All Forum Posts by: Mike Singer

Leadpops seems be a popular pick.

I'd shop before paying for an appraisal. Once you make a decision just inform the other lender you don't wish to proceed. 

HI William,

Your scenario is perfect for a DSCR loan. There are a few lenders going to 85% but the rates get worse as the down payment lessens. They allow for pretty much all property types. Feel free to DM me if you have any other questions.

Big box Online lenders (Rocket, Loan Depot, etc) are a nightmare for anything out of the ordinary. Bite the bullet and go with the local person. A broker should be able to beat anything the online retailers are offering right now. Maybe try a local mortgage broker. 

DM sent. I'd love to connect with you on this. 

Bummer, yeah. Keep in mind you can always add back the depreciation loss. 

There are some DSCR products lending up to 85% in the market right now. Rates aren't great, but it gets you the house. There's a corny saying going around the lending community right now, "Date the rate, Marry the house". You can always refi if rates go back down. DM me if you want more info.

Is the W2 income from a business you own or a separate primary job?

You shouldn't have trouble finding a Cashout deal below $250k. DM me if you'd like to chat. Happy to provide assistance. 

Do you have a deal in place? If you can put that cash to work immediately I would definitely take the cash. There's a corny saying going around the lending community right now. "Date the rate, marry the house". You can always Refi the mortgage if rates go down. If you've got a good deal, go for it!

Interesting. What makes it untaxable?

You could always go with a DSCR or Bank statement product, but the terms would be worse. You should be able to get this done if you've been doing it regularly over 2 years. I would line up your next employment contract before getting into contract to purchase, but this seems workable. Feel free to DM me if you want to talk in more detail.