All Forum Posts by: Jesse R Wien

I am a lender by trade, but also an investor with a real estate license. I just found a 4-unit property in Phoenix that would be perfect for an FHA buyer that wants to get their investing career started. If anyone is looking to begin with real estate, buying a multifamily home with an FHA loan is a one-time cheat code to get going. My first home was a duplex that I still own to this day! If anyone wants learn more about options and do's and don't, please reach out and I am happy to help you personally or just provide advice to help get you in the right direction.

Hello, I am an experienced STR host and lender, but I have never done a ground up build. I own a piece of land in Northwestern WI that is on water and perfect for a STR. I want to build an Aframe home on the land and am considering Avrame USA's kit, but I need a local contractor to assemble and do all the finishing work. Has anyone built one of these and do you have any specific recommendations or just general advice for me?

Sorry to hear, can you share more about why you were denied?  I am a lender and am very happy to run through options and ideas

So as you know, that answer is yes, but I can do you one better. We offer up to 85% DSCR. We also offer no appraisal seasoning loan (75%) so you can use the higher appraised value

So its not hard to refinance with an LLC. Fannie/Freddie even allows it now, but a DSCR loan is quite simple and easy. However, the numbers are really going to determine if that makes sense to do or not. I have a STR that is in an LLC, but the mortgage is still in my personal name. I was able to remove the PMI by requesting it and they did an ARV and removed it. I am a lender and happy to help and have also been through this myself, so feel free to call me and we can talk through and see what makes the most sense.

Jack, I am from WI and also a lender. I would love the chance to get the details and find a way to make it work. We have a no seasoning DSCR loan, so after acquiring the property, we could go off appraised value right away. I could find a private lender to help with the acquisition if the deal makes sense.

I do not see any reason you have explained why you dont qualify for an FHA loan. Happy to take a look!

Love where your head is at trying to make this work. It's really the best solution. I just got done explaining to an investor this gameplan. If this was not a primary, we could do a DSCR HELOC. Heck, we even can do a no ratio primary cash out, but not a line of credit. I feel I would want to know everything you got and try to see if there is a creative way to move things around to see if there is a solution here. I know some private lenders that might cross-collateralize, but not at HELOC rates, closer to hard money. If you want to get on a call, I would be happy to hear you out and make some calls.

There's a lot of factors that go into this.  Credit score, number of units, condition of the property, your income, assets available for down payment off hand.  

Im a lender and I am doing an FHA loan for a borrower right now that I preapproved for conventional HomeReady/Home Possible upfront. We started with conventional because his credit was decent and was looking at a fixer upper single family that would probably not pass an FHA appraisal and doing it conventional made his offer look stronger. He missed out on that one.

He called me last week about a duplex he found. You can do a duplex with 5% down home ready/home possible, but then it required more cash in reserves than he had. Numbers wise, FHA started to make more sense for this one, so that is what he did. FHA with 3.5% down. I also offered an FHA grant program (no down payment) to him, but he declined because the rate was about 1% higher and said his dad would help him with the down payment.

Moral of the story, be flexible and work with a loan officer that knows all the options and advantages/disadvantages.  You need the best financing terms for you, but also want to present a strong offer to the seller and it's important to adapt to the situation.  Reach out if you want to discuss in more detail!