All Forum Posts by: Devin Peterson

I am looking to start flipping houses and Looking to see about a hard money lender. Can someone point in a good direction ?

I am under contract right now for my first property in Milwaukee. I am a new investor so I’m reach out to the community to see if anyone has a good recommendation on a local or dscr lender? I greatly appreciate the help in advance 

Hey BP Fam- 

What is the best hard money lender for someone who is new looking to fix/flip? 

I could use recommendations for a mortgage broker in Oneida County area if anyone has one. 

I'm purchasing a home in a suburb of Cleveland with Hard Money.  My original intention was to flip the property and use the proceeds to help purchase a small multi-family home but am now considering holding the Single Family property as a rental.  

The Hardmoney lender will need ballooned out at 91k in 12 months.  I will not be able to do a cashout refi with a conventional lender for 12 months, and although Fannie and Freddie require a 12 month seasoning period for cashout refi's, it seems most convetional lenders, even in a straight out refinance (with no cash out) require 12 months as a policy.

Does anyone have any recommendations for long term lenders that will balloon me out on a long term loan?

ARV for the property will be about 150k - possibly 170k if converted to a 3 bedroom which is an option I'm exploring.

As they say, Thanks in advance.

I am completing construction of the final 2 apartments of a 12 unit complex. Looking for a lender to do a long term cash out refinance. Looking for suggestions for possible lenders on this size development. Thanks.

Hello. Just looking for a few diff lenders to do some comparisons on investor rates for a home purchase in the villages Florida

Will likely have 35-45% down

Pm or respond here and we can chat.

Would love to hear 30 year rates as well as more creative approaches such as 7:1 or 10:1 arms etc.

Bo

I have used Launch Financial (NOT A DIRECT LENDER) (I posted my thoughts on these guys here if anyone is curious). The DSCR lenders who wrote the actual loans are Lima One and Deephaven Mortgage. I do not want to continue with Launch as a middleman, but when contacting these lenders directly, they won't work with me- I get referred back to Launch.

Anyone have any experience with DSCR lenders themselves? Would be great to get some feedback!

Hi! 

Between some others in my family and myself, we own a few different properties. Some of these are paid off and generating rental income that we rely on for living expenses. We are interested in buying a beach house that we would rent out part time through weekly vacation rentals and would enjoy ourselves the rest of the time. The beach houses in this area are expensive, and may not be the best investment in terms of rental income, but we would really enjoy going there when it's not being rented out. Given our current properties, is there a creative way to do the financing that would allow us to buy the beach house without losing our current rental income ($6250/month) we are relying on? Newbies here, so please give an easy-to-understand answer without too much jargon! Thanks in advance!!

Details:

Current investment properties:

Rental Property #1 - Valued at 625,000. No mortgage. Rental income = 2600/month

Rental Property #2 - Valued at 725,000. No mortgage. Rental income = 3650/month

(the above income is needed for a family member's living expenses).

Rental Property #3 - Valued at 480,000. Mortgage (4%) = 245,000. Rental income = 5250/month

Rental Property #4 - Valued at 362,200. Mortgage (3.75%) = 111,400. Rental income = 2060/month

Primary residence #1 - Valued at 550,000. No mortgage.

Primary residence #2 - Valued at 789,000. Mortgage (3%) = 490,000.

Prospective beach house:

Price = $2,000,000. Rental income: assume $6,500/week (26,000/month) for 4 months, so 104,000/year

Looking for some advice on purchasing a four plex. 

Currently in the process of selling our property in missouri and looking to purchase a 4 plex in Florida. 

We found one for the price of 1.9 million. And really want to know if it would be feasible to purchase the property given some circumstances. 

We want to use a FHA loan to purchase the property. We meet the standard qualifications for the FHA loan. However the monthly mortgage is potentially 12K a month. I work full time but don't make that much per month. We would use the additional units to bring in the funds to pay the mortgage plus expenses. Plus we will have Capitol from selling our house that would be enough to cover a down payment and 6 months of payments.

My question is, typically do banks lend on primary/investment properties with such a high price? 

I understand there are alot of circumstances and it would come down to the bank. But looking for some feedback from anyone who has done a simialr deal.