All Forum Posts by: Brittany Minocchi

Hey Chris -

To echo what most others have said, a DSCR loan is probably your best bet. Your income isn't a factor. I work for a broker and have multiple wholesale lenders that do DSCR loans, and a few that will use STR income as long as you've got 12 months of history for the property. Be prepared for a 20-30% down payment, prepayment penalty (unless you choose to buy out the fee), 3-6 months of reserves and higher rates.

Hey Dezmond! 

If you're planning to flip and not hold, you'd probably want to look at a short-term I/O type loan. These are usually 12-18 month terms with a balloon. It would depend on how long you think the renovations would take to make sure that timeframe isn't an issue. You'll want to pay attention to the minimum loan amounts with these programs -- $50k purchase price will be tricky to finance. I could go as low as $100k assuming 75% LTV. As far as paying for labor, that's something that would need to be discussed with whoever you decide to use. For supplies, we usually use a credit card to earn points/cash back instead of paying cash.

I may be able to help -- feel free to reach out to discuss. 

Congrats! I’m a lender in NE Ohio and my husband and I also invest. If I can ever be of help, don’t hesitate to reach out! 

Hi Ivan, 

I’m a lender and investor in NE Ohio. Happy to help or answer any questions you may have. 

Sounds like they're probably referring to house hacking, so it's an investment property but also their primary residence. With FHA for example, you can put 3.5% down on a multifamily, live in one of the units and move after the one year requirement.

First off, I think it’s awesome of you to include your wife in this decision. I understand you plan to use her credit so you might not have a choice but to get her on board, although you could just as easily disregard her feelings and continue on your own. My husband and I were in a similar situation — he was eager to get started with real estate, we were finally in a position to do it, and it made me nervous. I was taught that saving money should be the goal, debt is bad, don’t buy things unless you can pay cash, and not to take risks because “you never know”. Super long story short, I came around to the idea pretty quickly, got into the mortgage business myself and we currently have 7 doors and plan to continue investing. We invest locally here in Ohio and it’s definitely a landlord-friendly state with deals to be had. Seeing the numbers in front of me and having a well-discussed, well-thought out plan helped put my mind at ease and I’d definitely be kicking myself if we hadn’t made the jump. 

 Hi Princess, 

I replied on another one of your posts as well, but wanted to let you know I’m a lender in that area of Ohio and happy to help!