All Forum Posts by: Andrew Zamboroski

I just went through a LONG process to get a DSCR Loan on a MTR/STR property in Charlotte, NC (the hold up was finding an appraiser that would do the STR income appraisal). It finally got approved, however reading over the loan documents, I found that I had to agree to have a minimum of 6 lease terms. The lender said this was standard language, but they don't enforce it..however they refused to remove it. Sorry...but not signing something that could be enforced in the future that goes against my business model. The lender knew this was a MTR/STR property from the beginning and required the STR income appraisal to approve the loan.

Now I am 5 months down the road and spent well over $1,000 in appraisals.   Has anyone had a similar situation?   Any advice?

Any recomendations for a lender that can do a 75-80% LTV DSCR loan on a property owned for 2 years, but only has 5 months of rental history (only had a week and a half total vacancy since it went live in March)?  Oh, and doesn't have a 6 month lease requirement in their contract for a loan on an STR!!!! Income is well aboce DSCR requirements (both the appraisal and actuals).

Sorry, only looking for recomendations from property owners that have used the lender they are recommending, not lender/broker solicitations.

I have a deal with a lot of equity. I'm looking to purchase. Im looking for a DSCR lender that services Central IN.

Any ever use 

Convoy Home Loans, Inc

We have a 552 sq ft cabin on the river that is bringing in about $24K rents as a short term rental. Are there any lenders that will do a loan on that small of a property? It will appraise approximately $300,000 and currently has no debt. 

Hi all, 

I am looking for some advice on getting some cash out of my rental property to use in going after the next property. I've been looking at the different options out there (HELOC, DSCR, Refi, etc..) and would like to leverage my current property instead of getting a personal/hard money loan. The property is valued at 160k and there is 112K on the morgage. I would like to get 15K-25K out of the property (small amount I know). I can also pay down the morgage more if there is a loan minimum if needed. While I can get a direct money loan or continue to save up that isn't leveraging what I already have in my current property.

I've talked with 3 different lenders so far and the max LTV they would do is 70% on an investment property in my name. Which I find surprising becasue based on google searching I've been lead to believe there should be 75%-80% LTV's avaliable. One lender specifically said they do 80% LTV on a rental property and then when it went to underwritting they said it's always 70% max...

I also would accept less favorable terms because I will be paying the loan off within 6-12 months. Any advice on lenders to look at, other ways to get the cash out, or other options to consider is welcomed. Thank you

Hi amazing BP community! I've had such great success in connecting here! 
i have a Buy and Hold opportunity in Memphis and am reaching out for a DSCR loan, but also am looking to find ways to finance my down payment and closing costs, and hope to make the number still work. Any thoughts, plans, schemes I could consider to accomplish this?

As someone who made this mistake repeatedly in my real estate career, I would beg you not to exclude professional management costs from your operating expenses.

Management is not an optional expense. You're gonna pay for it, whether you do it yourself or hire a PM. (In fact, if you're not experienced, you'll likely pay more doing it yourself!)

So, considering market-rate management fees, realistic vacancy loss, property taxes, insurance, capital expenses, and any other real-world expense you'll encounter, what's your TRUE cash-on-cash return?

I can guarantee you: It's not 11%.

Hello, i would like some advice from experienced investors or like minded individuals.. So i currently have about 100k saved up ready for my next move currently i have one occupied single family rental property w about 30% paid off of 230k, i want to acquire another rental property, flip, or raw land pretty much a good investment and where i could hold my money but i am having trouble getting approved for a loan being that i am a contractor and their is gaps in my employment between jobs also my debt to income is a bit of a problem but as a contractors i know the money side is volatile but i know i can manage. So my question is should i pay off my home and take out a heloc, should i save up more and buy cash which would take some time now that 100k isnt much in Houston.. owner finance, private lending or look elsewhere (out of state, raw land)?

 I would be more open to keep the broker if the communication was stream line. I am still having to communicate with the lender pretty often when things happen or if something goes wrong when processing the loan. I also have issues getting documentation when needed like my signed term sheets. I am not going to say the relationship sucks.

I’d love to hear from other lenders and brokers on this...

How do you handle it when a borrower brings you a deal that looks solid on paper—strong ARV, low purchase price, great location—but they've got:

🔻 Credit in the low 500s
🔻 Zero reserves or liquidity
🔻 And no real track record

Do you consider the deal itself and try to structure something creative? Or is that usually where the conversation ends?

I know we all want to help people get started—but also have to protect the capital. Just curious how others walk that line.

Would love to hear your thoughts, insights, or stories (good or bad).