All Forum Posts by: Darnell Lockett

Hi @Fallon Gilbert. How long have you owned the properties? While our lenders typically like to stay above $75K, we do have loan programs available for borrowers who have to go below that min loan requirement. You have options. Feel free to reach out to me if you still need help. 

Hi @Brittany Voccio. I know this is an old post, but I wanted to say you can have more than one FHA loan at a time. That's a misconception many people have. As for not wanting to cash out refi from that 2.75% rate, which is more important to you? Keeping the rate or pulling out some of that equity for your next property for down payment and closing costs? It's just a thought.

 You're welcome. Keep us updated!

 Wow. Your client will be hard pressed to find better terms than that. 

Hi @Ryan Bakerian. As a Mortgage Broker and investor myself, I always advise investors to shop around. I even advise our potential clients to shop us. That said, I'm not sure you're going to find any lender going down to 20% DP on a commercial property....especially not in this environment. They can do 20% DP on 1-4 units, but it's more than likely going to need to be conventional which will require them to use their personal income for approval. They could go 25% or higher DP with no personal income verification with a DSCR loan. As for rates...regardless of commercial rates are always going to be higher than residential investment property rates. Residential investment property rates are always going to be higher than rates for primary home buyers. There's no getting around that unless your client is willing to buy the rate down. This goes for conventional or DSCR investor loans. They might as well take rate out of the equation (it's going to be higher) and focus on purchasing at the right price point..imo. That's what I do when purchasing our properties. From a Mortgage Broker perspective, when we underwrite a commercial property, there is going to be more layers. We ask for more documentation in part because of the added risks and size of the property. Of course there's other factors as well.

Hi @Phil Deshay. There are several loan options available for STR refi's including DSCR loans and flex programs.

Hi @Timothy Christian Jr. As others have stated, 6% DP isn't available for an investment property. Seller financing will be your best option if FHA or funds from family or friends isn't an option.

Hi @Sam Leon. There's really nothing too complicated about the LTV. It's based on the lower amount of the sales price or appraised value. Something to think about here in Miami and Florida in general with condos. The guidelines for lending on them have become tighter. Feel free to shoot me a message or give me a call if you have any questions.

Congrats on the listing @Willy Stadele. Looks great to me. I'm just curious as to how's the STR market here in Miami/Fort Lauderdale/West Palm Beach? I've been thinking about doing it as well.

Hi @Andrew Russell welcome to BP. It's great you're getting started in RE investing. There's a wealth of knowledge in this group. I'm down in Miami, so you're not too far away. We have an excellent REIA group here. Broward/Palm Beach/Miami REIA. https://www.bpmreia.com/ They have in-person meetings at least once a month where you're able to come and learn different strategies and talk with other investors. Feel free to reach to me anytime. I'm happy to share and connect with you. Congrats on your new journey!