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All Forum Posts by: Brandon Croucier

Brandon Croucier has started 2 posts and replied 626 times.

Post: Open question to lenders and their underwriters - Why are you so dumb???

Brandon Croucier
Posted
  • Lender
  • Nashville, TN
  • Posts 687
  • Votes 279

At the end of the day different investors have different guidelines and requirements .

Post: Application Denied For A DSCR Loan

Brandon Croucier
Posted
  • Lender
  • Nashville, TN
  • Posts 687
  • Votes 279

If your credit is 650 there are options, I would refi get some cashout and have the tenants cover the mortgage, when your credit is higher just refi down the rate.

Post: Is it impossible to cash out refi a TX rental property if you live out of state?

Brandon Croucier
Posted
  • Lender
  • Nashville, TN
  • Posts 687
  • Votes 279

Most definitely possible, a DSCR loan is your best bet. Unless you qualify conventional, happy to connect !

Post: Searching for investment properties

Brandon Croucier
Posted
  • Lender
  • Nashville, TN
  • Posts 687
  • Votes 279

Its a pretty wide range depending on a lot of factors. But @Patrick Roberts is right, 6-9% is a general range right now.

Post: Seasoning period if deeding property from my sole member LLC to my wife

Brandon Croucier
Posted
  • Lender
  • Nashville, TN
  • Posts 687
  • Votes 279

Hey Allen!

This should be doable as many investors have gotten rid of seasoning requirements recently ! Happy to connect!

Post: Does Bigger Pockets facilitate a Culture of Trash Individuals???

Brandon Croucier
Posted
  • Lender
  • Nashville, TN
  • Posts 687
  • Votes 279

Ridiculous, he would've cleared more money & TIME just accepting the $15k credit at a $210k PP.

Unfortunately I can say I've dealt with many situations similar ...

One that comes to mind is when I Worked with a builder to refi out of debt for 3 months after a property wouldn't sell for 9 months... Docs are out and closing is in 1 day and I get a call.

"we got an offer for the property today so we're not going to move forward on the refinance" he later mentioned as mortgage brokers we "do nothing" 

At the end of the day, some people just don't respect others and have no idea the amount of work it takes to make these deals happen..

Post: Home improvement Loan

Brandon Croucier
Posted
  • Lender
  • Nashville, TN
  • Posts 687
  • Votes 279

Honestly on 23,000 a personal loan at 11% is a pretty solid deal.

Post: Help Me Think Through My Investment Property in Central Mass

Brandon Croucier
Posted
  • Lender
  • Nashville, TN
  • Posts 687
  • Votes 279

Sell & cut your losses or just hold the land until you can sell for over your breakeven . Do not throw more money in a sinking deal.

Post: How to get to the next property

Brandon Croucier
Posted
  • Lender
  • Nashville, TN
  • Posts 687
  • Votes 279

Hi Jacob,

Ultimately this is a decision you need to make.

Essentially it comes down to, 

Can you make more money with the equity you pull than what the increased interest will cost you?

It looks like this is a fully amortized 7 year loan meaning, regardless of the interest payments, you are paying the property off at the rate which is similar to an automobile loan. If your goal is building equity, this is great but if its to create cashflow & use the extra income to reinvest this might not be the best loan for you.

Real Estate has appreciated 4-5% per year over the last 30 years, not including cash on cash returns. If you were to use longer term debt, acquire more properties while freeing up cashflow, there is a good probability of increasing returns.

Post: Refinance from rehab loan to DSCR without not hitting rehab loan ARV

Brandon Croucier
Posted
  • Lender
  • Nashville, TN
  • Posts 687
  • Votes 279

Hi Mitchell,

Given your estimated ARV $250,000 , you will be fine.

You can do a refinance once the property is completed for 75% / $187,500

This will cover the payoff & your closing costs.