All Forum Posts by: Issac San Miguel

hello,
I need to refinance 2 homes and one triplex. I also have another single family home that I need to refinance but I’m in a 50-50 partnership with my brother as a successful vacation rental. All my investment homes are in desert hot springs, ca and I currently rent where I live in Avalon, CA. The triplex and airbnb sfr were bought and renovated in 2021 using my own personal credit cardS. I need to pay off my credit cards by December 2022.

I’ve had issues qualifying with the airbnb because the income is not on our taxes yet as we just went live with it in April of this year. But it’s extremely successful expecting to gross min $120,000 + from mid April 15 to December 2022. The other 2 homes are fully renovated and rented and the triplex is partially renovated and fully rented as long term rentals.

Numbers
sfr 1- rented, owe $168,000. Likely appraisal of $400,000

Sfr 2 - rented, owe $156,000. Likely appraisal of $400,000

triplex - fully rented, owe $250,000. Likely appraisal around $550,000- $600,000

Sfr 3 (airbnb home). Owe $180,000. Likely appraisal $600,000. This is split 50-50 with my brother on title.

I need to refinance with all funds going directly to my credit cards. Minimum $200,000 needed.

I appreciate any information anyone has.

It sounds like you're in a great position to refi and pull cash out on the 3 SFRs - several programs use AirBNB income to qualify.

0 Votes

Riverside, California

If it is owner occ you would not qualify for more creative financing - I would shop credit unions in the area.

0 Votes

Houston, Texas

DSCR would be a great option for you. There is a big appetite for 5/1 and 7/1 ARMs right now getting you the best rate depending on the leverages.

Your credit score works in your favor.

0 Votes

Boston, Massachusetts

Quote from @Arjun Epu:

I am looking for the best possible interest rate if possible 7 arms in low 4's and low downpayment options for a new 4plex that is two years old. 4plex might sound different to different people. I am trying to buy 4 townhomes in the same community in the same dwelling.

Very aggressive ask on rate, I have seen these written in the 7s recently.

0 Votes

Houston, Texas

I do not have any experience with them, but what is making you pause? What assurances are you needing in a good lender?

0 Votes

I love 5/1 and 7/1 ARMs right now.

The 30yr with 10 yr I/O is also really interesting and bodes well for savvy investors with good underwriting skills.

1 Vote

I'm seeing DSCRs start at 6.75% as well.

1 Vote

Yes, 80% LTV is available.

Options include 5/1 ARM, 7/1 ARM, and 30 Yr.

10 Yr I/O periods available.

Different PPPs affect rate.

1 Vote

Dallas, Texas

The funds who securitize have already lowered leverages, that has been the largest change. Credit boxes have tightened as well. Good borrowers with liquidity and a strong credit profile are going to be just fine.

0 Votes

To answer your question, it is your money to do with what you want.

I am not a lawyer but I do not think there are any laws, state or otherwise, that would prevent you from writing 30 yr loans.

I would consult with a lawyer before you write any deals.

Others here have mentioned the cost to starting a hard money shop is between $200k-$300k.

Are you looking to be an actual shop, or just do a few private money loans?

0 Votes

All Forum Posts by: Issac San Miguel

Issac San Miguel has started 1 posts and replied 290 times.

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