All Forum Posts by: Austin Clarence

Hi Garrett,

You could look at opening a small line of credit against one of your other properties to come up with the needed down payment. 

If you are able to use the Gilbert house as collateral this would be ideal as you can write off mortgage interest against the rental income to lower your tax liability. Assuming the Gilbert house will be a rental I would lean towards financing that property, and taking a HELOC against one of your other properties if you needed more cash for the down payment.

If the Gilbert house will be  a second home, than you can go as low as 10% down, or if it will be a rental then 15% down. Happy to chat through your options 

I just helped an investor close on a DSCR with 15% down, 4 unit in Houston. Its very possible and honestly a great option if you have strong credit and strong rents.

I just closed a 15% Down DSCR loan in Houston a few months ago for an investor. My brokerage has 8 investors we work with that allow for 15% Down. With strong rents, it is a great option.

Please let me know if you have any questions 

I use Shaun for my south Scottsdale rental. He is responsive and has been great the past few years I have been using him. 973-650-4651

I just helped a buyer closed on a 15% DSCR in Houston (it was a 4plex). A buyer I connected with through Bigger Pockets actually. Most lenders want 20% minimum for DSCR, but some will do 15% down if you have at least a 1 DSCR Ratio. I have access to 7-8 lenders who will do 15% down.

To go this low, you will need sharp credit and solid rents. Otherwise the cost/fees for doing 15% will be excessive. 

Yessir that is fine. Lenders will ask what you were doing before.  Were you in school or training, or out for medical reasons. Can you go back years before and find previous work history? There are a lot of ways to meet the requirement 

@Derek Tschilar 's wheelhouse 

Hi Sophie,

I own and operate a STR here in Scottsdale and specialize in financing for STR properties and would love to be a resource. I'd also be happy to offer agent recommendations that have lots of experience in STR also. You can also try the Find an Agent feature at the very top of the Bigger Pockets website.

 Hi Ignacio, I have been using Harrison for years. He is based here in Phoenix and owns several rentals. He mostly works with RE clients. He will make you feel confident when filing and knows his stuff. 

Harrison GreenbergPartner, The Greenberg Group
415-350-5306The Greenberg GroupHarrison Greenberg

Zillow pulls a background check and credit report as soon as they apply. I try to get them to apply before I show them the house. I try to get it in ASAP before I put a lot of time into coordinator with potential applicants who might not be ideal tenants.