All Forum Posts by: Kristen L Garner

Hi Jim, welcome! Best of luck to you and your family.  I don't invest specifically in your area but happy to connect if you ever want to bounce ideas around. 

@Jake Baker There are less HELOC products available for investment properties than there are for owner occupied...but plenty of options to get the job done! There are some great new investment HELOC programs on the market right now.

Hi Victoria, congrats on completing your repairs on your first home purchase! I'd be happy to lay out the numbers for cash out refi vs HELOC if you'd like to DM me. Seeing both side by side will make it easy for you to pick a direction.

Hi Diane, Starting with a multi family property first may be easier if it's your first acquisition. Public Storage will require a commercial loan in which showing some sort of experience will be a plus and snag you much better lending terms. I personally only own single family and 2 unit properties but I work with investors who buy multi family and commercial. Best of luck!

Hi Ana! You certainly can have multiple loans going at once. You can have up to 10 conventional loans and once you max that out you can utilize a category of loans called nonQM. I would speak with a loan officer to strategize and make sure there is enough room in your DTI, enough funds for both down payments and closing costs, etc. For the investment property purchase you can use 75% of that projected rental income to qualify as well.

Hi Cassie, My personal investment properties are in Indiana but I work with a lot of investors in your area and would be happy to connect if you'd like to DM me. Best of luck! 

Hi Mollie, congrats on the new property acquisition. As soon as the initial purchase is completed you can do a DSCR delayed cash out refi or use a DSCR product that has no seasoning requirement. You will get 75-80% of the purchase price back during that cash out depending on your credit, the type of property, etc. I'd be happy to help you run some numbers so you know what to expect if you'd like to DM me. Best of luck!

Hi Jason, I work with a lot of investors who will buy the property in cash and then finance the rehab. Once the rehab is completed they do a cash out refi with a no-seasoning-required DSCR product so they get their capital back ASAP. Typically they purchase with cash for a few different reasons: better deals if bought in cash, off market deals for cash buyers only, property in too rough of condition for regular financing, etc. I also see the other way around where they finance the property but then pay for the rehab out of pocket and then cash out refi to get the funds back. I have heard of some quite masterful short term use of IO credit cards to fund rehabs! Best of luck!

Hi Rick! Most DSCR products will allow you to close in your personal name or in a business entity. You shouldn't have an issue with this unless you are trying to get a fix and flip loan in which case having an LLC will often give you a slightly better rate...but not always! I'm happy to discuss further if you'd like to DM me.

Hi Jordan! You are getting mixed info because some guidelines recently changed for conventional cash out refis, increasing the seasoning period from 6 months to 12 months. In the nonQM world there are tons of different DSCR products, all with different guidelines. There are many products with no seasoning requirement, some with 3 months, and some with 6 months. You want to make sure whatever nonQM product you are using with a no seasoning period guideline is allowing you to use the higher of the original purchase price and the appraised value though! I'd be happy to dive into some more detail if you want to DM me.