All Forum Posts by: Kristen L Garner

Hi Michael, welcome! I am an investor and a lender that specializes in working with investors. There are more options than you might think for self employed or hard to prove income - so don't let that hold you back! I have loan products that do not look at income, DTI, tax returns etc. They only look at the asset / property. If you have any questions or just want to chat and strategize feel free to reach out. -Kristen

Hi Nicolas, I know your struggle!  I reside in LA but invest in Indiana (my hometown).  I have found Indiana to be great for cash flow and it's your neighbor! It is also expanding at a rapid rate with tons of distribution centers and jobs popping up.  If you ever want to chat I'm an investor and a lender that specializes in working with investors, happy to help. -Kristen

Hi Jason, lender here! I'm an investor myself and specialize in working with investors. To use equity from your home to acquire the new property you would need to do a cash out refi or HELOC. In your situation I would recommend a cash out refi. Once you have the proceeds you can move forward with getting qualified for the purchase. If DTI, income, etc. are an issue for a conventional qualification, you could go the DSCR or non-QM route where only the asset itself is qualifying you. If you have any questions I'm happy to chat/help. Best of luck, Kristen.

Congrats @Nicole Heasley Beitenman !

Hey Richard! I'm a MLO. I'd be happy to answer any questions or chat if you want to PM me. Best of luck! -Kristen

Welcome Evens! I hold my personal investment portfolio in my hometown of Indiana.  But I'm a nationwide lender and have a ton borrowers in FL.  Happy to connect and chat all things RE investing.  Best of luck on your journey. -Kristen 

Hey Rhonda, The age old "cash out vs. HELOC" dilemma! I always advise my borrower to lay out the rates and info on both and compare them side by side. You also have to take into consideration how you plan to use this equity. Do you need it for short term repairs? Are you using it to buy more properties? How much cash do you need?

Cash-out refinance pros: interest rates tend to be lower than HELOCS, you have the flexibility to do whatever you want with the proceeds, interest from the mortgage may be a tax deduction, and there are multiple types of loan products and structures to select from. 

Cash-out refinance cons: you are extending the life of your mortgage, in your situation your rate will go up, and depending on your loan type your max cash out may be capped at 75-80% LTV

HELOC pros: closing costs tend to be slightly lower, you may be able to get a tax break depending on what you use it for, allows you to maintain your current interest rate, and you can borrow up to 85% LTV

HELOC cons: interest rates tend to be higher than a refi, usually come with a much shorter term (5-10 years), you will be making two payments on your house vs. one, and your monthly payment may vary.

If you PM me I'm happy to chat further or plug numbers into my system for you :)

Best of luck! - Kristen

Hey Joe!  I invest OOS in Indiana (my hometown).  I'm also a lender and have a ton of OOS clients in Indiana.  I'm happy to chat anything Indy with you. Feel free to PM me with any specific questions you may have. -Kristen

Great question! I selected my OOS location to be Indiana. Not only did the numbers make sense, but that is where I am originally from so I have family and friends there to help me out and I know the areas. I then bought a SFH and a MFH in different locations with different PMs so I could weigh my options and gain experience. I guess you could say I'm still finding my niche, through trial and error. I'm looking to get into commercial or STR next...still in the researching stage. And I plan to keep buying about 2 SFH and/or MFH per year in Indiana. What are you leaning towards for your niche Tony? What area are you in? -Kristen

Hi David,  Congrats on starting the process for your rental.  I wouldn't worry about the credit pulls too much. If you're shopping for a new auto or mortgage loans multiple inquiries for a given period of time are counted as one, typically 14-45 days.  Since you already had the initial credit pull, additional pulls will be essentially freebies and not harm your credit (if you do them soon).  When shopping for a lender I recommend finding someone with great communications skills who is experienced in working with investors.  I actually started out as an investor and was so frustrated with lenders that I changed career paths, went back to school, and became a lender myself, haha! Feel free to hit me up if you have any questions regarding mortgages or just want to chat about rentals.  My personal investment portfolio is in Indiana. However, I'm a nationwide lender and I have a lot of clients in FL.  Best of luck! -Kristen