All Forum Posts by: Miguel Vazquez

Most Lenders will qualify you with market rents. Reach out if you have any questions!

If you don't have a credit score you can still qualify for certain private money lenders with their foreign national program. I work with foreign nationals all the time!

I would love to hear an update on everyone's sentiment on the current housing market. In the last few weeks it seems as though the media is turning away from being bullish. The cost of material is up quite a bit from even the start of the pandemic, SFR prices are starting to cool off, and real estate industry sectors are bottlenecked to the brim. From a lender's perspective, CIVIC FS, the lender I work with, is seeing a tremendous influx in business. With increases in conventional interest rates, investors are shifting to more creative forms of lending like interest only DSCR loans and we are picking up a lot of the slack. How are you adapting to the constantly changing market? Where do you see home prices going in the next quarter? Next year? I wish everyone the best of luck!

Seems like an invasive and unnecessary process. Typically, third parties will be used for inspections and feasibility reviews. Are you working with a general contractor? It would make sense if the lender would want to review the contractor and rehab budget. The fact your point of contact is unsure of how to proceed without you losing your leverage in management of YOUR project is cause to pause. 

Private Lender here. The short-term rental market in Florida is absolutely booming right now. Most investors use hard or private money to bridge from purchase to long-term financing. I can tell you will have to come with at least 20% down to get any reasonable rates. Most private lenders aren't rate sensitive, but are rate conscious. Do research on the area and look for comparable recently sold properties. This way you are sure you are paying a fair price. In this market, you have to be competitive.  

You should leverage your ROI to increase the volume at which you operate at. You can partner with a capital provider, utilize your ROI and other savings for a down payment, and have them finance the rest of the purchase price and rehab budget. Some lenders finance 100% of your rehab budget. That way, when you gain access to more returns, you can run multiple projects at the same time.

Depending on how much equity of the properties you own, you could always cash-out refinance, keep it as a rental, and utilize the net proceeds to buy more property during the recession. I'm not sure if you're aware but there are interest only cash flow mortgages that allow you to tap into the equity of the property, while owning the cash flowing properties.