All Forum Posts by: Guifre Mora

20% is the max on purchase that I’ve seen. 

@Stephon Mosby Williams

An investor friendly lender will be able to finance your new property acquisition. They will look at the asset not your financials.

As for your taxes this lenders know investors write off everything so you don’t pay taxes so their UW know how to extract the actual income from your property as long as you are a good standing borrower. (Some Loans don’t require taxes)

You can search for this lenders and submit your loan request individually to each one (Visio, Lima One ...etc) good lender’s I’ve broker for both, it can be time consuming and you won’t compre costs as easily. That’s if you get timely answer.

There are always for the most part lender points that if you as a borrower don’t know what to ask or what to look for they can pile up.

Easier is to go through a commercial broker in my opinion, they will shop for you bring you more options available than what 2 lenders could offer and you can choose what’s best for you.

Just-a thought 💭

@Bryan Allen There are commercial lenders who will do a min of 3 month but if purchase by HML it can be considered as cash.

@Matthew Fitzgerald congratulations 🎉🍾

No it’s the time to decide what you want to do with this great asset.

1) roll with it and pay it off.

2) sell the property.

3) refinance the loan to better terms.

a) if you hold more properties consider a portfolio loan (one payment, cash out larger amount)

4) cash out refinance

a) buy more properties.

b) rehab property (if needed).

c) use the cash to upgrade to a LOC, and accelerate your property acquisition.

@Mary St.Clair conventional banks will lend to a investment property under your name witch term should be favorable to you (if under 10 loans) or seek a commercial lender who specializes in investment properties and can close to a LLC.

@Jordan Stanley

Rates

LTV

Points

Prepayment penalty

Terms 12 mo 6 mo etc

Rehab LTV (if applicable)

How long to fund

Does the rehab funds pay interest or as they are being used.

@Deborah Lynch Hi, in regards to the LLC check with your CPA there are multiple ways to go about it with similar or different outcomes. Doing an out of state LLC some times is about the initial costs but your personal and LLC taxes will be subject to the state you do business or is registered too as well as residency. For the vesting, it's very common to do it, but it's up to the lender if they allow you to vest the property without a sell clause.

@Tory Lane you need to account for origination and closing costs for your refinance.

@Patrick Strain do consider most HELOC are attached to your personal credit and can impact your DTI and FICO score.

@Gagan Hurria welcome