All Forum Posts by: Marcos Gonzalez
Marcos Gonzalez has started 12 posts and replied 60 times.
Post: Travel Nurse Less Than 12 Months, Loan Options?
- Lender
- Auburn, AL
- Posts 67
- Votes 35
Quote from @Christin Nguyen:
Quote from @Marcos Gonzalez:
You can still qualify, since you have been a nurse for over 12 months, we can average your last 12 months of pay. You will need at least 15% down.
You can also do a DSCR loan, where the rent will be used to qualify.
Is it just some lenders don’t want to take the risk? They are saying Fannie Mae and Freddie Mac will not allow me to take out a loan until 12 months. What are the ways to phrase this to a lender that I am a reliable buyer? Pay stubs, proof of consistent employment, letters of recommendation from recruiter, etc?
Feel free to PM me.
Post: Travel Nurse Less Than 12 Months, Loan Options?
- Lender
- Auburn, AL
- Posts 67
- Votes 35
You can still qualify, since you have been a nurse for over 12 months, we can average your last 12 months of pay. You will need at least 15% down.
You can also do a DSCR loan, where the rent will be used to qualify.
Post: Is it even possible to get DSCR loan?
- Lender
- Auburn, AL
- Posts 67
- Votes 35
Yes you can do DSCR loan and close in a LLC.
Post: 1st BRRR in Alabama fix and refinanced.
- Lender
- Auburn, AL
- Posts 67
- Votes 35
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $187,000
Cash invested: $80,000
1st BRRR in Alabama
What made you interested in investing in this type of deal?
It was priced great in a great location
How did you find this deal and how did you negotiate it?
We found it on a wholesaler website/
How did you finance this deal?
We obtained private money financing for the full purchase price at 10% return on their investment ($18,700) . For a total payback of 205,700k
How did you add value to the deal?
We re did the kitchen, floors, and the master bathroom
What was the outcome?
We cashed out refinanced and get our money back and rented the home out at 2800 a month.
Lessons learned? Challenges?
Write down our expenses, and have a better plan. I feel like we could of saved 5-10k if we were more organized.
Post: 1st BRRR in Alabama fix and refinanced.
- Lender
- Auburn, AL
- Posts 67
- Votes 35
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $187,000
Cash invested: $80,000
1st BRRR
What made you interested in investing in this type of deal?
It was priced great in a great location
How did you find this deal and how did you negotiate it?
We found it on a wholesaler website/
How did you finance this deal?
We obtained private money financing for the full purchase price at 10% return on their investment ($18,700) . For a total payback of 205,700k
How did you add value to the deal?
We re did the kitchen, floors, and the master bathroom
What was the outcome?
We cashed out refinanced and get our money back and rented the home out at 2800 a month.
Lessons learned? Challenges?
Write down our expenses, and have a better plan. I feel like we could of saved 5-10k if we were more organized.
Post: 1st BRRR in Alabama.
- Lender
- Auburn, AL
- Posts 67
- Votes 35
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $187,000
Cash invested: $80,000
1st BRRR
What made you interested in investing in this type of deal?
It was priced great in a great location
How did you find this deal and how did you negotiate it?
We found it on a wholesaler website/
How did you finance this deal?
We obtained private money financing for the full purchase price at 10% return on their investment ($18,700) . For a total payback of 205,700k
How did you add value to the deal?
We re did the kitchen, floors, and the master bathroom
What was the outcome?
We cashed out refinanced and get our money back and rented the home out at 2800 a month.
Lessons learned? Challenges?
Write down our expenses, and have a better plan. I feel like we could of saved 5-10k if we were more organized.
Post: QOTW: How did you / are you financing your investment properties?
- Lender
- Auburn, AL
- Posts 67
- Votes 35
Quote from @Peter Brown:
@Marcos Gonzalez What are the usual terms for a DSCR loan, Marcos? And is the income based solely on projections or past actuals (assuming these are available at all)? Thanks
You will need an appraisal with a rent schedule valuation as well. If your property has been rented for more then 6 months you can use that rent value as well. The minimum DSCR ratio is .08. To get your ratio you take your gross annual income and divide it by your operating expense's or PITIA.
Post: Beginning with a house-hack
- Lender
- Auburn, AL
- Posts 67
- Votes 35
Shoot for the starts on house hacking, a great way to get investment properties. I wouldn't be too made if the tenants cover the mortgage plus my portion. That in itself if a major win.
Post: BEST AREAS FOR STR's!?!?!?
- Lender
- Auburn, AL
- Posts 67
- Votes 35
Lake Martin, Dadeville, AL
Post: Hows the market in Oregon or Washington?
- Lender
- Auburn, AL
- Posts 67
- Votes 35
I'm licensed in about 20 states and WA is one of my busiest, seems like they still doing good over there.