All Forum Posts by: Stephanie P.

The lender I work for, we have an admin fee and processing fee that total around $1400, regardless of loan size. 

I did recently purchase a STR through a broker and they hit me with a 3.5% origination fee.

Mostly you see the origination fees with brokers. My company does loans in house so that is why we don't have a fee. 

What state are you purchasing in?

Hi I’m trying to buy a rental property investment to do a brr on in Chicago from a family member & im getting it at a good price.. but I’m in need of a great lender to get a loan vrs hard money so I believe but I might be wrong this is where I need the help at .. what product do I choose for a equity filled & turn key property with mid to high 600 credit score…? I would like ti do a 30 year fix but I don’t have 45k to put down on a dscr loan.. please help with advice & who I can contact for lending.. thank you 

Hey guys,

So I just started my real estate journey a few months ago. I bought my first rental with a conventional loan. My question is this; what financing methods would you say is recommended for my next few properties? I’m planning on purchasing another property in another few months with another conventional loan. However, I’m also looking into seller financing but they have balloon payments which I feel can cause a problem later on as a new investor. I’d also appreciate any thoughts on different creative financing methods.

thanks. 

Hello, I'm just starting out and doing research for my first OOS rental property.  I am only familiar with conventional 30 year fixed rate loans as this is what I've used in the past for my primary residence.

I've been looking into DSCR loans and think this would be the best fit for me because I currently have a LLC with 1 rental property. I would like to continue my rental investment property journey and obtain loans under my LLC. My understanding is that DSCR is one option that fits this requirement.

BUT I've been told the better route would be to get a HML then convert it to DSCR after?

1) How does this work?

2) Why would I do this?

3) What is the time frame for this? Do I only have a HML for 4 months or something and then get a DSCR?

I'm confused on the why this is suggested and logistics and time frame.  If someone could break this down with an example of numbers so I can see how this plays out with cash I need to fund, cash I'm borrowing, etc that would really be helpful.

I'm new to investing and trying to learn more. I am curious: are there any restrictions or penalties that comes with the future refinancing of a 3.5% conventional loan down payment primary residence triplex used as a house-hack and other units as a short-term rental? I understand it blurs a lot of lines, and I haven't been able to get straight answers yes, so I would appreciate gleaning insight from anyone here who might be able to help!

@Stephanie P.

Thanks!

Certainly open to a house hack.  The ideal situation being there is a separate unit where the tenant, whether long-, mid-, or shot-term, would have 100% their own space, either attached or detached.  Not open to house hacking in the sense of renting out rooms at this point in time.  Why would you sell the primary and not keep it to rent it out as well?

I had run the numbers on furnishing a property to convert from LTR to MTR and I came up with a nearly 33% ROI on that money. It would bring my property from a total ROI of 9% up to 19%, but I am more uncertain about the vacancy to expect there, making me uncertain about the numbers as a whole. Do you have a good way to estimate all expenses and vacancy in MTRs?

Hi all! Thanks in advance for any input! =)

I recently completed a cash out refi to successfully pull all of my funds out of a LTR property for my 2nd completed BRRRR. Now I am contemplating what to do with the funds in this current market. Without going into too much detail, here are the options I have been weighing and I would love to hear what others think:

1) Purchase another LTR property (likely in Fayetteville, NC) requiring some renovations to have instant equity.

2) Furnish a current LTR (near medical complex in Fayetteville) to convert into either a MTR or STR (MTR preferred).

3) Purchase a new primary residence in the Raleigh-Durham, NC area while keeping the current primary (Raleigh-Durham area) as a LTR. Rent on the current primary would likely end up covering ONLY the PITI and I would manage the property myself. In the new primary, I would need a separate unit to house hack in order to keep my mortgage roughly the same as it is now.

4) Sell current primary residence and use both sale and cash out funds to purchase a new primary residence in order to keep PITI roughly the same as it is now. Depending on the price of the new property, this may or may not require a house hack.

5) Open to other good options, but primarily interested in buy and hold opportunities.

Thank you for taking the time to read and, again thank you for any input and/or feedback!

Has anyone worked with DSCR lenders providing this kind of product? I see a lot of 70-75% LTV, but I thought I would ask.

Thanks in advance!