All Forum Posts by: Colin McMahon

📢CALLING ALL REAL ESTATE AGENTS 📢

Are your deals on hold because your clients didn’t secure financing upfront? Have you been losing time showing them properties outside of their budget?

Join us to learn the fastest and easiest way to pre-qualify your new clients. This simple process will help them understand their purchase power and specify how much financing they will qualify for, so you can show them the best properties within their budget and close faster.

WHEN?
Friday, May 17th at 1 pm EST

Hi Stefano!

You’re in an interesting position depending on how long you’ve lived in the U.S. If you’ve yet to build up substantial credit in the U.S. you can apply for foreign national specific loans that don’t take credit history into consideration when qualifying as in some circumstances you can get better rates and terms applying as a FN when your U.S. based credit history is in it’s infancy.

Securing financing upfront is paramount. I always recommend starting with a prequalification letter to get a solid view of your purchasing power before heading out into the real estate market. Miami is a great place to invest both for short and long term rentals and with condos, property management is simplified but be sure to ask about HOA fees as early as possible especially if you intend to go with a DSCR loan.

DSCR loans are usually what I recommend to ensure approval as your qualification is not based on your income but the projected rental income of the property.

Buying with an LLC is a great way to safeguard yourself and your property, highly recommended, however, if you're purchasing through an LLC that was not formed specifically for the purposes of acquiring your investment property, ensure you own more than 50% as LLCs can get complicated with multiple equal shareholders.

Let me know if you have any questions around financing- I’d be happy to assist!

Hi Gautham! 

Not sure where you are in your U.S. investment journey but have you heard of Doorvest? Its a full-service marketplace that purchases under-market properties, manages the renovations on your behalf to get them rent-ready and then manages the property for you for the first year post-closing and beyond if you need them to. Many of their homes are within the $200-400k range, great for investors just starting out in the U.S. My expertise is in international financing, so I can provide guidance if you need assistance. Feel free to reach out for more details and I can connect you. 

ALL great advice and information provided above! Here’s a bit of a synopsis:

1.  DSCRs and condos go hand in hand 
2.  Anything under 5 units will still be treated as residential single-family in terms of terms, rates, etc.
3. Before submitting an offer, contact the Condo association to understand whether the property is non-warrantable (will require Non-QM financing) or warrantable (Approved by Fannie/Freddie) as that will impact the rates and terms you’ll qualify for
4. Lenders consider all costs when calculating your DSCR so get a head start by asking the association for HOA fees as this can really impact your ratio. In strong rental markets, do not worry too much as there are lenders who will finance your loan even if your DSCR is under 1 (but for best terms - aim for 1+)
5. Typical LTV will be around a 70 - 75%. Anything higher and you're likely looking at less than optimal terms/rates

Hi Ramiro!

I'd be happy to help. Is this for a purchase or refinance? I'll reach out via DM to connect!

Hi Mario! 

I'd be happy to help. Quick question - is this a primary or investment home you're trying to close on? I'll reach out via DM to get more specifics. 

Are you an international investor looking to buy, refinance, or cash out on multi-family properties? Our specialized mortgage services cater to non-U.S. residents interested in properties up to 8 units. Even without a FICO credit score, SSN, or U.S. income, you can qualify for our tailored loan programs.

Key features of our mortgage services:

• Loan Options: Buy, refinance, or cash out with up to 75% LTV for purchases, 65% LTV for refinancing, and cash-outs.
• Minimum Loan Amount: $150K.
  
• Eligible Properties: Including short-term rental properties.
• Downpayment: Minimum of 25-30% required.
• Fast and Efficient: Prequalify in under 5 minutes through our secure online platform; our mortgage pre-approval application can be completed in 10 minutes with instant rate and fee transparency.
• Quick Closing: We typically close in 21 days or less. In qualifying states, you can close fully remote without needing to visit the U.S. 
• Extensive Coverage: Servicing Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland, Massachusetts, Mississippi, Missouri, Montana, Nebraska, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, Wisconsin, and Wyoming.

Invest in the U.S. real estate market with ease and confidence. Contact us today to begin your journey towards successful property investment!

Hey Jimmy, 

As another commenter stated, higher down payments for rental properties are common and help get a better rate. I'd be curious to know what you're looking for in a lender so I can help steer you in the right direction. Some additional info on the property would be great as well. I'll reach out via DM!

Hi Philip! 

It is challenging to get financing in a GP / LP structure. In most cases, the lender will require the person who is providing the capital to sign for the mortgage. As long as your extended family member has no problem being involved in the mortgage process you will not have issues with the financing. 

Also, as an international investor, you will not qualify for conventional financing in the US. There are a lot of options for foreign investors though. If you have any questions please let me know. 

Are you an international investor? Would you like to invest in a U.S. property but don’t know how to start? 

Join us to learn the fastest and easiest way to invest in a U.S. property.

Spoiler alert — we have a guest from Doorvest.

Doorvest offers a streamlined, full-service approach to real estate investing, designed with the international investor in mind. This innovative platform simplifies the process by handling everything from property acquisition to managing renovations and ultimately overseeing property management once the rental process begins. For foreign nationals interested in the U.S. real estate market but deterred by the complexities and management concerns of investing abroad, Doorvest presents a viable, hands-off solution.

WHEN?
Friday, May 10th at 1pm EST

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