All Forum Posts by: Kristen L Garner

Hi Nicole! Depending on the loan amount you need, the length of time you need the funds for, the scope of work, and your personal qualifying factors - you could utilize a short term bridge/rehab loan to do the renovations or you could take out a HELOC! The HELOC might be more cost effective.

For the refinance you might want to consider options other than hard money.  Hard money is more suited for the first step of acquisition as a quick, short term loan.  There are plenty of nonQM products that have no seasoning period for the refi that will have much friendlier terms for a property you are going to hold and rent. 

As far as why it takes time to scale - the most common slow down I see is the time it takes to find the next property that checks all of the boxes to be a successful BRRR with numbers that will work.

Best of luck! 

Hi Cooper, welcome to the forums! I live in AZ now but I used to live in Los Angeles (which is a tricky place to cash flow - haha) I personally invest in Indiana but I work with investors who invest out of state in Arizona and Idaho.  I'd be happy to connect if you'd like to bounce ideas around.  Best of luck! 

Hi Sethu! There are many loan options in the non-QM space. DSCR is the most popular for this scenario. DSCR stands for Debt Service Coverage Ratio and allows you to qualify based on the subject property's profitability rather than your DTI, income, etc. But there are products that will allow you to use proof of assets to offset the DTI difference and qualify (if your DTI is barely missing the mark and you have a high level of savings). Best of luck and feel free to reach out if you'd like to discuss more details.

Hi, I'd be happy to take a look at your scenario. There are ways to structure different DSCR products to eliminate UW fees and origination costs or wrap them into the loan.

Hi Josh! I own a section 8 property in Indianapolis and have had an overall great experience.  I'd be happy to chat in more depth if you'd like to DM me. 

Hello, I know some that go down to $50k.  Feel free to DM me if you are still looking. Best of luck! 

FHA is a great way to get a future investment property for only 3.5% down. If you were to buy the duplex right off the bat as an investment property you'd be looking at 20% down. If you'd like to DM me I'd be happy to help you run the finance numbers so you can get a good estimate on the cash flow. Best of luck!

For conventional financing on single family homes the minimum down payment will be 15% if it is not owner occupied. Although 20% is more common If you do seller financing it is whatever agreement you can come to with the seller and then you can cash out refinance at a later date. For nonQM products like DSCR you generally need 20% down but 15% down is available on a case by case basis.

If you were able to get "gifted" funds: Conventional lenders do not allow gift funds to be used for investment properties. Down payment gifts may only be used when purchasing your primary residence or a second home. But nonQM products do allow it if you pick the right products. 

Calling a broker to get a ballpark like @Chris Seveney said  or getting an online quote will always be the most accurate but if you want quick numbers - Nerdwallet has a "by zipcode" feature: 

https://www.nerdwallet.com/article/insurance/estimate-home-i...