All Forum Posts by: Robin Simon
Robin Simon has started 636 posts and replied 3875 times.
Post: Kentucky Bourbon Trail STR Prospects
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
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Don't have experience there, but it sounds like a good market to me
Post: STR UPDATE for Out of Town Investors Interested in Waco
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
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Quote from @Trevor Caswell:
Quote from @Travis Timmons:
Are you talking about finding a property that is already an active STR? Wouldn't it be far cheaper to find an outdated property with O-2 zoning to fix up and take to market?
You're absolutely right Travis. Due to our zoning laws and location of the 0-2 properties, this has become a needle in the haystack. Investors need to be patient and find the right lenders who are able to lend on properties being converted with no p/l sheet to go refer to.
Great info @Trevor Caswell. Do you find the local lenders in Waco are flexible and open to STRs or is it a difficult process?
Post: Prepared for STRO Regulation?
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
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@Madison Carlson great info
Post: Interest Rates rising in today market
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
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Quote from @Matt Sora:
How high could interest rates go and how long could it take for them to come back down? Is there a good indicator that they will keep shooting up?
This is a great source for tracking interest rates / market moves
https://www.mortgagenewsdaily....
Best things to monitor is economic data related to the economy strength (particularly jobs reports) and especially inflation (CPI prints), which will guide the Fed's decisions moving forward
Post: Risks of having several mortgages in my name?
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
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This is a very common situation - a classic path for real estate investing (and probably the best way to go) is to slowly scale via conventional mortgages in your name, but when you start to hit around the 5 property mark, you begin to scale and the balance tips toward going with alternative financing options such as DSCR loans which allow you to take risk off the table (finance through an LLC), protect your credit report (you guaranty the loan, but shouldn't hit your personal credit) and you can scale quickly and efficiently (no DTI considerations slowing the scaling process down)
Post: I have lots of equity but very little cash. What would you do?
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
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I think the HELOC idea is good advice - assuming your current debt is much lower rate than what you would get today with a cash-out refinance
Post: New real estate investor Providence, RI
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
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Welcome! Sounds like you are on the right track
Post: Noobs BRRR or Sell?!
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
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Pick a number that would make you happy with the proceeds, if you can quickly (within 2 weeks) get an offer above or at that number, then sell it - if not, then proceed with the refi. Need to test the appraised value to see if it holds up in the real market
Post: Looking for hard money info for SoCal
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
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Hard Money lenders can vary quite a bit but for Southern California and reasonably experienced you'd probably be looking at:
Rates 10-11%
Points 2-3%
LTC/LTV around 85%/70% - less about reserves, more about being able to work with this leverage
Post: Own 4 properties. Looking for financing to buy more.
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
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cross-country lenders are commonplace and not a problem. Since these loans are "business purpose" and not consumer, the licensing is much less stringent and its easy for lenders to lend in nearly all states