All Forum Posts by: Jack Mawer

You will likely need to check with the city and see if this is something they will give you a permit for - I would also talk to your lender about their thoughts 

I would definitely try and find people who have experience with affordable housing in the area before you jump right in as they may be able to offer you important insight - it is also important to have someone who you trust check in on your property every week or so in order to ensure everything is going smoothly. Best of luck! 

It will depend on what the property appraises for in order to truly know how much the loan amount will be for the refinance - however, most lenders like to see that you have some skin in the game so leaving some equity in there is not a bad idea

Sounds like a super cool opportunity but can definitely see financing being tough to come by - curious if there are lenders in the US that offer out of country financing 

I would look into CoStar 

Typically lenders like to be careful with short seasoned cash out refinances due to the risk in the steep value increase in a short period of time - I would keep searching around because there are other DSCR lenders who can us the appraised value to lever off of with just 3 months of seasoning.

I would be sure you have the right people near the property that you trust and can-do week/monthly checks for you!

Look like a great place for an STR!

There are lenders out there who can do both the fix/flip as well as the DSCR loan for the refinance in house. This makes for a smooth transition and ensures you have constant communication with the lender throughout the process. The DSCR loan is a perfect substitute for not being able to qualify for a conventional mortgage - it is light doc, has quick closings, and uses your FICO as well as the property cash flow for underwriting purposes rather than having to prove income, provide tax returns, etc.

Congrats on getting your license! Once you have developed a relationship with a client and give them a good experience, get them to refer you to their fellow friends, family, investors, etc - this is a huge way to get your name out there and referrals are the key to this business