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All Forum Posts by: Andrew Zamboroski

Andrew Zamboroski has started 0 posts and replied 326 times.

Quote from @Nick D.:

Hi, long time follower, however not too much on posting.

Goal: I’m looking to purchase a 3 family property in central CT.

Position: Currently I own two condominiums that are under an LLC. Both will appraise around 180-200k each. Both are rented. One has no mortgage, their other has a HELOC for around $20k remaining and is coming to its 10year term that was established before placing with LLC.

My predicament is how/best way to pull equity out of either property for a down payment for the 3 family that is valued around $450k.

Any advice, guidance is greatly appreciated!

TY

A DSCR loan could be a great way to cashout the properties. They can also be more forgiving on condos (warrantable versus non) at times. If we can help, feel free to reach out!
Quote from @Diandre Pierce:

I have 7 rentals with a total available equity of roughly 800K. I am trying to purchase a mobile home park that is already in a system of Mobile home parks that profit 87 percent for the last 15 years. I am thinking I should use a DSCR loan. can anyone help me with this process

As others have said, mobile home parks can be a niche thing to finance. They're not a standard DSCR collateral choice. You may be better off refinancing the properties you do own to accomplish things. Happy to help there if we can.

Quote from @Matt Meier:

Good morning,

I’ve come across a renovation property available at a significant discount and would like to secure it without going the traditional 6-month financing route. We estimate the project will take less than 3 months to complete.

I’m exploring alternative short-term financing solutions and would appreciate any advice or recommendations on options that might work well for this type of project.

Thank you in advance for your insights and assistance!

The classic BRRRR strategy could work great here. Acquiring in cash or with a fix and flip loan. Once complete, refinance into a low or no seasoning DSCR loan. Plenty of lenders like myself here can help you on both sides.

cheers!
Quote from @Frank Pyle:

My client recently purchased a home with a hard money loan and have successfully rehabbed it for use as an Airbnb rental. It has been operating for 2 months now. Our lender has informed us that we need 12 months of rental history to use the actual rent for financing purposes, or we must rely on the appraiser's fair market short term rental value. The challenge we're facing is the lack of short term rental data for the appraiser, and we won't know if it will meet the debt service coverage ratio (DSCR) requirements until the appraisal is complete.

Has anyone dealt with a similar situation? Do you have any suggestions on how we can secure long-term financing under these circumstances?

Thanks in advance for your help!

As others have said, the right DSCR lender should be able to do this. We have used actuals and projections from air dna to come up with rent. Happy to help if I can.

cheers!
Quote from @Brian Rocha:

I'm looking to secure a HML for a fix n flip in Florida and for now and am only looking to secure for the purchase price only and handle the rehab costs myself. One of the side benefits is that I can avoid the whole draw/inspection process (not overall inspection, just the ones tied to the draws) and don't have to worry about draw fees. I imagine the whole process is simpler but can anyone tell me how different it is when you don't borrow the rehab costs? I'm guessing they want some sort of updates during the rehab.

As others have said, you will get lent more money usually with rehab involved than on a straight acquisition loan. With that being said, if you have a rehab loan but never take a draw, it could be a way to get a happy medium. Usually draw fees are very minimal though and if you plan them right, it can be a great way to replenish your cash or pay down debt from rehab. Happy to be a resource if we can.


cheers!

Quote from @April Smalls:

I came across this "PML" via facebook and everything was going great until it came down to the day. I was maybe getting the property under contract. He wanted me to paypal him 750 so that he would send the 20k needed to bridge the gap in the loan.

While Facebook can be great to connect with institutional loan officers, mortgage brokers, etc.., true private money is a little more difficult in my humble opinion. The best place for true private money is usually in your local meet-ups! Glad you dodged a major bullet!
Quote from @Zach Howard:

Hi, I'm researching financing options for non-US citizens who wish to purchase multifamily investment properties - around 4 units to start with, for example. 

If you know of any lenders or if you are one of them, please feel free to reach out. I prefer public comments here before you send a direct message, though. 

I work outside of the US (Hong Kong), making slightly north of 100k per year, with scheduled salary bumps of approximately 4k per year. 

Thanks. 

Foreign national DSCR loans are a popular option! While downpayment requirements are higher, still a great option.
Quote from @Aaron Raffaelli:

As the title suggests, I am just starting to enter the REI world. My first deal looks like it will fall through because the bank doesn't like my work history. (4 months as a union electrician, which the bank considers contract work). I am wondering if any lenders or knowledgeable investors know how feasible it could be to get a DSCR loan as a first-time home buyer/investor. I am 21 with excellent credit and have enough/will have enough for the high down payment they require. I know and am prepared to do all the overhead work necessary to find a property that will qualify, but I just want to know if it is possible in my situation. If so (and even if not), I would love any recommendations to a loan officer in the metro Detroit area.

Thank you in advance,

Aaron Raffaelli

Aaron,

Yes, it should be entirely possible! I’m local and happy to connect if we can help.
Quote from @Ankit Lodha:

I have a home under our names. I want to cash out refinance and close it under our LLC as DSCR mortgage. Its being operated at STR from last 30 months with great cash flow. Please reach out if you are a lender or can connect me.

5 Bed 2 Full Bath & 2 Half Bath

Existing Mortgage ~$550,000

Home Value ~$1.1+ Mil

Sounds like a great deal. I would love to connect and get you pricing!
Quote from @Mark A. McElhannon:

I'm curious on peoples go to approach to secure financing for an investment property - use a broker? start w local bank or CU ? or even a local brick and mortar bank?

 If you’re doing a straight forward investment property purchase, I recommend you try to connect with an investor focused mortgage broker or lender. Look up different real estate groups or meet-ups and you are likely to find someone there as a start. I try to attend meet-ups as the guy on the other side 😉.