All Forum Posts by: Stan J.
Stan J. has started 7 posts and replied 17 times.
Post: Would like some opinions on how I can keep my privacy
- Posts 18
- Votes 2
Recently bought a property through a land trust for privacy concerns. I decided to renovate after a tenant moved out. The electricity has turned off and the utility company is asking for invasive personal info (say what you want, but it is invasive). I offered to put down a large deposit upfront so they don't have to worry about lending me electricity. They don't want to do this. I imagine they'll sell the data, which is why I'm trying to avoid having my name tied to the property. I'm not looking for data privacy opinions - just ones on how I can set up an account with the utility company without giving up my personal information.
I tried creating an EIN for the trust, but they asked for the actual trust document. I'm of course not going to give that to them. What are my options? I'd prefer to avoid setting up an LLC as I only have 1 property. Was considering trying to sign up as a sole proprietorship combo'd with a DBA, but I'm not sure if they would ask for identification like the trust. My goal is to be as simple as possible and not create an LLC for this.
Post: Would like some opinions on how I an keep my privacy
- Posts 18
- Votes 2
Recently bought a property through a land trust for privacy concerns. I decided to renovate after a tenant moved out. The electricity has turned off and the utility company is asking for invasive personal info (say what you want, but it is invasive). I offered to put down a large deposit upfront so they don't have to worry about lending me electricity. They don't want to do this. I imagine they'll sell the data, which is why I'm trying to avoid having my name tied to the property. I'm not looking for data privacy opinions - just ones on how I can set up an account with the utility company without giving up my personal information.
I tried creating an EIN for the trust, but they asked for the actual trust document. I'm of course not going to give that to them. What are my options? I'd prefer to avoid setting up an LLC as I only have 1 property. Was considering trying to sign up as a sole proprietorship combo'd with a DBA, but I'm not sure if they would ask for identification like the trust. My goal is to be as simple as possible and not create an LLC for this.
Post: Looking to connect with wholesalers and investors in IL
- Posts 18
- Votes 2
Landlord in the area. Looking to learn more about the market. I'm also trying to get in one more deal before the year ends. If you want to chat, feel free to reach out.
Post: Any private lenders who allow less than 20% down payment and 740 FICO for DSCR loans?
- Posts 18
- Votes 2
Quote from @Jeffrey Blackman:
Hi @Stan J., we are based in suburban Chicago and offer up to 85% LTV on DSCR purchases and up to 90% of the purchase price and 100% of the rehab budget on fix and flip transactions.
I'm happy to have a conversation to see if you are a good fit for us.
What are the requirements for 85% LTV? Is there a threshold for FICO?
Post: Any private lenders who allow less than 20% down payment and 740 FICO for DSCR loans?
- Posts 18
- Votes 2
Quote from @Chris Seveney:
Quote from @Stan J.:
I'm looking for a private lender who I can scale with. Ideally we would meet in person (Midwest region).
tough to find one for DSCR as most DSCR loans get securitized and not held on books and have stringent requirements.
That's why I'm looking for a private lender and ideally one that is local
Post: Any private lenders who allow less than 20% down payment and 740 FICO for DSCR loans?
- Posts 18
- Votes 2
Quote from @Patrick Roberts:
Lenders who will allow 15% down are out there, but the terms will be horrible to the point that most deals arent profitable. From a lender's perspective: 25% down is the gold standard, 20% down is meh, and 15% gets sketchy.
If it's a quality investment, the % doesn't matter. I don't blame lenders though. It takes skill to go unconventional.
Post: Any private lenders who allow less than 20% down payment and 740 FICO for DSCR loans?
- Posts 18
- Votes 2
Quote from @Erik Estrada
Have you considered getting a JV partner instead? You will be able to secure favorable terms finding a partner or saving up for the extra 5%.
I'd rather run solo. I'll eventually find someone who wants to make money
Post: Any private lenders who allow less than 20% down payment and 740 FICO for DSCR loans?
- Posts 18
- Votes 2
I'm looking for a private lender who I can scale with. Ideally we would meet in person (Midwest region).
Post: Any private lenders who allow less than 20% down payment and 740 FICO for DSCR loans?
- Posts 18
- Votes 2
I'm looking for a private lender who I can scale with. Ideally we would meet in person (Midwest region).
Post: Any private lenders who allow less than 20% down payment and 740 FICO for DSCR loans?
- Posts 18
- Votes 2
Quote from @Scott Wolf:
Quote from @Stan J.:
Quote from @Erik Estrada:
Quote from @Stan J.:
Quote from @Erik Estrada:
85% LTV is possible on a DSCR loan. The rate will be pretty high
Without a 740 FICO? I'm also looking for no PPP if possible. If you're able to help, I'm happy to chat.
740 FICO minimum and 1 Year PPP minimum
Right so FICO is still the hurdle lol. I have yet to find a lender who is flexible
So, what is your FICO? We can go down to 640, but not with less than 20% down.
700 - 720. 720 is more reasonable