All Forum Posts by: Seth O.
Seth O. has started 4 posts and replied 17 times.
Post: DSCR Lender on Columbus OH BRRRR
- Investor
- Columbus Grove, OH
- Posts 20
- Votes 8
Hi BP,
I'm looking for help finding a lender that is still doing DSCR cash-out refi's on investment properties. Hoping to pull at least 75% (ideally 80%) of ARV out of the deal, and wondering what the rates are looking like in todays market. The property is in Columbus OH and here are the details:
Duplex
3 bed/2 bath per side
Purchase: 150K
Rehab:153KEstimated ARV: $425K
Rental income: $1695/side = $3390/month or $40,680/yearCurrently owned free and clear
Any advice/direction would be greatly appreciated! Thank you!
Post: DSCR Loan Recommendations?
- Investor
- Columbus Grove, OH
- Posts 20
- Votes 8
@Simon Ashbaugh That would be awesome if you could pm his contact info! Thanks so much for your response Simon!
Post: DSCR Loan Recommendations?
- Investor
- Columbus Grove, OH
- Posts 20
- Votes 8
@Tracy Keffer That would be great if you can pm contact info! Thanks you!
Post: DSCR Loan Recommendations?
- Investor
- Columbus Grove, OH
- Posts 20
- Votes 8
@Jonathan Styer Thanks so much! I’ll check him out!
Post: DSCR Loan Recommendations?
- Investor
- Columbus Grove, OH
- Posts 20
- Votes 8
Hi BP,
We are just finishing up a BRRRR in Columbus OH and I'm trying to find a good company to start the DSCR Loan process. Does anyone have any recommendations for companies that offer good DSCR loan products for investors?
Thanks so much!
Seth
Post: Cash out Refi for a new LLC?
- Investor
- Columbus Grove, OH
- Posts 20
- Votes 8
Quote from @Muhammad Amawi:
Hey Seth,
I'm actually able to help you out here as I work with products that don't require any LLC seasoning. I've just sent you a PM
I appreciate the help @Muhammad Amawi!
Post: Cash out Refi for a new LLC?
- Investor
- Columbus Grove, OH
- Posts 20
- Votes 8
Quote from @Jack Mawer:
Seth, a DSCR loan is the way to go for this as it is strictly focused on the property cash flow rather than business income.
Thanks @Jack Mawer. I had to google DSCR Loan, I know what I am looking for now! I appreciate the help!
Post: Cash out Refi for a new LLC?
- Investor
- Columbus Grove, OH
- Posts 20
- Votes 8
Quote from @Eliott Elias:
Go for a DSCR loan product, this qualifies the property and not you. So as long as the rents are higher than the monthly payments to the bank they will lend on it. I have a lender that lends nationwide. Happy to connect y'all
Thanks @Eliott Elias, I hadn't heard of a DSCR Loan product so it's nice to know what I'm looking for! If you are able to PM me the contact of the lender you recommend that would be great!
Post: Cash out Refi for a new LLC?
- Investor
- Columbus Grove, OH
- Posts 20
- Votes 8
Quote from @Andrew Garcia:
Hi @Seth O., I can refer you to a lender that can close in an LLC.
The loan would not be conventional, however.
Feel free to shoot me a message to exchange information.
Thanks @Andrew Garcia I appreciate the response! I will send you a PM.
Post: Cash out Refi for a new LLC?
- Investor
- Columbus Grove, OH
- Posts 20
- Votes 8
Hi BP,
Earlier this year my siblings and I pooled our resources and created an LLC to BRRRR rental property. We bought a duplex for 83k cash, put in about $220k in to fixing it up. Now we are looking to do a cash out refi to get back some of our funds for the next one. However, I have spoken with a few lenders and they have both said they can't do a cash out refi for an LLC until we have 3 years of business income to show. Has anyone else had this problem. Can anyone recommend a lender that can do a cash out refi with a new LLC?
Thank you for any help!
Seth