All Forum Posts by: Tristan Pearrow

Hey Rene, you're probably dealing with banks who really don't have many options for investors. You would be better off talking with a direct lender who knows their loan products and doesn't have so many overlays like banks do. I do 30 year fixed conventional investment loans every day and am licensed in TX and would be happy to help or answer questions if you want to send me a message.

Hey Justin I'm a lender licensed in NC and a big fan of the state myself! If I can be of any help on the financing front or answer any questions I'm happy to help!

Hi Samantha, I'm a lender licensed in NC and I have a good network up there if you'd like to connect send me a message. Happy to be a resource of answer any questions you might have as well.

 Likewise I do these all the time and was thinking the issue was that the home interior wouldn't pass as-is appraisal. Now I'm seeing they literally can't get inside the house. That's a tough one.

Yes you can, especially since you're paying cash/hard money - there will be plently of equity and you'll get good terms with a nice low LTV.

@Oscar Catalan Generally speaking as an investor you'll be much better off working with a direct lender than you will be a bank or credit union. Banks do not like higher risk lending and do not offer nearly the spectrum of products for an investor that other direct lenders would have access to through their internal products and wholesale partners. But like Andrew said, not all lenders are created equal and you should find someone seasoned who knows their stuff. 

Hey Alexandru, I have a couple things that come to mind based off your scenario. The best option is likely to do a Conventional Renovation refinance. My company has an internal program with experts dedicated to these, and I would be happy to advise. If for some reason conventional isn't an option, I've got other renovation products that may work as well, all far better than a HELOC. The best part is, we can lend on the future value after the home is renovated, giving you a lot more room in the loan-to-value department to do the work you want to.

Hey Tim, For conventional loans you are correct - it will be the 4 year mark, and it looks like you would be there this year depending on what month the bankruptcy discharged in 2018. I would personally advise you wait it out to go conventional, and not go with a 24 month program, as terms will not be as favorable. 

@Tim Hershberger

Hey Dustin, it sounds like what you need is a lender who understand DSCR loans and offers them. This is a loan product that is only going to look at the projected rental income from the new property in ratio to the mortgage payment. They will not look at your income or DTI whatsoever, or even ask for income documents. Once my clients get up to 5-7 properties this is the way we usually go, and lately since Fannie/Freddie are not making buying investments or second homes very favorable, DSCR has had better rates than many other programs out there right now. Hope this helps!

@Dustin Sanders

Had you considered a conventional renovation loan instead of paying cash? The house will be appraised as though the work had already been done, and then you wouldn't have to worry about refinancing or the rehab money. Let me know if you have any questions 

@Deepak Arora