All Forum Posts by: Collin Wilson

@Jin Lim @Caleb Brown @Emily Smith

Sad I didn’t see this post until now! I hope the last meetup was a success and that there will be more in the future!

@Nick Velez

Hey Nick! Thanks for the advice. I have spoken with a couple of commercial lenders on DSCR loans…of course the terms aren't great. Looking at 5 yr terms on a 20yr amortization seems pretty standard. Hoping to find better! Appreciate the help!

@Jesse Rivera

Thanks Jesse, great point.

@Ned Carey

Thanks Ned!

@Robert Grant

Thanks Robert, I appreciate your response

@Matthew Crivelli

Thanks so much for your response and it totally makes sense. The crazy part is the guy was actually referred and is somewhat reputable from my area (not some guy from across the country). Either way your point makes sense and I appreciate the advice, which I plan to follow!

I am in the process of doing a cash out refinance of a SFH. We are looking at a commercial loan (to place into an LLC). I was referred to a lender who is not affiliated with a bank or major institution, something I am not at all familiar with so apologies for my ignorance on this. He collects the data and sends it out to hundreds of different lenders. He says he is confident he can get an investment loan for a fixed 30 at 3.75-4.25. There is a processing fee (upfront) of $1750 and then a success fee (due at close) of 2% of the closing cost. Obviously I am suspicious and I wanted to get thoughts or experiences with similar lenders? Any help is greatly appreciated.

@Jennifer L. You are absolutely right, I should have done a better job at having the property ready for rent. The smoke detectors were brand new and installed they were just unhappy that the old detector was in the drawer. Either way I should have been better! Thanks

@Ricardo R. Thanks a lot for the advice. I will definitely document better in the future. Lessons learned!

@Lynnette E. Good point, thanks for the recommendation!