All Forum Posts by: Andrew Zamboroski

I'm looking to make two SFH purchases (~250K and ~200K). Can do a DSCR or full doc loans but these will be long term rentals. Adequate W2 income and 780+ credit score. Properties will be bought in an LLC and are located in western Pennsylvania. Is anyone close to or under 7% interest with only 1-2 points? Looking for 80% LTV but can do 75% if rates are much better.

Thanks

It's been a long 9 months but the time seems right to climb out from the trenches and return to the BP community.

During my first few months as a Real Estate Investor, I was on the forums almost daily. Getting advice on BP helped me overcome many of the hurdles as a new investor while I started BRRRing. I was closing as many deals as I could figure out how to get financed. I also managed to creatively acquire two apartment buildings with $0 down about 4 months ago, one of which currently has a water main Leak under the slab and two of the residents have been without water for over a week, but that's another story for another time... 

In December 2023 I started with...

$25,000 in the Bank
823 credit score
3-5% revolving utilization
very little debt
ZERO experience in anything real estate or construction related
Knowledge acquired from listening to 123 audible books over the previous years

14 months later...

$847 in the bank
699 Credit Score
133% revolving utilization/over the limit maxed out personal credit cards
Quite a bit of other high interest debt/loans borrowed during the first year in business
$3,580,000 Appraised Portfolio Valuation
$2,139,400 DSCR Mortgage Debt in my LLCs
$1,440,600 Equity (Appraised Value-Mortgage debt)
8 Remodeled SFRs
1 Converted Remodeled Duplex
2 SFR Remodels currently in process
2 Apartment Buildings - 13/14 units occupied
A little more experience to say the least
234 Audible books in my library

As I'm sure any experienced investor can gather, having the sizable amount of personal debt as I do, supplier house account payments due, PMLs that need to be paid, etc, not having liquidity/any money in the bank is an ISSUE. I currently have 2 vacant houses I purchased just over a year ago listed for sale on the MLS but no bites as of yet. Not the best time of year and we're in an emerging market area about an hour outside of Charlotte, NC.

30Y DSCR c/o Refi's have already been done on every eligible property after rehab / 3 months seasoning.

As more of our properties come up on 1+ yr of ownership, despite losing likely future appreciation of 25-30%+ annually and paying a 5% PPP, I are open to selling some houses off to start paying off much of the high interest debt accumulated outside of mortgages. 

Are there any asset backed loan products that lend in second position or any other forms of financing able to be collateralized by equity you can think of?

So, my business partner and I have run into a little bit of a roadblock. Finally got done building personal credit enough to seek pre-approval (as I have only just turned 21 years old). I have been asking around to different lenders, both Conventional and DSCR, and have been asking what kind of criteria I need to meet in order to apply for pre-approval confidently. To which I have been told that we would need around 25K-30K in liquid assets in order to be approved. This seems ridiculous to me considering that's almost 40%-50% of the loan we are seeking. Any advice from you guys?

We are looking to access some of our Equity to access liquid cash. The majority of our properties already have DSCR loans on them, are tenant occupied, have been owned for less than a year/have sizable capital gains, are in a high appreciation market, may take a while to sell at market price on the MLS.

Are there any loan products, even ones with balloon payments, that would let us access some of our equity in our properties through refinance or a 2nd position loan. Of course if we refinance our DSCR loans we will have a 5% PPP which is not a fun pill to swallow but for some properties with a low LTVs, we're open to it.

We need a loan product that is asset based. Credit is 699. 10x Experience Entry/Exits on HUDs. Currently only getting 70% LTV through ROC Capital on our DSCR loans since my credit dropped below a 720.

I've heard that second position DSCRs may be an option?

Would a Bridge Loan with a balloon payment after 12/24 months be possible?

Below are some highlights of our portfolio

1. SFR   Value $155,000   DSCR Payoff $116,250+PPP
2. SFR   Value $140,000   DSCR Payoff $97,500+PPP
3. SFR   Value $255,000   DSCR Payoff $178,500+PPP
4. SFR   Value $170,000   Bridge Payoff $108,200
5. SFR   Value $215,000   DSCR Payoff $150,000+PPP
6. SFR   Value $270,000   DSCR Payoff $178,000+PPP
7. SFR   Value $170,000   DSCR Payoff $94,500+PPP
8. SFR   Value $180,000   DSCR Payoff $126,000+PPP

9/10/11. Multi Family Apartments 2 Separate Buildings 14 Units + Piece of Adjacent Land.
Valuation $1,050,000+   Seller Financed Payoff $721,500+$50,000 PPP

Going to sell one of my rentals (Houston Area) and need to finance 30-40k and repay the rehab/ make ready loan after sale. 3-4 months . The property I'm selling has about 150K mortgage (250 ARV) and own another rental (230K (ARV) free and clear. Just seeing what the best option was to get cash for the rehab short term.

Cash out refi on the free and clear property doesn't make sense- has a min loan amount and all the fees (origination points ect) and appraisal ext.

Looked at HELOC on the rental, but is not allowed in Texas.

Will probably apply for a 0% APR CC for a lot of expenses/material , but still need cash for labor/ vendors.

Looked into personal loan , but 2 banks stated loan can not be used for investment property.

Personal loan through Discover was quoting 15.99% at 24 months . interest seems high

Any thoughts?

Private/ hard money lender? Personal loan , but tell them remodel for homestead?

Credit score around 790-800

Appreciate any incite.

Hey everyone,

I'm going through a divorce and trying to figure out the best way to keep my Airbnb property. My wife and I own it together, but i may be able to buy her out and keep it as a short-term rental without spending all my personal capital.

I’m looking for advice on financing options, buyout strategies, and any creative solutions others have used in similar situations. Has anyone gone through this before? What worked for you?

Appreciate any insights!

Thanks!

Hello everybody. I'm looking at properties in Kentucky and Tennessee currently for LTR. I am looking to compare DSCR and conventional loan rates to see where I can get the best deal overall. My max purchase price will be $400,000, my FICO score is around 720 and Experian VantageScore is around 760. I am married as well and her scores are around the same as mine. I do have a mortgage currently in my name that I am in the process of having assumed, so currently my DTI is very high because of this. So, we will likely either do the DSCR route or conventional route in only her name. We have 20% to put down up to this price. Looking for recommendations from people who have personally used a specific lender and had good experience. Thanks in advance

Hi, I'm looking to connect with as many HML as I can who service HML.

Hi all!

My fiancé and I are going to be building our first rental property this spring. We are financing the build with a Heloc, once finished we’d like to cash-out refinance ASAP to payoff our line of credit. We purchased the raw land fall 2024. 

I know the seasoning period for LTV cash-out refinancing is typically 6 months. In our situation, would that seasoning period begin when we closed on the land in fall 2024? Or once I finish building the house and get the C.O.?

Thank you in advance!
Jake

Does anyone have Any HML recommendations I'm a beginner and want to get started right away but want to weigh my options