All Forum Posts by: Rob Austin
Rob Austin has started 9 posts and replied 21 times.
Post: Scaling After 2 Properties?
- Posts 22
- Votes 14
DSCR
Indiana, considered rural by some lenders. Currently on a fix and flip loan that ends in April.
Would like to do rate and term dscr 30 year or cash out
Purchase price: $192,000
Original Purchase date: 9,13,24
Amount of rehab money spent: $20,000
Amount Owed on the property: $201,500
Current Value: $315,000
Any additional rehab money needed ($): No
If additional rehab is needed, new ARV: None
Desired **** amount: Rate and term
Number of Units: 3
Current Rental Income: $855, $855, $1200
Market Rental Income: $2910
FICO score: 628
Annual taxes: $3000
Annual insurance cost: $1700
Annual HOA: None
Est Cash on hand (bank accts, stocks, retirement, etc): $15,000
Number of purchases in the last 3 years: 4
Quote from @Erik Estrada:
You can do this on a rate and term refi, likely at 65 LTV.
It's also Rural
Quote from @Zach Edelman:
Is there no chance of you having a co-partner/co-sponsor on the loan? We need a 640 for cash-out refinances, but if we get this, can absolutely help you out!
Our LLC has two members, one with 648 mid score and one with 628 mid score
Quote from @Mike Klarman:
Never heard of a DSCR Bridge loan. They are two separate things. Are you looking to pick this triplex up first on a bridge loan with rehab and then refi out to a DSCR loan?
So the bridge loan will be based on the ARV of the triplex post rehab. You'll get 65% - 75% of that ARV as a max cap number, with your credit probably 65%. Inside that max loan subtract the rehab and what is left is the amount you can get toward the purchase.
It's on a fix and flip loan that ends in April.
Need a no doc or asset based bridge loan
Look for a DSCR bridge loan on a fix and flip triplex
Its rented out already. 625 fico.
3 Units $855, $855, $1200
$201,500 owed, $320,000 value
75% LTV
Post: Looking for cash out refinance 75 or 80% with under 600 credit score
- Posts 22
- Votes 14
Quote from @Givo Aghasi:
@Rob Austin I agree with the other comments. Your best option would be if you have a partner that does have a better fico score. Is the subject property in your personal name or entity?
Entity. My FICO is 620 now, looking for 75% ltv
Please share providers that don't care about credit score for cash out refinance.
Triplex in Indiana
Property value: $308,500
Owed: $201,500
Need to cash out refinance at 75%
Credit score 589
I already have a list of 20+ lenders who will do the deal at 640 credit score.
Not looking for advice, just looking for lenders that don't mind the credit score.
Thanks
Post: Looking for cash out refinance 75 or 80% with under 600 credit score
- Posts 22
- Votes 14
The property is worth $315,000, the payoff is $201,500.
I'd like to cash out and refinance DSCR in to a 30 year.
Post: Loans for properties between $30,000 and $75,000
- Posts 22
- Votes 14
Quote from @LaShawnda Robinson:
Quote from @Rob Austin:
In my market there are a lot of homes that are between $30k and $75k that could easily be turned into short-term rental investments.
I'm wondering if there are any non-conventional lenders who loan for this price range.
It would have to be dscr or something similar rather than conventional.
I specialize in loans $75K or under for real estate.
Non conventional? Like DSCR etc.