All Forum Posts by: Stephanie P.

Im currently about to acquire a single family detached with Seller Financing, however the property could make for a Great flip but also a decent rental property. The minor renovations throughout will seriously increase the value of the property but due to market conditions, I'm unsure if I should continue with the Seller Financing option and a Hard Money lender for Reno budget or just get a traditional loan to cover the cost of the home plus renovation. There's a few ways of going about this deal so I'm really just trying to hear out other people's opinions.  

 Thanks for the insight, could you elaborate on how RESPA might come into play with the circumstances I described?

If the DSCR loan is in your name, yes it will be on your credit.

If the DSCR loan is closed in an LLC, no.

I need advice. If I were to take out a private money loan for a high performing short term rental triplex, of which I'd live in the poor studio unit and rent out the other multi bedroom units, and then decide to refinance to a lower interest bank loan within a year or two, what are some risks and problems I should be aware of? Do bank refinances consider short term rental income? How does this affect taxes? Pros and cons? I've never done this before so I'd really appreciate some advice.

Do DSCR loans affect personal DTI if they are in an LLC?

If so, it seems like having a few DSCR loans would make it difficult to qualify for a Heloc on a primary residence or even a car loan, for example.

Also, are DSCR loans recourse? Could the lender come after your personal assets if you were unable to make payments?

If so, those could be exposing individuals to large amounts of risk. 

Does anyone have advice on which lender to use for a cash out refi? I have a duplex that I want to refinance, but I can't seem to find the right lender. Which lender have you had success with?

Thanks

I have a single family home under contract that would cashflow really well with a 30 year note, and the market interest rates, but unfortunately my local Credit Union is saying because it will be a rental that I will need to have a commercial loan instead of a traditional and it will end up being a 20 year note, which is fine for my cashflow if I rent out mid-term. But if I rent out long-term, (backup plan) it doesn't work at all...

What are the options for financing a single family rental under my LLC?

Hi,

I have 4 condos that are completely paid off.  I would like to buy another larger property and pull the equity out of the 4 condos (which are all rented).  How can I find a lender in West Palm Beach, florida who will give me a good interest rate?

Hello,

Hoping to get some direction on potential options for creative financing:

Opportunity to buy a duplex (future opp to be converted to quad and run as Airbnb possibly)

- Sale price $320k (negotiable)
- $420k appraised value 

- 25% down
- Personal Income is $100k 

- personal credit score is poor

- Have current LLC with no credit history

- 5 years+ rental history at $3400/mo <5% vacancy

- Minneapolis, Mn 55417

Needing to get creative on financing options - willing to take on less than ideal terms non conforming etc :

- DSCR sounds appealing - ratio would be solid

- Hard money?

Any thoughts?

Thanks in advance!

Ryan

Hi All, I'm Interested in finding out more about DSCR LOANS. PROS/CONS???