All Forum Posts by: Daniel Molina

Hi @Tyler McDaniel It seems that everyone on here has given very good advice. I would simply add that it may depend on the rehab budget/scope of work you plan on doing. In FL, I have seem some very high rates and points (12-15 and 3-4 pts) for the more 'creative' the loan. You may need to do some leg work and call around.

I know you should be able to get anywhere around 8.99-9.99 and 2 - 2.50 especially if you are vesting in an entity (@Melvin List curious to see what high rates you are seeing) .Feel free to reach out directly if you want some more guidance.  

@Jesse Daconta there are specialized lenders that will allow you to cross-collateralize your assets into a single note. Typically, you can either do a cash-out refi or rate&term (only refi current balance). These are great options since typically they give you non-recourse options and convert them into a commercial loan; allowing you to go out and buy via conventional route until you hit the 10 limit again. 

Feel free to reach out directly for more info. 

@Deborah Drexler I think you are going to find that everyone feels it is a mixed bag. There are a few items that should help you make your decision like: hefty upfront fees (usually signs of a broker not a direct lender); high origination fees (anything over 4 is excessive in my opinion); lastly time to close and documentation require. 

Each of those categories will be a good starting point as you decide, but most importantly, is how you feel when speaking with them. If you aren't comfortable or feel you cannot trust them, then move on. Since everyone's communication style is different and what they value can differ; every investor will have a different experience/response to each lender. 

You can reach out to me directly and I would be happy to share any more details/tips

I can offer a loan depending on loan amounts you are looking for. Feel free to reach out directly when you are ready. 

You can reach out to me if you'd like. I know a few people in OR that lend or buy.

@Andrew Nolan If you have a JV agreement some lenders will accept down from family member. I think you just need to clearly explain where it came from and ask directly if lender is OK with it.

@Ben C. you are in a strong market with a lot of different lenders. Proving stuff like valuation and taxes will get you better rates; however, not at all necessary. 

@Chris Mason Good short and concise answer. @Ben C. i think you need to have a more thorough conversation with your lender and contractor. 

@Shawn Johnson thank you for your service and sacrifices. I love the big goals since I believe in the same methodology. This way if I fall short, I have still accomplished a lot. I do lending throughout the state of TN and personally bullish on the Clarksville market (45 mins from Nashville). I do quite a bit of lending in the eastern part of the state and seen some exceptional returns. I will be happy to connect you with whomever I feel would be an asset to your rockstar mentality. 

@Will Carson I think it depends on the lending strategy you are pursuing. @Frank Y. isn't wrong; however, some lenders are only going to be concerned with the amount of liquid reserves you have vs your taxes, pay stub, w2. There are also lenders out there who do not concern themselves too much with FICO or even having an LLC. So do not be discouraged from his comments since they are not true for all situations.

You should 100% have an executed contract, scope of work - if rehabbing, and a thorough exit strategy. 

If you want to "house hack" i think you are in for a disappointment. If you go to a specialized lender you have much more of a chance to be successful since we will not ask for as much as what was stated in the previous comment. Feel free to reach out and discuss at further detail.