All Forum Posts by: Lyndsay Zwirlein

I've looked and looked and fought off scam after scam trying to find the ever elusive, "100% funding" company to partner with as a beginner. I already have a property under contract but do not have funds for a 10%-15% down payment on a loan that will still then leave me 10%-15% short on total cost plus whatever closing costs may be. So I ask you, BiggerPockets pros, does 100% funding actually exist and if so who can get me started with an application today? 

I should add that I am in Ohio

Just checking if you made any headway with your plan in St Augustine, Florida. Asking since I have an 1/2 acre property with B2 zoning in Ocala, FL and am wondering if it could be used for short term rental facility or storage facility... I'm thinking I prefer STR.

Hey there, our goal for the next year is to house hack a 4-plex and also acquire at least two duplexes as well. We are in the process of building our team and would love to have acquired the 4-plex by January 2023. We are thinking we want to start with an FHA loan, we are in the process of learning where to go from there to get the two duplexes. We do not currently have a mortgage broker so referrals would be greatly appreciated. Also any advice from those who have worked through similar strategies would be excellent to hear as well. Thank you!

Hey All,

Is someone able to highlight the main differences or challenges between financing an investment property with a conventional loan with W-2 income vs non W-2?  My wife owns her own business but is technically a W-2 employee based on how we have the business entity structured, however, we were looking into changing that after this tax year to a sole proprietor where she wouldn't be a W-2 employee any longer.  Will this make qualifying for conventional financing a lot more complicated, or if we can show that she consistently pays herself with distributions every two weeks like a W-2 employee would will that ease any troubles that come with being self employed?

Thanks!

Hi everyone - 

I bought a property last week using hard money. I anticipate the rehab to be done around mid-October and the property is already pre-leased starting in November at $1,450 per month. 

The main issue is in the refinance part of BRRRR. I'm having a hard time finding lenders willing to do a 75-80 LTV cash-out refi with no seasoning period. The best that I have so far from my current lender/broker is 3 months but I'm not keen on paying hard money interest for a couple of months if I can avoid that.

Is there any broker/lender that can originate a DSCR for me by the end of October/early November with no seasoning period? I'm okay with pre-payment penalties and paying a premium on the interest rate (the best DSCR rate I have seen so far in my situation is 8.5%). The property is in Omaha, NE.

PP: $120,000

Rehab: $18,000

ARV: $195,000 (a local bank in town appraised the ARV at $193,300 recently)

I'm looking to pull out $144,000 from the investment so about 75 LTV based on the ARV.

Please reach out to me if you work with a lender (or are the lender) that can provide such an option. I appreciate your help.

~ Sanat

Recently bought STR on a "vacation" home loan. Interest rate is high. Is there a way to refi into a more traditional loan with lower rate? How long do I have to wait?

From Canada and looking loan options to purchase STR in Orlando area. I have a house with mortgage in Canada so I am concerned I may not be approved for a second mortgage despite it being a rental. Can anyone give me some advice about loan types in my circumstance? I know DSCR is an option but that comes with higher loan rates and more down payment required (think I am correct in that assumption). Thanks.

I have a condo in a high appreciating area of Texas that cash flows $100 a month and used to be my primary residence-great loan at 3% on it and about 75K in equity.

I want to buy a home in another state on a lake to STR. My thought was to use conventional financing as my primary residence to get this new property however my income does not qualify me for the amount I need as they are only counting 75% of the income from the condo rental and I'm self employed which means my Adjusted gross ends up being low. Basically I need a much bigger downpayment or adjust my purchase price to buy conventional and keep the condo.

I want to keep the condo but see these as my only options-am I missing anything creative I could do? 

1. DSCR loan on the new lake house property but rates are ridiculously high which cuts in the margins substantially.

2.   Sell the condo take the equity and purchase 1 or 2 properties in the new area.   (least attractive to me)

3. Getting a HELOC is not attractive as the pmt on the condo plus the HELOC pmt would be similar to just doing the DSCR loan... and increases my DTI ratio...

What am I missing-help me get creative here to be able to keep the old property and buy the new.   

Thanks-Laurie