All Forum Posts by: Kristen L Garner

Hi Ezra,  some other routes to explore:

1. Find a cosigner

2. NonQM loans: asset based, bank statement, or DSCR (note - these loans usually have a $100k minimum loan amount)

3. FHA loan and house hack (FHA allows for higher DTI than Conventional)

Best of luck! -Kristen 

Welcome!  I also live in CA but invest out of state in my home town (Indiana).  However, as a lender I work with a lot of Florida investors too.  Happy to connect if you ever want to bounce ideas back and forth. Best of luck. -Kristen 

Hi Ashanti! Welcome!  My personal investment portfolio is in Indiana.  However I'm also a lender that specializes in working with investors.  Your post caught my eye because I have several loans / projects right now in Lakeland, FL.  Happy to connect if you'd like to chat or strategize.  Best of luck! -Kristen

Non-QM products such as DSCR loans may be a great tool for you! I use them all the time for my borrowers in similar situations to yours.

Hey Nick,  Most lenders have programs that allow you to provide an active lease and two months of canceled rent checks (or proof of auto deposit in your bank account), even if your property is new and has yet to be filed in your taxes. Then, 75% of that is counted as income.  

@Aidan Driggers I like Marion County but knowing the areas really helps.  North of Indianapolis is "nicer", East is up and coming but more "street to street", South of Indianapolis is great but harder to find good deals, West is solid.  Lots of distribution centers and jobs coming into Indianapolis and the surrounding areas. Feel free to hit me up with specific area-related questions. (or finance questions - I'm a lender that specialized in Indy)  I also know great agents who are rockstars!

Hi Tracy, welcome!  I'm a lender and investor based out of California and I invest personally in Indiana (my hometown).  Cashflow is great, prices are low compared to CA, and laws are landlord friendly. Best of luck on your journey.

Hey Becky! I am an Indiana investor as well.  I'm following along as I'm interested to see what input the BP community will provide.  Best of luck :) 

Another thing to consider - the condition of the home. You can still buy a "fixer-upper" with a conventional loan, but if the home is in need of structural repair or is uninhabitable you may have troubles qualifying (depending on how the appraisal comes in). But if your deal is in disrepair, FHA 203k rehabilitation mortgages allow you to combine both the purchase and renovation of the property into one long-term, fixed-rate mortgage. The only catch with FHA 203K is that you must fulfill FHA's residency condition...meaning you'll need to occupy one of the units yourself as your primary residence for at least 12 months. But if you buy multi family properties you can rent out the other unit / units. Hope this helps!

Hi Peter, I live in Los Angeles but invest in Indianapolis (my hometown). I don't have much to add to @Kenny Hall amazing answer but wanted to wish you the best of luck with your new Indy MF!