All Forum Posts by: Andrew Zamboroski

Hey experts! Im looking to BRRR my next investment but want to Airbnb vs Long Term Tenant. Are there lenders that will work with this?

I'm working with one of the lenders I used to work with. He processed this loan as a Conventional but this needs to be on a DSCR loan. Does anyone expense this with United Wholesale Mortgage? And does this closing cost make sense as well? He is running my soft credit for the loan guarantee and it will be on LLC. Does this seem right?

I’m looking for non-conventional lenders and posted on FB groups for recommendations/contacts.  I received  quite a few replies directly from lenders themselves.  How can I tell if a lender is legit? 

Also, if you have any you’ve worked with I the past, would appreciate recommendations! 

TIA

I think I am almost ready to take the leap into investing. I have seen deals that I was researching be purchased so I know I'm on the right track for what I am looking for. I am open to hard money now and have a couple of products I am interested in thanks to talking to one of the lenders in the Bigger Pockets Community. Hoping to find someone who is willing to walk me through how to use the products correctly. The products I am looking at are:

Purchase and rehab loans 

DSCR loans

My biggest question is the transition from Purchase and Rehab Loan to DSCR Loan and how that looks. Also, how my niche, Total Rehabs, may make it harder to use hard money. Any direction is appreciated and look forward to talking to you.

Hi all,

I have two rental properties. One of them is in Columbia SC and the other is in Chattanooga TN. They are both long term homes with conventional loans on them. One has a 7.25% interest rate, and the other is a 7.125% rate. Does refinancing make sense right now?

Thanks

Hi,

I started a loan process with a certain lender (private company, not a broker), they did the appraisal (which I paid for of course), at some point I decided we were not the right fit for me and I decided not to proceed with them.

I understand its common practice to ask them to send the appraisal to the new lender be email (that's what the my new lender asked me to do - I have the appraisal, but he needs to get it from them)

I asked that from the former lender, but its been a few days and they did not send it yet.

Any advice on how to expedite it? Or I should just wait a few more days, send them a few more emails about it and hope someone will bother..

Thanks

Hello guys, 

I am not sure if I am allow to look for private lenders through the forums so my apologies if I am not, but here I am.

Like the title says, I am a rookie looking for funds. My agent sent me a fix and flip property that has potential in doubling its ARV from asking price 235k to ARV 425k with an estimate rehab cost of 65k. My goal is to fix it and do a dscr refinance to be able to hold it. This would be my first deal as well so if theres any lenders that would like to invest in me message me to provide more detail about the property.

Greetings and thank you in advance for the assistance and advise

I purchased my first STR using a conventional loan and in my name two years ago. The loan was 90% LTV with PMI. The property is now a STR for a year and it has already been transferred into a land trust owned by my LLC.

What I am looking to do now is to refinance the mortgage and remove the PMI as well as have the loan under the LLC and not me personally

1) Is this possible?
2) How?

3) Who?

Have you made headway on paying it down? If you have a STR running for 2 years I am surprised it's not gone since you could throw the income at the debt. Most debt consolidations are not worth it, I would honestly focus on getting it paid off. All they do is restructure and it's still a loan you'll have to pay off. Using cards can be good but the intention needs to be to pay them off quickly or you'll run into issues like this.

Does anyone do DSCR loans on very small properties? ARV is just north of $100k. Stand alone house on land in an urban area. Thanks!