All Forum Posts by: Adrian Thomas

@Brandon Beardt

Thanks for the reply, I purchased the property on 10/21/22. Did you know of any DSDR lenders with that 60k minimum?

Hello BP family,

I recently bought my 3rd rental property in Salina, KS using a HELOC that I have on my primary residence (CA). I did a cosmetic rehab and rented out the home 12/1. I went to my local bank that I've refinanced the previous two rentals with, and they told me the way rates are rising they will no longer refinance any further properties due to my DTI (I co-signed for my mother on her primary residence in April 2022). I've contacted and spoken with several local banks and they all have informed me until my mother comes off my DTI they won't be able to give me a loan since it looks like I'm underwater on paper.

Another issue is that the property ARV is 85k, and with most DSCR lenders minimum loan amounts being 75k, the rental won't qualify since the loan amount I'm seeking is around 60-65k at 75% LTV. It's currently rented for 1000/month

Is there a DSCR loan available that has a 50k minimum loan amount so I can refinance this property and continue to purchase property?

Thanks for your help,

I too recently just closed on a 100k heloc and live in Murrieta,CA. I also plan on buying out of state and using the heloc to complete both purchase and renovations. I plan on using it for both flips and brrrrs. Have you thought about using your heloc for a vacation rental and only putting 10% down?