All Forum Posts by: Damon Vaughan

Thank you, @Chris Mason! I appreciate the perspective.

Thank you so much @Mike Singer, @Michael K Gallagher, @Sasha Mohammed, @Erik Estrada, @Kass Farran and @Ryan Kelly! This is really helpful!

@Kass Farran, @Devin Peterson and @Jay Hurst thank you for your insights! I'm in the final stages of the decision process, so your perspective is gratefully received. 

I'm currently in discussion with two lenders to secure a conventional mortgage for a SFH rental property. I have experience with PennyMac, and they are currently offering the better loan estimate. However, Rocket Mortgage is committed to offering the best deal. I've searched the Bigger Pocket forum for feedback on Rocket Mortgage, and I've seen a wide range of reviews, and mostly from at least a year ago. Any guidance would be appreciated.

FYI - Rocket Mortgage is offering the ability to refinance at low/no-cost in the future, which is quite tempting.
  

Thank you very much, @Matthew Kwan! I appreciate the advice and introduction to @Albert Bui!

@Kristen L Garner, thank you for the kind words and the guidance (including the bonus tip)!

@Albert Bui, I'm grateful for the quick response, insights, and interest in my journey. To answer your question, here's my situation:

My wife and I own 18 rental properties (all SFHs and LTRs) - 10 are paid-off. With the exception of our home, we never put the loan under both of our names. I reached my 10-mortgage limit under Fannie/Freddie. My wife has 1 rental property mortgage under her name. To capitalize on her Fannie/Freddie mortgage capacity, I transferred 4 paid off properties to her name, so she can do a cashout refinance and purchase more rental under her name. My post was originally meant to figure out what we should do once she reaches her limit, which would be at the end of this year (assuming that we refi 4 and purchase 4), but now I'm also wondering if we should handle this year's refi and purchase strategy differently. 

@Nicholas L., @Chris Davidson, and @Devin Peterson - Thank you very much for your insights and guidance! I appreciate you taking the time to reply.

Best,

Damon  

Looking for recommendations for non-traditional lending options for residential properties (SFH or duplex). Need new strategies to purchase properties and refinance existing after reaching 10-loan limits with Fannie Mae and Freddie Mac. This is for a LTR approach.

Thanks in advance.

Best,

Damon

I'm new to the BP forum, and in a similar situation as David. Two questions: 

- Kevin: Does the commercial blanket loan have an option to pull out equity, like a cash out refinance? 

- David: What did you decide to do? I'm researching non-QM loan options and interested to learn from your (and others) experience.