All Forum Posts by: Lyndsay Zwirlein

Hey BP Fam,

I'm struggling to find financing options to purchase a new primary as a new-ish self-employed borrower (less than 2 years). Has anyone found a solution to find lending? I've found a lot of options for non-owner occupied solutions and some non-QM options but they typically have very high down payment requirements. Or options for HELOCs in the same financial situation (less than 2 years of 1099 income reported). Thank you!

Hello!

I am new here and already loving the collaboration. I recently applied for an investment property and it was declined from lenders because of low credit score. rocket mortgage was asking for above 680. Any advice if there are any lenders that are less strict on approval guidelines?

I have a friend who has been self-employed for about 6-months. He's doing great & just hired another employee. His understanding is that he is unable to qualify for a mortgage until he has been in business for two years. He's got a down payment & looking to buy his first home in the mid-term future. Does he have other financing options to secure a mortgage prior to this 2-year mark? 

Hello All

I want to invest in short term rental properties in Daytona Beach. 

Ideally in Single Family Houses of 3/4 bedrooms. 

Will be in Daytona Beach next week. 

==> Anyone interested in helping spotting the right properties and organizing visits ?

Thanks  

Hi everyone.

I need help urgently.

I've been working with a credit union for at least 3 months now.

After a long time looking for the right property, 3 weeks ago or so I found the house and is now under contract.

To put everyone into perspective I have 2 rental properties and a 3rd one (primary home with a mother-in-law suite) that is my primary (soon to be a complete rental) 

I have good W2 income, plenty of cash in the bank and my properties are cash flowing strong at the moment, however due to certain initial investments and the way my taxes were filled the last 2 years the bank is now (10 day to closing) telling me that they can not use my rentals as income so my DTI is now completely different, now the "only" income I have is my W2, this morning I received a call from the bank after 3 days trying to reach them to find out about all this that I'm sharing.

Is there something I can do, any lender that can give me a hand so I don't lose the deal?

Sincerely,

Alejandro

 

Hey all. I am finished with my latest BRRR which is a duplex. Tenants secured. Need to cash out refi however my seasoned banker quit, and his new replacement is switching up my terms. I always was given 80% LTV but they took it down to 75% which impacts my numbers. Anyone who can do this deal in PA please reach out to me!

We have a new STR going live in Fort Wayne in January 2023 and are looking for local boots on the ground. Specifically, we're looking for STR cleaners and on-call maintenance service. We've joined local Facebook groups, but are covering all bases looking for quality hires.

I"ve been shopping a DSCR and hearing odd things about rate locks.

So far I've been told things such as  I can lock "when I"m close to closing" or "after the appraisal is completed". The appraisal is supposed to be the slowest part of the process. 

I'm sure rates will not be down from those quoted up-front. Years ago I saw a line item on one of my settlement statements for a Yield Spread Premium, which I don't believe are legal anymore. There wasn't much question what had happned there. 

How can I get the actual rate I'm quoted at the time of commiting to the loan?

Thank you BP nation. 

In seeking a DSCR cash-out loan, I've learned that lenders want to see bank statements. I had thought DSCR's were only property based, but lenders I've just begun to contact are saying I need to provide bank statements. I asked why and was told that they are just needed to see that I don't have NSF on my statements. I didn't fall off a turnip truck just last night and strongly suspect there is more to it.

This has been a long rehab and I"ve seen interest rates essentially double. My DCR has fallen from 1.7 to 1.25 in the process. At a closing as it is, I will still have approx $350K in equity with taking $100K in cash back.

My cash position has been squeezed as the scope of work expanded, reducing cash on hand. I"m told that I can use the cash-out proceeds for my 6 months escrow, which would be covered a few times over. 

I"m thin on cash on bank statements from the rehab. What is a potential lender really looking for- and how much is low cash on hand going to hurt my lendability despite my equity/cash-out? I've got alot of personal funds  tied up in this property, even with a rehab loan. 

I really didn't think bank statements were a part of a DSCR loan, but it appears I'm dead wrong on this.

Thank you.