All Forum Posts by: Stephanie P.

Hello there!

Quick shot in the dark to anyone with more experience than I do! My wife and I would like to buy a multi-family, but we do not have a bunch of cash to put down! We own our home, about 80k in a 500k loan, asset probably about 600k value in todays market. We net about 220k in salaries & compensation. Our credit scores are both well above 800. We want to buy a investment property priced at about 700k, with little down but finance about an additional 200k for improvements. We have a good understanding of our city & local market, and think it would be about a million dollar asset and cash flow positive by the end (we'd be adding a 3rd unit to a duplex). Would any lender even consider this? =)

@Mike S. Would look at a market like KC. Happy to provide you a detailed analysis of what sub markets are like if interested. DM me. 

Im in the process of searching for my first possible buy and hold. Or a quick flip, i understand the type of loan you pursue depends on the strategy and goal you have set.. with that being said; would a buy and hold go through a bank? And a quick flip would be better with hard money? 203k For a BRRR? Please and thank you

Hello BiggerPocket Community,

Long story short on the clock with a low 7 figures in a 1031 - what would you do?  

Currently have small portfolio of rentals that cash flow.  Current market is very low inventory if nothing at this price point for multi families.. 

What should my goal be? how high should the bar be and what kind of measurable(s) should I not lose focus of. 

Bottom line developer came in and paid the premium. 

Thanks for your help BP Community! 

-Mike

I was given a property some years back as a donation.  So the property is free and clear of any debt.  Unfortunately, I was not able to use it as rental property and start my venture into real estate investing until now.  The property is in need of some TLC, such as paint, they were heavy smokers and smoked in the house, appliances, and some updating.
Trying to decide if I should do a refinance or use a HELOC to make the repairs/update to get started. With the high interest rates now, not sure which would be better. What thoughts or advise would y'all give to someone in this situation.

Hey BP community!

I am running low on personal capital so buying a property outright is difficult at the moment (until I refinance/sell my BRRRR projects going on right now). I was wondering if anyone has any experience of buying a move in ready investment property using a DSCR lender then Refinancing after the seasoning period with a DSCR lender? I would do some small or light cosmetic fixes during the seasoning period to increase the value of the property, just don't know if small cosmetic changes are going to make a huge difference in ARV.

I am trying to get more doors and don't want to sit on the sideline while my current projects have most of my personal capital and private money tied into them. For example, if I found a smoking deal, turnkey $100k property, the lender wanted some skin in the game from me and require $25k down from me, I want to be able to get that $25k back as soon as possible. The initial buy is what is holding me up at the moment, should I look into bridge loans? After points, costs, etc. Is there point in buying an investment property using a DSCR loan if I plan on refinancing it with DSCR in 6 months? Biggest thing is just getting whatever money (or close to it) I put in, back out as soon as possible.

Which brings me to another question for the more experienced investors out there. For turnkey properties, Is using private/hard money to buy properties outright then refinance out of them in 6 months to a DSCR the best option?

 Thank you for this. Do you have any trusted referrals? 

We do not intend to house hack. Do groups typically structure LLCs with intent of buying investment properties or have you seen groups select one person to put the loan under? 

Seperately, is it worth setting up an LLC before first purchase or should this created during attorney review?

Rookie here……but D.S.C.R loans seem to be a great way to acquire property.  I’d like to talk with anyone who has dealt with these kinds of loans before. Pros/Cons, contacts even maybe, for instance how do you even acquire a loan like this, or is it the same as hard money dealings. I just don’t know

@Stephanie P.

The post was meant to be vague since I have not done this before. Initially, my thought process was to just bait the hook to see who bites because I am also new to bigger pockets and not sure how it all works. All of your questions need to be answered before I purchase something, but I’m really looking for is someone that would sit down with me and work all that out. So I would need someone that would get something out of it as well, i.e a broker or agent. All I know is that I am motivated to buy and willing to do the work, I just need some guidelines.