All Forum Posts by: Devin Peterson

Hi. I am from Los Angeles, CA. I have not worked with anyone who does DSCR loans. Do you guys have any recommendations? There are a lot of companies when I search in google and not really sure who to go with. Thank you.

I bought my first house (Duplex) last January. My rate is 6.625%. I was planning on combining the 3 strategies of brrrr, house hacking and sneaky rental strategy. I’m currently looking to buy my next primary residence to house hack. I was thinking of using the 9k that I can get out the refinance of the duplex for the down payment/renovations of my next house. Only problem is the new rate will be 8%. Does it make sense to take the higher rate to pull out 9k?

Should also mention I can’t wait till rates to come down to refinance because I will only be able to take out a loan for 70% of the value instead of the 75% while it’s my primary.

Hi there,

I'm looking to complete fix and flips in Arizona. Does anyone have any recommendations on lenders that offer hard / private money loans in AZ. Welcome any recommendations you have.

Thanks!!

Rob

Friend of mine is trying to purchase a home on Long Island, New York. He is overbidding by an insane amount and still losing properties, usually to cash offers.

I haven't done research into this for personal real estate purchases so looking for some pros/cons here from my idea.

Can you take out a hard money loan to make a cash offer on a personal home. Then once you close on the house take out a standard 30 year mortgage to pay off the hard money loan? Obviously you'll be paying the interest on that hard money loan, but aside from that, does this work?

So my brother and I are saving for a rental property. We both currently own our homes for a couple years. We really like his current house as a rental property. Would it be possible for me and him to buy a new primary residence for him to live in, while we rent the house he is currently in. Wondering if we could add my name to his current house. Let me know if you think a situation like this is possible or if you can think of another scenario to handle this

I am in the Rockland NY and I am looking for a local hard money lender. I am looking to purchase a fix & flip within the next 60 days. I am looking for deals in Orange County NY and surrounding areas. Also would appreciate any tips as this is my first flip. 

I just got an appraisal back for a property I am trying to cash out refi.  I bought it for $100k and the appraisal came back at it being worth $210k but only worth $1000 a month in rent (the rental comps are nowhere near as nice as the house in my opinion and one of them is really a house converted to an office). My application says the home should rent for $1500 and is worth $195k. Personally I wouldn’t rent it for less. I imagine this will be an issue? 

A partner and I own a 6 unit in Barre VT.  Current market value is about 650k.  Balance of current loan with private lender is about $470k.

pro forma (and actual cash flow) runs about $1200 net each month.

Property is owned by an LLC of which we are the two members.

Last week I got a quote from a company for a DSCR loan for 9.25%.

We are happy to do full income verification and personal whatever to get a better rate than that.  

1. What options are there for this type of property for refi (we can do 70% or 75% LTV)?

Is 9.25% the best we can do? 

The partner in question has multiple times the loan amount in his bank accounts/liquid assets.

Great small multifamily investment opportunity!

I am UC on a 6-unit property in the Atlanta metro area with great value and metrics, but I am having trouble finding financing for the deal due to it being classified as a legal non-conforming use by zoning. It was grandfathered into the current zoning code. We have already completed the inspection and appraisal, both of which have come back clean. We are closing on June 28th. The lender we were working with initially said they could do legal non-conforming uses, but now have backed down from that. We are looking for a 30-year DSCR product at 55% LTV, but open to other creative financing terms to come up with half the purchase price.

Here are the details:

• Property: 6-units (mix of 2/1 and 1/1's) – configured as 1 SFR, 1 duplex, and 1 triplex on 0.47 acres
• Condition: Older structures but significant renovations to SFR and duplex in last 3 years. Triplex is fair quality with some deferred maintenance, but livable. Recent exterior spot repairs.
• Purchase Price: $680K
• Rent Roll: ~$6,200 per month, all units rented with long-term tenants and multi-year active leases.
• Appraisal: $850K
• LTV% Requested: 55%
• Zoning: Located in an overlay district zoned for 12 attached DU per acre.

Are there any creative lenders who are willing to lend on a legal non-conforming use and can close in a week? Please send me a private message and I can share more details.  

Offering Memorandum and Appraisal Available Upon Request!

Hi BP, 

Does anyone has some recommendations when it comes to choosing a lender here in Raleigh. I'm getting ready to start doing my research and figured I'd ask! Thank you in advance!