All Forum Posts by: Brittany Minocchi

Purchase price, not loan amount, between $50-$70k? That's tough. If you can bump it up to $75k purchase prices with a minimum $50k loan amount, then you'll have some luck. That's the lowest any lenders that I know of will go to. Expect $5k or so in lender fees in addition to your title fees and escrows on the small debt service loans. 

Gross. Sorry that happened to you! Not sure what reason there would be for a poor attitude just because you needed to switch loan types. At least he showed his true character at the beginning, I'd take that as a win. It's not up to us as loan officers to tell you what you will or won't find, it's our job to help navigate the numbers. If they work, cool, if not, on to the next. Not all lenders require a 1.00 ratio, but less than that usually has garbage terms...and there are ways to get the ratio to work outside of just looking at market rents if you're close enough. 

Anyways, if you want to chat without needing to worry about judgement and arrogance, feel free to reach out! 

Another vote for Ohio! I have a few MFHs and a SFH in Canton that do very well with cash flow, which is my main focus right now.

What's up New Guy Dave! I live in Ohio and invest in the Stark County area, MFHs in Canton specifically. You'll have no problem finding tenants with Section 8 vouchers here. If you're planning on getting mortgages, you should be able to use $40-$50k across 2-3 multifamily properties, more if you decide to look at SFHs. Akron, Columbus, Cincinnati, Dayton and Toledo are a few other areas that are popular here. Some are better for cash flow, others are better for appreciation depending on what your preference is. Happy to connect if I can be of any help, good luck! 

$70-$80k is the ARV? Are you wanting to use conventional financing or a low doc loan? Options are slim for <$75k loan amounts, but I know of one lender that will go down to $50k as long as the property is worth $75k. Downside is there's a 6 month seasoning requirement to use the appraised value, and you'll want to expect $5k or so in lender fees in addition to your title and escrows. With conventional, you'll need to wait 12 months for a cash out unless you want to base the LTV on purchase price instead of appraised value for a delayed finance.

There are HELOCs and HELOANs available on investments, but for the HELOC, the property would have to be titled to an individual and not an LLC. HELOANs can be in an LLC, but that's a lump sum and not a line of credit. Be prepared for a lower LTV compared to a primary home and potentially wild rates - it's not cheap to get a second lien on an investment property, especially a condo. Happy to chat if you want to connect!

It's lender-specific. Guidelines may vary based on property type and/or loan amount as well. 

I know of multiple lenders that'll go lower than $100k. Keep in mind that many of the fees are fixed, so they're the same on a $75k loan or a $750k loan...they can seem high relative to the low loan amounts. Happy to connect if you'd like to discuss, feel free to reach out!  

You may have more luck with a HELOAN, which is a closed end second. This would be a lump sum with a fixed rate, not a line of credit with a variable rate. There are only a couple of lenders out there doing true HELOCs and they don't allow properties that are in an entity. Expect high rates for both products. 

 Have to disagree there - I have never helped a buyer or bought/sold a house personally where there wasn't a disclosure form.