All Forum Posts by: Matt Hubert

Any investors in the Port St Lucie, Jensen Beach, Fort Pierce area? I have visited the area for 4 winters now for a long weekend in February to visit my in laws. They rent a place on Nettles Island for the month of February. I'm interested in buying a vacation rental in the area, I do not have any specific property picked out at this time. Other than some raw land, this will be my first real estate investment.

Looking to connect with other investors who would be interested in giving tips on analyzing properties in the area and who are familiar with the market trends.

Thanks

Matt

1 Vote

Fort Lauderdale, Florida

Quote from @Erik Estrada:

Quote from @Matt Hubert:

Hey all! Looking for some others experiences with rent income appraisal for qualifying a DSCR loan.... Have been under contract on a studio condo with DSCR loan and 25% down. Sales price appraised but the rent income did not meet the 1:1 requirement. We're stretched thin enough on this deal that I'm not considering putting additional down. We will try to negotiate price with the seller. This is our first investment going under contract so quite a learning experience.

Outside of putting more money down, or negotiating a lower selling price, what have buyers done to get to the finish line?

What are some rules of thumb during due diligence to avoid getting this far along only for it to fall through during appraisal? We're out $$ for appraisal and inspection at this point.

Hey Matt,

Is this a warrantable or non-warrantable condo? Is this a vacant or leased property?

You may very well still be able to put 25% down on a DSCR under 1.00... But would need to make sure if the condo is warrantable or non-warrantable

If it is leased, you may use the higher of the lease agreements or market rents.

You may need to shop this. Many DSCR lenders have different underwriting guidelines.

It is non-warrantable! We initially were using a different lender and a 2nd home mortgage, however, switched to the dscr when we discovered this.

The unit is currently owner occupied so we had to use market rents.

0 Votes

Outside of putting more money down, or negotiating a lower selling price, what have buyers done to get to the finish line?

What are some rules of thumb during due diligence to avoid getting this far along only for it to fall through during appraisal? We're out $$ for appraisal and inspection at this point.

0 Votes

All Forum Posts by: Matt Hubert

Matt Hubert has started 6 posts and replied 13 times.

Post: Jensen Beach Investing

Post: DSCR Rent appraisal - Montana

Post: DSCR Rent appraisal - Montana