All Forum Posts by: Dominic Pizzi

Agree with Kevin on this one! A good HML will be beneficial in giving you accurate quotes so you will know if it is a good deal right from the very beginning.

Even though you have a good team that surrounds you, make sure you still have an active role with your property. There have been many horror stories of contractors saying work is completed and it they take your money and run, or property managers that never look after your property. Always have eyes out, there are times where people may not have your best interests at heart!

Although that post sounded extremely negative, it is something to consider! Good luck with the first BRRRR, sending well wishes to everyone involved!

Hey Kyle!

Many cases of 90% LTV anything do not exist, and 80% LTV anything do not exist much either (unless it is a purchase on a rent ready property or a delayed purchase). A 75% cash out refi is more likely the higher scenario of the two, however when you do the refi they are paying off the total loan amount on the 12 month flip loan and netting the difference. You said you could go the conventional route and try to get the maximum a bank will let you get on a cash out, however there's different stipulations with a bank cash out refi than a HML.

Previous to six months, some Non-QM lenders will only be able to refi the purchase price and the rehab budget you put into the property. Post 6 months - you can do the refi on the appraised value of the property. In order to do the refi: the property must be tenant occupied. It makes more sense to wait post 6 months to do the refi so you can get it on the appraised value of the property as opposed to PP + Rehab so you can get the most out of it. 

Hey Alexandra! Send me a PM!

Hey Shaqiul! 

Most private lenders are not doing 80% Cash Out Refis anymore. The last big name that I knew that went up to 80% on anything was CIVIC and they are not doing new loans as of last week. 75% is seemingly a good target on a cash out refi for a DSCR loan, assuming credit is good and the property cash flows well.

I use Capital One High Yield savings. They are certainly a good option as well as the other aforementioned names. 

Send me a PM!

Local wholesaler and crazy enough, local Facebook groups that have off market deals are very helpful as well!

Hey John, I think using a commercial lender that allows you to use an LLC to close in would be beneficial in this regard. Depending on your FICO score and the types of properties you are looking at, you could qualify for a decent loan structure with the right lender. If you can message me with more detail that would be awesome!

Hey Rob! Send me a PM!