All Forum Posts by: Debbie Fales

Sounds like a new construction loan might be your best bet. You'll likely need to show strong financial standing and relevant construction experience to qualify. To give you an idea, for new construction, we require a 680+ credit score and 2+ exits in the past 3 years, with a minimum loan amount of $100K. 

Good luck! 

Also, consider what funding source you plan to use for your investment. Most private lenders won't lend to individuals, and instead make business loans that require an LLC.

As a private real estate lender, NavCap makes loans to clients for investment purposes. Since we don't require income or tax statements to qualify, we consider the value of the hard asset associated with the loan—in this case, the rehabbed or rental property. Unlike a residential home mortgage where the owner occupies the property, these short-term hard money loans are business loans—not consumer loans. As such, borrowers are required to establish an LLC to receive the funds.

An LLC provides some benefits to you as the investor too — namely, it provides:

Limited liability: An LLC can protect your personal assets from liability in the event of a lawsuit or financial default.
Tax benefits: There are some tax benefits to using an LLC for real estate investing. For example, you may be able to deduct losses from your personal income taxes.
Credibility: An LLC can give you more credibility with lenders and investors. This can make it easier to get approved for a loan or to raise capital.

Lots to think about...good luck on your investing journey! 

A DSCR loan with a private lender seems like the way to go for you. As long as you have one or more successful exits in the past three years and credit above 620, we are lending up to 75% of ARV for a cashout refi.

Good luck! 

There's a local company called Annapolis Home Concierge that will look after properties when the owner is away. Not sure if it would fit the bill for you but it might be worth considering.

Best of luck! 

The regulatory landscape in NY is pretty tough — have you considered MD or VA? It might be worthwhile to find a local REIA to see where other folks in your area are finding success.

Good luck to you!!

We want to meet you! Stop by our sponsor booth at the Mid-Atlantic Real Estate Investors Association (MAREIA) Trade Show on Thursday, October 12th from 4:30 PM until 8 PM.

This event is designed for real estate investors at all experience levels and will connect you with national and local vendors who can help propel your business forward. So put it on your calendar now! Networking, giveaways, and much more! And, best of all, tickets are FREE!

We have a lot of clients in your boat, pivoting from fix and flip to fix and rent. Your best bet would be an interest-only DSCR loan if the property qualifies. We have a minimum rental loan amount of $100K and look for borrower credit above 660.

Best of luck to you!

You can definitely use an out-of-state lender to finance your Florida property. I'd suggest asking around in your network for referrals. Find someone who's been satisfied with their lender and start from there. Consider checking with the American Association of Private Lenders for extra piece of mind. 

Good luck!! 

Have you thought about expanding your search beyond Annapolis proper? We've had clients with recent success in the surrounding area including Pasadena, Glen Burnie, and Laurel, to name a few. Within Annapolis itself, you might consider Cape St. Claire and Hillsmere since these communities have lots of older homes at competitive price points. 

Good luck on your real estate investing journey! 

As many have already mentioned, rates are variable and depend on a lot of factors — borrower experience, credit score, leverage requested, money down, and, of course, property details. 

For our most experienced clients, our current DSCR rates are starting around 7.5%.

Good luck!!