All Forum Posts by: Ko Kashiwagi

Hi Venkata,

Conventional products have 12 months seasoning, so a business purpose program like the DSCR loan may be more suitable for this refinance. If you're looking to consider a variety of options, a broker will be able to help you compare different programs. Happy to help!

Hi Peyton,

In general, it doesn't hurt to have a lender in place earlier. The timeline can depend on the your closing is. If you have a month to close on a property, it shouldn't be difficult to get funding even if you start talking to lenders after you are under contract. With that being said, it's a good idea to get an understanding of what kind of financing you will use and what you will qualify for, so you know what to expect in terms of leverage, rates and terms. Happy to help!

Hi Daniel,

You need to look at comparables in the area that are similar to the subject property and make adjustments. And yes, rates could change but your payment is likely much lower for a 30 year fixed, so I'd recommend comparing those numbers.

I've sent you a DM!

Hi Wilson,

You should definitely look into problems you are concerned with! You can also put an inspection contingency, so you can renegotiate or back out if issues arise during inspection.

Hi Gustavo

As @Riley Schaefer mentioned, it depends on what strategy/financing you are looking to use. If you are going to most basic route, a rental loan will require roughly 25% down (most lenders won't go below 75k-100k loan amounts). If you are using a fix and flip loan, it will require 10-20% of purchase price.

If you are more creative, you could look for lower down payments with seller financing and sub-to, but these deals are a lot harder to find.

Best of luck!

Hi Bauclair,

I'm assuming you have an inspection contingency clause that allows you to back out of the contract? If you feel that the offer is not worth $626k, there is no reason you need to force through the purchase. If you think it's a bad deal, it's a bad deal no matter how many other offers exist. Given the inspection findings, you have a basis to renegotiate the purchase price or request seller concessions, such as a price reduction or credits at closing to cover repair costs as well.

To do a proper analysis on whether the purchase is worth it, you'd need to calculate the expected rent after repairs and the ARV. If $626k still makes sense given these inspection reports, then you could perhaps do a BRRRR.

Hi Ben,

I recommend finding investors and private lenders at meetups. If the numbers make sense and you can gain their trust, the deal will work out!

Hi Andy,

Yes, most lenders will only do line of credit for primary residences. A common strategy here is to access the equity through a cash-out refinance or selling.

Happy to connect!

Hi Daniel,

What is your ARV estimate after you put in the renovation? It sounds like this is not necessarily a turn-key, but it could be a BRRRR.

Also, have you considered a 30 year fixed mortgage? This would allow you to get higher cash flow.