All Forum Posts by: Mark Munson

Hi @Kyle Smith

Attend your local REIA in Jax and ask if anyone is a PML. Lots of REIAs have meetings or moments in their meetings where all members can present their Haves, Wants, and Needs, I'd ask to connect to any PMLs at that time. Finding PM is all about networking, so that's what I'd focus on. Your net worth is your network, so get networking immediately to be successful at REI.

Hi @Beth Rook

    Yes, in general, you can buy in other states. To operate in most states, you will need to file a Foreign Entity Registration in that state. You can buy without it, but you should have it to be fully compliant. Some lenders will require it too, assuming you are using financing. 

Yes, there are plenty of lenders still doing $75k. Most go up to 75-80% LTV on delayed purchase refinances. Feel free to reach out if you need a few options, happy to help.

Hi @Caden Wakim

     Read through this thread, it should be useful for what you are seeking. I operate a mortgage brokerage in Orlando, we have numerous clients that buy STRs here. Feel free to message me, I'd be happy to give you some feedback on any questions you have. 

Hi @Joe Farrance

      In my opinion, I'd keep the $80k or so and use that toward investing. HomeVestors also takes a cut from each transaction you do (at least for some members), which can eat into your profits on each deal. You can leverage that $80k much better and find the information you need in forums like BP, local REIAs, or connecting with other members/investors anywhere you can. Feel free to reach out if you need any advice on how to get started, happy to help!

Hi @Rob Burgess

      Feel free to message me, I can give you some options. Just make sure you are asking every lender the following:

1. What is your rate lock policy? Ideally, you want a 45 day rate lock

2. What is your DSCR requirement? Basically, you are wanting to know what ratio they use, as this will dictate the loan amount. 

3. Do you offer cash-out refinances up to 75% LTV? This should be the standard max. 

There's a host of other questions I'd ask, but this is a good start. 

Hi @Kyle Nigro

"Banks" is a broad term. There are plenty of DSCR lenders that are still cashing out up to 75% LTV after 6 months of ownership. If you need recommendations, feel free to message me.

Hi @Santosh Prabakar

You can get a loan at the floor on a DSCR loan, which is near 7% at the moment. Cash-outs go up to 75% on DSCR loans, albeit it doesn't sound like you need that much. With a low LTV, I'd expect lower points too, as the risk is mitigated by the very low LTV. Feel free to reach out if you want any insight on what terms/loans are out there. Best of luck!

Hi @Scott Michael Gross

There are 40-yr DSCR products that have 10-yr IOs at the front, then convert to 30-yr full amortized loans. Civic would shave 10% off of the gross rent when calculating the DSCR and use PITIA, even though they were IO loans, so it had its downfalls too (I'm very well versed with Civic loans, I have completed 150 or so as a broker). Reach out to me if you need any guidance.