All Forum Posts by: Account Closed
Account Closed has started 0 posts and replied 53 times.
Post: How to get loans below 70k
- Lender
- Columbus, OH
- Posts 56
- Votes 25
Quote from @Stephanie Yang:
Hi all - I'm purchasing single family rentals in Alabama and Louisiana for $50-70k and having trouble finding conventional and private lenders willing to lend below 75k threshold. What options do I have? Anyone know of lenders with a lower minimum threshold?
Hi Stephanie:
Our minimum loan amount is $55,000.
Post: Looking for DSCR Broker
- Lender
- Columbus, OH
- Posts 56
- Votes 25
Bryan:
I just sent you a message. I can help with DSCR loans. Feel free to reach out whenever you can.
Post: How to choose between varying loans
- Lender
- Columbus, OH
- Posts 56
- Votes 25
Quote from @Stephan Guna:
Quote from @Account Closed:
Quote from @Stephan Guna:
Hi all!
I'm a new investor, I have done a ton of research and starting to look into deals at the moment and finally feel like I am ready to dip my feet in. I am primarily looking in the Cleveland, Canton, Akron, etc Ohio areas for investment properties. One question which I am still dealing with is the choosing between a the varying loans. I will be primarily looking at multi-family(duplex) houses and recently got pre-approved for a 25% down payment for a multi-family and a fha for 3.5% down.
However, this is where my problem arises so obviously I have to live at the property for FHA however I have no intention of moving out my current home. I have around 50k saved up, therefore I should be ok with the 25% down payment but my biggest concern is that I won't be able to expand as fast with 3.5% down payment vs putting 25% down. I would have less liquid cash, therefore preventing me from investing in another property at a faster rate.
Do you guys think I should go with the 25% down payment for a mulit-family(duplex), also are there any other options between 3.5%-25% I should know about concerning loans.
There are several options for you to put less than 20% down. Most investor loan programs only require 15%-20% down.
Post: How to choose between varying loans
- Lender
- Columbus, OH
- Posts 56
- Votes 25
Quote from @Stephan Guna:
Hi all!
I'm a new investor, I have done a ton of research and starting to look into deals at the moment and finally feel like I am ready to dip my feet in. I am primarily looking in the Cleveland, Canton, Akron, etc Ohio areas for investment properties. One question which I am still dealing with is the choosing between a the varying loans. I will be primarily looking at multi-family(duplex) houses and recently got pre-approved for a 25% down payment for a multi-family and a fha for 3.5% down.
However, this is where my problem arises so obviously I have to live at the property for FHA however I have no intention of moving out my current home. I have around 50k saved up, therefore I should be ok with the 25% down payment but my biggest concern is that I won't be able to expand as fast with 3.5% down payment vs putting 25% down. I would have less liquid cash, therefore preventing me from investing in another property at a faster rate.
Do you guys think I should go with the 25% down payment for a mulit-family(duplex), also are there any other options between 3.5%-25% I should know about concerning loans.
There are several options for you to put less than 20% down. Most investor loan programs only require 15%-20% down.
Post: Any DSCR providers willing to consider Canadian rental experience?
- Lender
- Columbus, OH
- Posts 56
- Votes 25
Hi Karin:
Your experience managing rentals in Canada would be considered and you should be able to qualify for a DSCR loan. You can probably borrow up to 75% of the purchase price. If one lender cant help, that doesn't mean nobody else can. Each lender will have their own overlays, so definitely talk to a few different brokers/lenders to be sure you find the right fit.
Post: soon to be investing!
- Lender
- Columbus, OH
- Posts 56
- Votes 25
Hi Harold:
Good luck! There is a lot of good info shared on this forum. If you have questions about investor friendly loans, or other types of financing, please reach out.
Post: DTI for primary residence
- Lender
- Columbus, OH
- Posts 56
- Votes 25
Hi Chris:
For a conventional loan, usually the DTI can go up to 50% FHA loans allow the DTI to be as high as 56%. There are also loan programs that do not calculate DTI ratio and the approval is based off of credit score, down payment, and assets. These loans typically require 15%-20% down, and are great options for investors or anyone else who is self employed.
Post: Section 8 Renting in South East and Mid West States
- Lender
- Columbus, OH
- Posts 56
- Votes 25
Hi Jordi:
I can help answer any questions you have about DSCR loans. We work with a lot of out of state investors like yourself. Let me know how I can help.
Post: Looking for Insights on the Indiana, Kentucky, Wisconsin & Ohio Multi-Family markets
- Lender
- Columbus, OH
- Posts 56
- Votes 25
Quote from @Christopher Conforti:
I am an agent in New Jersey and its is a VERY tough market to compete in for investing in Multi-Family homes. I am looking to venture out of state and would like more insight on what areas I should be focusing on in any of these particular states. I have enough capital to allocate 25% for down payments ( most likely on 2-3 properties). I'm experienced an knowledgeable in my market and would do some more research on rents in the area. I would also be open to any real estate agent, contractor, property management, lawyer and inspector suggestions. Lets chat and connect. Thank you for your time reading and I look forward to your responses!
If you want to discuss options of putting less than 25% down, let me know. There a programs available that only require 20% down on 1-8 unit investment properties.
Post: LLC and FHA Loan
- Lender
- Columbus, OH
- Posts 56
- Votes 25
Quote from @Kyle Hiester:
Hey All! I have an investment property under a LLC with a few other individuals and was wondering if that will disqualify me from using an FHA loan (if needed) down the road once I look at buying my personal home. I didn't think so, but I could definitely be wrong. Thank you in advance for your thoughts!
Owning a rental property under an LLC will not disqualify you from using an FHA loan to buy a primary residence. As long as you plan on the loan and deed being in your name, not the LLC, you should be OK.