All Forum Posts by: Erik Estrada

@Erik Estrada thanks for the questions. 

1. That is what another broker told me. Good to know.

2. My wife and I have five other STR and have been doing them for eight years.

3. I can get an extension but they have another closing cost. Last time it was around $10k so I want to avoid that. The $1.6 is in the middle. Last year it was appraised for $1.8 million but it won't go for that now. 

4. I'm an Architect and did everything. So condos recorded with the city, everything conforms to zoning, and CoO acquired. 

@John O'Leary Thanks for your comment. I know 80% is probably too high but I figured I would ask with the reality that 75% is more likely. The $9k is if the units were unfurnished and rented to one person. If we use STR that goes up to $11k for both units. More likely higher.

Condo information 3 million to fix only had about $500,000 in reserves and only 70% of the units were making monthly hoa payments 

Good morning all!! I'm looking for hard money lenders who are willing to build a personal relationship with a new and hungry investor. I'm willing to do all the legwork so all you have to do is wait to collect your ROI. Let's do work! I have many questions I'd like to ask in order to ensure I fully understand how this works.

Hi there, 

I'm searching for a private money lender in the Rochester NY area. 

Also, I'm open to meet 1 or 2 great contractors in the same area. 

Hello,

Need some advice. ...I have 3 rental single family homes. Two in Florida and one in Texas. All of them have a mortgage and one of them has a HELOC on top of the mortgage. All of them have plenty of Equity (even the one with the existing HELOC). My needs: I need cash to open a business (which I have over 25 years of experience on). My hesitation: All of the homes are under 4% interest rate (the biggest one is at 2.8%). Question: Is there such a thing or product as a HELOC on investment homes in FL & TX? Why a HELOC instead of refinance you may asked? For once, i may not need all the money but I sure need to have it immediately available just in case I need it. I don't want to pay a fixed high monthly payment when i may not need all the money at once. Issues: My only income right now, as I am getting close to open the business, is my rental income which is very good for just 3 homes. My credit score is over 700 (not sure by how much is over 700). Any ideas of what my options are or what products are out there to fit my situation? Again, I prefer a credit line type of product or HELOC. if someone suggest cash out refinance, I see cash out refinancing the same way as selling the home without the fees associated with selling. On top of that, the bigger home is at 2.8% rate right now.

I’m checking on how most mortgage companies' closing costs compare to this. I made an offer earlier today for a rental property 25% down and am waiting to hear back, but my realtor advised me to at least give a lender a chance to get me pre-approval, claiming they secured good rates.

However, the pre-approval they provided was significantly higher than what I expected 7.625% conventional. This looks like I will need $16k to close. I guess I need to keep shopping around.

Other lenders I reached out to never gave me a rate just pre-approval letters so I never knew what I was expecting until I got an offer accepted."

My credit score is 712 on Experian, 720 on Transunion, and 690 on Equifax. One of the loan officers informed me of these scores and said they always consider the middle number.

*Purchase Price - $189,900.00*

*Base Loan - $142,425.00*

*Downpayment - 25% ($47,475.00)*

Origination Charges

*Points - $2,146.00*

*Flood Certification - $8.00*

*Credit Report Fee - $100*

*Appraisal Fee - $800*

*Loan Origination Fee/Avg Branch Fees - $1,490*

Title and Closing Fees

*Lender's Title Insurance - $400*

*Lender's Title Insurance - $1,270.10*

*Owner's Title Insurance (Optional) -$267.10*

*Closing Protection Letter - $125*

Title Services or Lender's Title - $317*

*Deed Preparation - $75*

Recording and Transfer Fees  
Mortgage /Deed of Trust $144.25  
Deed - $90  
Transfer Tax - $4,747

Hi All –

Thanks in advance for your feedback. I'm researching DSCR financing options before moving forward within the next ~2-3 months on this. I've read some other posts on the topic, but wanted to start a separate one with a few specific questions.

Background:

• - My partner and I own 2 properties with conventional financing, we have a Tenant in Common agreement between us
• - Financing was only set-up under my partner’s name by mistake
• - We are both US citizens; however I live abroad (receive a foreign salary) and file US taxes
• - Good credit scores
• - Both properties cash flow with PITIA ratios of ~ 1.2

We'd like to re-finance so that we are both on the financing and it seems that a DSCR loan would be a good option given that I live outside of the US.

Questions:

• - Could we close a DSCR loan virtually or would we both need to be physically present for closing? (Virtual closing is preferred)
• - Would we need to have an LLC to move these properties under a DSCR loan, or could my partner and I leave the properties in our names?
• - Would a DSCR loan for Pennsylvania properties trigger title insurance? If the above is yes and we would need to pay for title insurance anyways, then I assume it would make sense to move these under an LLC
• - Are you aware of any watch-outs or other considerations we should factor-into our decision?

Thanks again,
Evan