All Forum Posts by: Andrew Zamboroski

Have you guys noticed the rate drops on the DSCR loan side? Or do they keep them higher now thats the 30 year conventional is dropping.

Hello! I have an off-market opportunity and want to jump on it! It is an a-frame in WI I want to turn into an STR. I have $70K of my own money I can use as a down-payment, but am looking for someone to finance the rest ($280K) as I'm a real estate agent and am having difficulty securing a loan from a traditional bank in a timely matter. I'd like to purchase as soon as possible. Does anyone have advice on creative ways to secure financing in a short amount of time?

Looking for some companies that can lock me in to a long term mortgage so I can get out from multiple ARM/balloon rates every 3 yrs. Properties in MS and TN

My boyfriend and I are looking to purchase 5-10 properties in the next 12 months that will be then rented to Section 8 tenants. If we find good financing, we can purchase the houses in the next few months. This is in Ohio State.

I do not anticipate the purchase price to be higher than 80,000 USD. However, here is the tricky part. My boyfriend is a foreign national with an ITIN number, US address, and an AMEX in the USA, but he is not a US citizen, so a lot of the times, he is not offered good loan programs. I am a US citizen with a 680 credit score (actually, credit karma shows 680 for one bureau and 710 for another bureau), but I haven't worked in the USA for years, and overall, we are looking to get a DSCR loan. I have one Amex card showing up and a bunch of student loans - do banks take these as trades? Overall, I am trying to find a bank that can still do 85% LTV with this type of credit. Or if there are other nonconventional ways to find financing - please let me know! Since our goal is to scale in real estate and we do have the funds, we would prefer to minimize the deposits and invest into reno where necessary and keep the capital for now for improvements, if they arise. Thank you all in advance!

I recently talked with a mortgage broker and me and my wife didn't qualify for a loan on  an investment property. I'm honestly surprised, right now our only debt payment is a 857 mortgage, no car payment no student loans no credit card debt, and good credit 740's. she doesn't make just a lot (41k a year) but with the 857 mortage payment, her debt to income shouldn't be much over 25%. Would we not qualify for a 55k loan? 

Evening, 

I am in the process of acquiring a short to mid term rental in the somewhat local vacation/ tourist destinations in my region. I want to utilize either a 2nd home type product or investment property product. I was reading about DSCR loans and they seem like a great tool for cash flowing properties.

My ultimate question is does anyone know if there is a property criteria for these products? Can it be a single condo or apartment. 

Anything helps BP community, thanks ! 

Best, 

Justin 

Most lenders impose a minimum 100-150k lending amount, even less will go below the minimum and lend on an LLC. And 60-90k is also typically too low for dscr loans. Wondering if anyone knows any good places?

looking to expand my rental portfolio by looking at properties in St. Louis and Indiana. most of the properties been viewed are between 70 and $100,000. Are there lender recommendations that do loans under 80,000? especially DSCR?

I hear that it's hard to find someone in Texas who will do blanket mortgages. Another lender who is also an investor, says its really not allowed in our area but she knows it happens. What are y'alls opinions on blanket mortgages?

I have 5 SFRs so far. Four mortgages have a balance around $90-100K, with values ranging $135-165. One property has no mortgage. I'm wondering if it would be an option in my situation to do a blanket loan for scaling. Or, just keep going as I am, doing delayed lending to cash out after I make repairs and get a tenant in them. Pros vs cons?

I'm looking to purchase a rental property in Cincinnati. My partner and I are unmarried and have set up an LLC with each of us as 50% members. We would like to purchase the property through the LLC with financing directly to the LLC.

We spoke with a credit union who said that would be possible; however the loan was not approved due to both of us being NY residents. The LLC is an Ohio entity with an agent located in Ohio, and we also have local property management. 

Is there any way we can amend our operating agreement/LLC structure in order to anonymize our addresses? Potentially a PO Box in OH for our addresses?

If anyone could recommend a lender who would be willing to loan directly to an LLC, that would be greatly appreciated!