All Forum Posts by: Rahul Gupta

Hello,

I just spoke to a hard money lender and it seems to be doable.

In my experience, Banks make it really difficult to obtain a mortgage and I have never been able to succeed in obtaining a loan with them for investment purposes simply because they require a certain amount of DTI ratios. For example, I have been informed from a couple of banks that even though my current Airbnb totally offsets the mortgage, they will not take the income from the property towards the DTI calculations but rather take the gross income from the Taxes filed and consider the mortgage amount as an expense, which was hard to understand. Now, I am not sure if the banks I have dealt with have just made it complicated to explain to new comers or I did not understand (after repeatedly trying to understand their process) it completely, but it seems too complicated. By then they run the credit and there is a hard pull on the credit report making my fico score drop and then them saying "sorry" the next day. All this after talking to the loan officer about every single detail before applying and them saying that there will be no problem with the loan.

I feel Hard money lenders are more logic based and rational people. Yes, they can run a soft pull to pre approve it does not hurt the credit at the initial stages for no reason. Also, they can let me know if the deal will be a go or not before they want to hurt my credit score. 

Good Morning!

I was wondering if anyone here had successfully used a hard money loan to finance an STR? If so, is there someone you recommend that services Twin Cities, Minnesota?

Also, please tell me if If there is a reason I should avoid them or if there is something better that I don't know about. I am looking at purchasing a turnkey property with a 30 year rental program.

Thank you so much!

Thank you! Do I need to have good credit to do a cash out refinance? 

I have two properties in St Louis MO that I own outright and I have been thinking of ways to not block off all the money I have in buying properties like this as I am reaching the end of my balances soon. 
I do Airbnbs but am open to renting them out of there is a way to get cash out of the houses to invest in more properties. Hoping to get some meaningful guidance from pro investors on how I should go about maximizing what I have and build a portfolio. 

Hello,

I am buying a multi family with tenants in place and am wondering the things to look for in this cash transactions as this is my first time.

I have seen that the rent till and the expense profit loss statement and it looks good.

How to make sure that the current tenants leases gets transferred to me the right way and also what about the deposits they have given the current landlord?

This will be very helpful. Thank you for your time.

The property is in IL

I have been thinking of buying rental properties for under 30k in a small town in IA.

Is there a way where i can buy a property with all cash and then refinace it somehow(will any bank do it considering how low the price is) to get all the cash back and then repeat the process?

Will there be a wait time before i can refinace and if so, will i really be able to get back the entire amount invested in the property?

Thank you

@Ron Rohrssen I am not opposed to the traditional route but apart from US bank, i have not come across any other banking institution who would lend on low priced properties. I am open to any kind of sourcing that could work so that i have something to compare US bank deals with.

If there is a private lender who would do a deal, i can do 20% down.

Thank you

@Jason TaliaferroThese are already rented out and no work is needed. I am looking for a possibility of financing them somehow.

@Satvinder Sihra These are in IA