All Forum Posts by: Brandon Beardt

I don’t have funds currently. Waiting for a couple homes to sell to get the funds. Is there a no $$ down short bridge loans?

Hello,

I am set to close on a townhome February 24th.  I am a long term investor and builder. I was planning on using the proceeds from a couple spec homes. However, I just finished them and have them listed for sell. I plan on using the proceeds to buy this townhome but am afraid that I will be cutting it close.  Is there anyway loans out there that i can get now and then refinance 6 -12 months into a conventional. This will give me time to sell these homes.  Thanks,

@Brandon Beardt

Thanks for the reply, I purchased the property on 10/21/22. Did you know of any DSDR lenders with that 60k minimum?

Hello BP family,

I recently bought my 3rd rental property in Salina, KS using a HELOC that I have on my primary residence (CA). I did a cosmetic rehab and rented out the home 12/1. I went to my local bank that I've refinanced the previous two rentals with, and they told me the way rates are rising they will no longer refinance any further properties due to my DTI (I co-signed for my mother on her primary residence in April 2022). I've contacted and spoken with several local banks and they all have informed me until my mother comes off my DTI they won't be able to give me a loan since it looks like I'm underwater on paper.

Another issue is that the property ARV is 85k, and with most DSCR lenders minimum loan amounts being 75k, the rental won't qualify since the loan amount I'm seeking is around 60-65k at 75% LTV. It's currently rented for 1000/month

Is there a DSCR loan available that has a 50k minimum loan amount so I can refinance this property and continue to purchase property?

Thanks for your help,

I'm having a terrible time trying to find a hard money lender who's minimum Loan amount is less than 100k! Does this exist? Does anyone have any recommendations? I'm in Louisiana.

Hi! 

I'm shopping for lenders who can accommodate closing in my LLC's name for a long term rental I have in Greenville NC. I've renovated the property but need to get out of the HML and into a long term loan. Any suggestions?

I've talked with Angel Oak but not sure where else to try.

Thanks!

Hello ! My Fiancé and I are wanting to buy our dream home. I was approved for 180k & want to offer on an 125k property , but they wrote “cash only” on the Zillow listing.

I am working on trying to speak to the listing agent to be able to have a conversation if possible , but I want to know if I can offer that 180k conventional/FHA loan . Is that something I can do ?

Thanks in advance !

Ive been reading a-lot about lending and how to get approved for the loan you want, I recently came across a section about how creating a LLC will turn residential lenders away from you. I was planning to create a LLC when the time came to buy my first property but now Im having second thoughts. Has anyone out there created a LLC and ran into trouble when it came to lending ?

Do you guys all have your rental properties in your own name? I can't BRRR my properties, as no one will refinance a home owned by an LLC. How are you guys doing it?

Hello, I am currently looking at doing a cash out refi on a rental property that I inherited. I recently renovated the property and put about 15k into remodeling bathrooms, floors, paint, etc. This property has no mortgage so the goal here is to leverage the equity to be in a strong position to purchase 1-2 investment properties in the near future (2023). I was recently offered 10.5% rate at 70% LTV. Right now I am cash flowing $1700 a month after HOA/Insurance expenses. After reviewing the loan details I am looking at an estimated monthly payment of $1797 a month. This will leave me about -$100 cash flow a month. Because of my current DTI situation I asked my mortgage broker to look for a DSCR product.

1. I know today's mortgage rates are at about 6.5%. Are the interest rates on DSCR loans typically 3-4% higher than current market rates for conventional?

2. This was just the first offer and I haven't responded to the mortgage broker's email yet but I feel as though I am being taken advantage of.  Also I was thinking that having more of a cushion at least ($300-$400) cash flow can help me with unexpected cap X and other issues that may come up.  Am I being unreasonable to think that this rate is ridiculously to high even with todays rates?

3. Any reccomendations, I was thinking maybe a HELOC but I hear that getting a HELOC on an investment property is much more difficult than a cash out refi. Any suggestions/advice would be much appreciated.

-Rookie Investor.