All Forum Posts by: Ryan Stuckey

Not quite true, a $65k loan size is currently available for DSCR loans.

Welcome to Ohio, neighbor! Congrats on taking action and good luck out there...

A family member has a lake house there as a 2nd home. It's definitely becoming more popular year after year but of course the lake season is quite limited. Also, the much larger and more popular lakes at the KY/TN border are only 2 hours south.

Available in non-traditional financing, although the rate will definitely be a step up from a 75% LTV purchase.

That is somewhat difficult in general but a DSCR-type cash-out refi at 75% after 3 months is possible here, as long as credit is 720+ and DS coverage ratio is sufficient at that loan size.

The DSCR-type loan is a typical Refinance step in the BRRRR process. First-timers are definitely eligible, but as this would be OOS and also your first property, you'll very likely need to hire a PM and provide this contract as part of the DSCR underwriting process. And that PM cost % will affect your DSCR ratio, but hopefully not enough to disqualify the loan per DSCR rules.

Good choice to consider Ohio, lots of nice markets here...

A 65k minimum DSCR loan size is available

Discount/buy-down points are discretionary to the buyer and should be zeroed out for an apples-to-apples comparison. Your closing costs should be more or less fixed and not a % of the loan size (same kind of work goes into most every loan approval). When you have an efficient deal using an investor-friendly lender, you will generally have a lump sum on the lender side for processing/underwriting of $1500-2500 and then on the title company (buyer-chosen 3rd-party) you will have various fees for a similar amount. So $3-5k at most to close a normal loan, closer to $3k actually, or you are getting soaked for fees by one or more parties. It's common, sorry to say. I prefer a strategy of fairness/success on the first deal that leads to more deals for all in the future.

I also recommend Ohio for real estate investment, especially Columbus and Cincinnati. We like to help investors in the region with asset-based investor-friendly financing solutions for both short-term and long-term projects. We'd love to join your team if you go with Ohio.