All Forum Posts by: Colin McMahon

Hey J, 

Not sure if you've found a lender yet but I can help here. Many of my clients have ITINs and no SSN. Feel free to send me a message and I'll shoot you a DM so we can connect. 

Hey Matt!

Daniel provided excellent insight, and just to add to it. If you are willing to go a little higher on the downpayment, you can still use the DSCR program for a DSCR even lower than 1.0 but as he said 1.0+ is really where you'll find your ideal terms. Most of my clients opt for DSCR loans so I'd be happy to assist. I'll send you a DM to connect!

Hey Emre, 

Congrats on your latest investment! I work with tons of international clients who set up LLCs during their financing/refinancing process so I can connect you. I'll send over a DM with more details. 

Hey Andrew! 

Many of the Canadian clients I work with gravitate towards North Carolina, Texas, with Florida and Arizona being their top choices so I'd looking into those states a bit more which it seems you've already started to do. Are you looking at turn-key investment or do you plan to purchase and rehab? Specialty is in foreign national financing so I'd be happy to provide insight and run some numbers for you once you've narrowed down your options. If you will be financing this purchase, I recommend starting with a prequalification as they will really help you focus on what markets will serve your budget best. I'll send you a DM to connect! 

Hey Cosmas, 

I'd be happy to help! Do you have an idea of where you'd like to invest? I can send you a couple blogs that provide a comprehensive overview and I'd also recommend you check out Doorvest - they essentially handle the BRRRR strategy on your behalf. Foreign national financing is my specialty so I'll shoot you over a DM and see how best I can help you.

Hi Francis! 

Great strategy in terms of BRRRR. Have you heard of Doorvest? They handle the renovations and property management for you. All the homes in their marketplace have a modest starting point, great for those just dipping their toes into the U.S. real estate market. In terms of foreign national financing - I can definitely help there, it's my specialty. I'll send you a DM so we can connect!

Hey Jonas, 

Not sure where you are in your U.S. investment journey but buying property through your LLC is a very viable option, but can get complicated if you're not the sole proprietor yet not impossible. I'd be happy to provide more detailed advice. I'll send you a DM so we can connect!

Hi Alice! 

I'm late to the conversation but excellent work on building your portfolio! You sound like an amazing client to work with. Have you considered leveraging the equity in your properties, and getting a cash-out to reinvest and expand your portfolio? I saw that you mentioned pre-payment penalties and I believe many like the lender I work with waive that pre-payment penalty so I wouldn't worry much there. With a DSCR like yours, you could get great terms on your refinancing. I would love to hear more about your investment goals so I can steer you in the right direction. I'll send you a DM so we can connect.

Hi Robert, 

I'd be happy to assist but would need some additional details first. The interest-only DSCR should not be an issue but knowing the value of the properties is important. I'll reach out to gather some more info so I can guide you accordingly!

Quote from @Nathan Alvarado:

I bought my first property last year in July. I put 20% down and put a good amount towards the rehab cost. I'm thinking I should have around 104k-129k in equity. I was wondering what would be my better option to get a down payment for my next property. Either the HELOC or cashout refi? My current APR is 7.15% I'm pushing towards the HELOC because lower cost on closing costs and refi interest rates are the same as my current loan right now.

If this is a primary residence I would take the HELOC. The loan amount is not going to be that large and the closing costs will be much smaller. You will also always have the option of doing a rate and term refinance in the future to refi both the first mortgage and HELOC into one loan. 

If this is an investment property it is going to be much tougher to get a HELOC due to the LTV restrictions. To get more equity out of the property you will have better luck with a cash-out.