All Forum Posts by: Ko Kashiwagi

Hi James,

Not all programs require GUC experience and we even have one for no experience for SFH. Multi-family typically requires more experience but there are programs that will qualify rehabs.

Hi John,

What's the take out/exit plan once you get the bridge loan? You could get a bridge on the purchase or refi + purchase but you'll eventually need a long term debt after the bridge loan matures. If you are a business owner, you may be better off using non-conventional programs to qualify like bank statement, P&L or no-doc loans

Hi Jacob,

There's plenty of options out there even with no experience. A lot of times it will be based on FICO score since you don't have experience and will limit to light-medium rehab. The ARV numbers look good! Happy to help

Hi Christina,

What kind of deal are you looking to get into (rental flip) and would you qualify for a conventional? 

Primary: HELOCs are good for short-term use of cash and if you need the benefits of the revolving credit it may make sense. If it's for something long term, cash out refinance may save you more costs as it has lower rates

Investment: Typically you'd be looking at cash out refinance - conventional or DSCR for long term and bridge loan for short term. HELOCs on investments could be applicable but these programs are not widely available qualification is usually not asset based

Hi William,

Personally, I started with out of state BRRRR because I already had connections in a different market and I determined the risk of managing a deal out of state was lower than the risk of getting into a deal in SoCal because doing deals in CA requires more capital. One of the biggest benefit of going out of state for CA investors is that you can start with a smaller budget and hence smaller financial risk (ex. using 10% of your net worth in stead of 90%). There is a huge benefit in investing in CA and in state but if it requires most of your liquid assets to do one deal (and with debt), it's high risk.

In state or out of state, BRRRR project really relies on having a great team (agent, PM, contractors)!

Going with landlord friendly state is a great move.

Your team, your team, your team - especially when it comes to out of state, it's really about WHO you know. Getting a solid team of agent, PM, contractors, handyman.

congrats!!

Hi Mike,

How many of the 6 units are occupied? If the NOI is tight, you might want to go with a DSCR program that goes off of Rent/PITIA. If the loan amount is high enough and the NOI is there, you can go for full doc or a program with more stringent UW model for better rates.

Happy to take a look

I've done many in the 50k range loan amount. Happy to take a look at your situation

Hi Austin,

You would need a lease (cannot be yourself) and have it non-owner occupied. DSCR reliance is possible of subject to with proper documentation. Some lenders may have seasoning requirements so if you've only owned it for a few weeks, not everybody can do this.

When did you purchase this property and gain title?