be difficult to get over 75% LTV on those properties,

Maybe the rental income will get the appraised value raised a bit higher 

When it comes to Fix and flip deals There really is no set % that needs to be set aside by rule. It depends on the specific lender that you are working with and their criteria.

So if you have an ARV of 350k and your total costs including purchase and a 25k Rehab came out to 245k

You would need 24.5k plus closing costs and reserves -(This is where the numbers can Vary) 

I would say always have at least 15% to 20% of your total costs when searching for a Fix and Flip loan product. 

Again, with that being said i have seen as little as 8% do the trick depending on the lender and strength of the deal 

30 year Fixed rate terms are available for LLC own properties for sure

The LLC being new will not stop you from getting a loan.

Traditional banks may shy away but there are plenty of loan options for newly formed LLCs

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There are stated income options that would make sense for your scenario