All Forum Posts by: Kristen L Garner

Hi Neil, this shouldn't be a problem for DSCR funding as long as the title is clear. I've worked on some sheriff sales before where title needed wait 12 months or the investors had to file for a quiet title. There are a few title companies who will work around this though! Feel free to DM me some more details. Best of luck!

Hey Derek, 

@Ryan Muska is correct. I would also add that Bank Statement Loans are a great option for 1099 contractors...especially when investors are ready to buy a primary home for themselves since our beloved DSCR programs only work on investment properties. Best of luck!

Yes! It varies depending on the loan product you are using.  But generally speaking the appraisal is ordered by the lender to use short term comps vs long term comps for the rental income page.  The appraisers use resources such as airdna to compare your property to other similar short term rentals in the area.  If the property has an existing short term rental history, lenders can also use a look back report to calculate it's potential income. 

Hi Scott, welcome! I find these forums to be a great place for getting info and networking.  Best of luck in your investing. I'd be happy to connect if you want to bounce any ideas around. 

Hi Kain! I'd be happy to go over your scenario if you'd like to shoot me a DM. 

Hello! Yes,  75% of the projected income generated from renting out a multifamily property can be used as part of your qualifying income.  I'd be happy to take a look at your scenario if you want to DM me some more details. 

Hi Mike, Welcome to the forums!  

Hello! The pre-approval process for FHA is the same as Conventional. Your loan officer will be using FHA guidelines to pre-approve you but from your perspective the application process is the same. I would recommend using an investor friendly lender or one that understands house hacking so you can start planning your future plans accordingly. I'd be happy to chat if you want to bounce some ideas and questions around. Best of luck!

Hi Tim! Congrats on closing on your property. I'd be happy to discuss DSCR and other nonQM product exit strategies with you. Let me know if I can help. :)

Hi Gurvinder, I invest out of state in Indiana. It is also my hometown originally.  I'd be happy to connect!