All Forum Posts by: Dan Gamache

Conventional financing will not allow title be held in LLC. Private Lender will require it to be in LLC.

@Angeline Mentor were they saying FHA warrantable or Fannie Mae warrantable? If its Fannie Mae warrantable you should have no issues. If its Fannie Mae non-warrantable is generally when you have financing issues. Usually non-warrantable if development has a high concentration of non-owner occupants, project not complete, or developer hasn't turned control over to condo association.

@Tisha Smith Private Lenders don't factor DTI into underwriting, rather based on cash flow of rental property. Generally you need at least 10% downpayment of Total Costs (purchase price + rehab budget).

Very excited to announce a brand new Fix2Rent lending option for Brrrr investors. Loan will start out as a Fix n Flip loan and will convert to a long term 30 year program once the rehab is complete and property is rental ready. This program allows for cash-out at time of conversion based on ARV which eliminates all the seasoning issues investors have been running into. Please contact me at (617) 680-1635 or [email protected] to discuss further details.

@John Martin Private lenders will base loan on cash flow of property and not consider DTI. Slightly higher rates/fees. Usually need 20-25% downpayment.

Very excited to announce a brand new Fix2Rent lending option for Brrrr investors. Loan will start out as a Fix n Flip loan and will convert to a long term 30 year program once the rehab is complete and property is rental ready. This program allows for cash-out at time of conversion based on ARV which eliminates all the seasoning issues investors have been running into. Please contact me at (617) 680-1635 or [email protected] to discuss further details.

@Al Cole What is your plan, flip or hold as rental?

@Jason Richards Issue with auction.com is they generally do not allow interior access for appraiser. You need to find a lender that will just do a drive-by or no appraisal at all.

@Chris Seveney minimum property value of 60K in portfolio loan. If a few properties below 60K we can always try for exception.

@Rich Hupper what was purchase price? What do you think it will appraise at?