All Forum Posts by: Doran Summers

Welcome to BiggerPockets and good luck investing.

@Alma Mills, I’ll be interested in reviewing the remodel. Our group worked on refi of a 126 unit in Texas for a borrower. It was a $4.1M cashout refi. What’s the current occupancy rate?

Lorrett H. As I️ told you we can do it but you need to take your partner off the LLC if you want to refi. Because he owns 40% of the company we will have to underwrite him. It doesn’t matter if he hasn’t participated in the company at this point.

What’s your strategy? Most lenders offer 65% for foreign nationals and most cases require you to have an business llc setup in the same state your investment property is located.

for most but depends on the borrower experience. Most lenders look for total of exits in the past 24 months to underwrite up to 90%.

@Gabe Sirkin are you looking for a 12 month term or long term financing with a 5/1 arm? Can you tell me more about the property? Is this your first investment property? Do you plan to live in it?

be careful if someone says they do 100% financing. Usually you would need 90% of cost and closing fees.

@Logan Turner can you pm me on who you used to refi? I have a client looking for 70% ltv at 6%. His score is 680 to 699.

@Keeya Malo are you currently living in the condo? Or is it an investment Property?

I would choose option 1. But an not so expensive home then also flip/rent sfh or multi family. Just based on what your goals are you should also leverage your cash reserves by getting a line of credit. That way for example you get a line in company name (won’t hurt individuals credit score) for around $1M or so and use that funds to invest in 2 to 3 Properties.