All Forum Posts by: Devin Peterson

Has anyone ever used this lender? All feedback is welcomed. Thanks

 Thanks Devin, yes was quoted 10 & 11% from rocket mortgage.  Going to shop local to see if I can get a better %. 

I have my dad's house (he passed 2 years ago) and am wanting to rehab it & rent it. My vision is to keep it a while (it's paid off) and use the cashflow to help with my kids college. A full interior rehab will be about $40,000. Would a HELOC or home equity loan on my personal home be a good idea to fund this? What other options would be good? Thank you in advance!

I have 7 rentals with a total available equity of roughly 800K. I am trying to purchase a mobile home park that is already in a system of Mobile home parks that profit 87 percent for the last 15 years. I am thinking I should use a DSCR loan. can anyone help me with this process

@Dan Green - I think it is really hard to do this. Since there is a co-owner, you would have to purchase the property and it is really hard (if not impossible) to pull a HELOC as the basis for the purchase (since it is not your primary residence). You could try a DSCR loan. Perhaps @Devin Peterson can help?

Hello,

I am looking for local lender recommendations for a short-term rental located in North Myrtle Beach/Myrtle Beach, South Carolina.  

Thanks.

Zachary

Hi BiggerPockets Community! 👋

My name is Anthony, and I’m an investor based in East Hartford, Connecticut. I currently own a 3-unit multifamily property, and I’m actively looking to expand my portfolio while building meaningful connections with like-minded investors in CT.

I’m particularly interested in:

• Wholesalers: If you’ve got off-market deals, I’d love to hear from you.
• Creative Financing Opportunities: Subject-to deals and seller financing are right up my alley.
• Networking and Partnerships: I’m eager to collaborate with other investors who share a passion for creative deal-making and scaling our businesses together.

Whether you’re an experienced investor, just starting out, or anywhere in between, let’s connect! I’d love to exchange insights, explore deals, and help each other grow.

Feel free to DM me or comment below. Let’s turn ideas into action! 🚀

Looking forward to connecting with you all!

- Anthony

How would you refinance an investment property in Texas?

One of my investment properties in El Paso is a SFH currently renting for $1,100. After my P.M. costs I collect $940 or so/month. 

The balance on my bridge loan is $120,000. The last appraisal from September of 2023 was before it had a tenant and came in at $165,000. 

My bridge rate is 10% and results in a $1,500/month PITI payment.

The negative cash flow stings but is worth it for the equity. I think there's a path to refinance that would flip me into positive cash flow, but I'm coming up short on ideas. 

I really don't have the $23k down payment I'd need for a DSCR, and Texas wont let me HELOC the equity out of my other rentals.

With my $1,100 monthly revenue, my 700 FICO, and my (likely) $55,000 in equity - what kind of options would I have to refi.? 

We have two rentals and looking to buy 2 or 4 more but I want to see if we can do DSCR loans.

Looking for recommendations in the orlando area thanks 

As a person with an average salary, I was wondering what the maximum amount of DSCR loans a lender would give out would look like? I have one conventional mortgage and am looking for turnkey rentals, which there are many of in the midwest. How do I get to 5, 10, 20 properties with DSCR? And do they care if I do rent by the room strategies?

Originally, I felt limited by conventional lending DTI.

The downpayment and closing costs would be one large hurdle in order to repeat this, I'm not sure how willing lenders are to allow 3 properties a year. Still learning the DSCR ins and outs. Thanks!