All Forum Posts by: Andrew Zamboroski

We have a SFH and a duplex that we own free and clear, and a duplex on which we have a residential mortgage. Each of these properties is in a different location and was purchased at a different time. Is it possible to re-finance these separate properties as a group in a single loan? Does the fact that these were purchased separately and are at different locations make that option unavailable? The idea is to re-fi in a single transaction, which, I assume, will have benefits over three separate transactions. Please advise. Thank you.

We have 3 A frame cabins built on a single 5.5 acre lot in Hocking Hills. It has been financed all cash so far and we plan on building a total of 6 additional cabins in phases over the next three years. We are exploring options, but aren't too excited about taking on 7 figures of debt on a construction loan. We are looking for a DSCR loan on the existing three cabins to use as permanent working capital while to fund the rest of the project via equity.

If anyone knows a good lender in the area that can work with these constraints please let me know.

Thanks!

New to this community, heard great things. New investor looking to learn a lot. Thank you in advance. 

As I mentioned I'm a new investor. I am creating an llc with a couple friends as we go into this new endeavor. My questions is. When getting a DSCR loan whose credit score is the lender going to use? Will they require all members or just one?

they got ahold of me on fb through one of my groups and claim to be a direct lender. they seem to good to be true. I want to make sure i dont get scammed out of $1,000's on my first big deal. thanks for any info. 

Hi,

I have two BRRRR loans with Fixated Funding, both starting and closing on the same day. One loan was locked at 6.9%, the other at 7.1%. However, I just received the closing docs, and the rate on the 6.9% loan has been increased to 7.8%. I wasn't notified about this change until I saw it myself.

When I asked why, they said the home inspection found some issues that were fixed and re-inspected, but I’m confused why this would result in a rate increase. Also, Fixated moved my closing date a few times, but luckily I didn’t have another deal at risk.

Does this sound typical? I’m mainly concerned about the rate change happening without prior notice, especially since both loans started and are closing on the same day.

I’m scheduled to sign tomorrow and close on Friday. Any advice would be appreciated!

Thanks!

Colleen just curious. Who did you use for your DSCR? I'm currently using a lender working on a 360k townhouse with 50% LTV. Running into more paperwork issues. Like lender having issues getting HOA docs and asking me instead of title or agent. Asking me for LLC docs few times over and quoting on a rate sheet that was for single family and not town house. We need to close in 1 week and worst case I may need to buy all cash and refi to a different lender losing my property inspection fee the lender charged.

About 6 months ago we purchased a duplex using a DSCR loan. The original intention was to do a light cosmetic rehab and rent it out. We put 20% down at 8.25% on a property with a $136k purchase price. Loan is just over $108k. We could have rented it out for about $1600/mo. We decided to do a full rehab to get nearly double the rent ($2900)and increase the ARV to $260k. Can we DSCR out of this to get our money back out or will I need to sell it to get our $136k total investment out?

Hello BP Fam,

Most DSCR lenders I've spoken to have a penalty for selling a property within the first 5 years of purchasing the property. Does anybody know of a lender that has DSCR loans that do not have this penalty? Or maybe not as severe a penalty as I've heard so far? What I have heard so far is 5% penalty within 1st year, 4% in year 2, 3% in year3, etc.

Let me know your thoughts!

Thanks!

Rich

Hello all!

I'm an experienced investor that's emerging from a difficult period. Need input / ideas / comments on following pls.

I have 2 SF rentals that I'm facing foreclosure on as I fell behind w/ the mortgage payments on (due to unrelated problems). Those other probs have now gone away plus I'm making a lot more dough from my regular work/day job these days. My credit is poor right now but can easily be improved as my income is much better lately. 

I owe approx. $40k in arrears on each. Seeking either lien in amount of arrears, or refi of each if poss.

Approx. #s: value: $440k each, total debt: $310k each (incl. arrears), prop taxes/mo: $500, insurance/mo: $25, common charges/mo: $380, rents/mo: $2700 & $2250

Pls feel free w/ any solutions / input / ideas.

Tx

Dave

A quick internet search suggests that foreign national loans can provide up to 75% LTV. Is that correct? DSCRs seem to be up to 80%. Is there a benefit to foreign national loans for a US citizen with a US credit score (the 791 I mentioned in the original post is my American score)? How do the interest rates usually compare between the two?