All Forum Posts by: Robin Simon

Hello and good afternoon BP, I am looking at purchasing a multifamily(2-4) for my first investment in real estate. I hope to purchase one by the end of this year as a long term hold rental unit. I am unsure about what type of loan I should lean towards. I hear some say FHA others the DSCR, what I am wondering is what are the pros and cons of each and why chose one over the other? Also, what lenders are good to work with for either type of loan? Thanks in advance, and much appreciated.

Hi everyone,

I've had my mortgage recently taken over by another company, I've managed to log on to their online portal to see they are charging me three times the interest than the principal and had a quick look on Better business bureau to see they have 500 or so complaints and one star reviews. This being my first rodeo, I've reached out to see what can be done to change this payment plan. My interest rate is at 4.875%, but they have me paying the absolute bare minimum in principal which isn't ideal really. I initially paid a 25% deposit for the property and my goals are not to just be paying interest for the rest of eternity. Would it be prudent to try and refinance with another company if I can't come to some other terms?

I've only owned the property for a year, I have a feeling I am in a bit of a sticky situation with this company and I'm not sure if anyone else has found themselves in the same situation??? 

Does anyone out there know if there is a DSCR loan that has its repayment amount based on cash flow of the property? I am talking about something like ARM loan, but instead of having floating interest rate pegged on some kind of prime rate, the floating amount is based on the cash flow of the rental property (assume the rent can be verified)

If a property generates high enough rent to cover all expenses and some, a loan with repayment amount pegged on rent might yield a higher return for the lender in the long run and still be attractive enough to borrowers given that rent generally increases over time

Hey everyone! I am currently in the process of getting my first rental property. It is out of state as I live in NYC, also my first property ever as I rent my main dwelling in the city. I've been wanting to get going for a while and it looks like we finally found a property to pull the trigger on.  I connected with one lender so far and want to hear from others and try and get a competitive offer. I should hear back on whether or not the sellers accept our offer today. How long do I have to keep looking at other lenders? Is it already too late? Or could I keep reaching out to others to keep things competitive? 

Also, would love any recommendations on lenders in Ohio (Cleveland area).

Thank you all!

So I thought I was ready to start looking for my first income property. I'm looking to get into a multi family, 2 or 3 unit. I currently have a single family as my main residence with a conventional loan, and have about 50k to use to try and get into a multi family. The lender that I use though told me I would have to put a minimum of 30% down. In my area 50k isn't enough to buy something reasonable. My lenders answer was to either save more, or do flips first to get more cash. Is there other lending options than a conventional loan at 30% down to purchase another property or am I stuck just raising more capital?

Looking for a lender in my area for 1st rental property. Tried Aloha Capital from BP. Hard to get a reply from them when needed.