All Forum Posts by: Stephanie P.

Hi guys so I'm new to real estate Investing and I have a few questions. I want to know can I get 2 different types of loans around the same time? I was looking at a 4 plex for an FHA loan and a and a apartment complex 8 units for a dscr loan. Can I do both?

I am looking to do a house hack for my first investment. Ideally, I can have my parents cosign and we can go in together on a duplex. Alternatively, I can try to get a DSCR loan on a tri or quad that cash flows sufficiently to qualify for the loan. I want to talk about this second option with a little twist.

Obviously the challenge with a DSCR loan in an owner occupied property is you lose out on the income of one unit, which makes it hard to qualify for the loan. So, what I am thinking is doing something like a reverse house hack, where I fill the whole unit with tenants after buying with a DSCR loan, and then refinancing into a traditional loan later and moving into one of the units [to get the benefit of a house hack, saving money on rent while building equity]. Any thoughts on this?

Thanks!

Hi There,

I was talking to a friend of mine who was wondering if it was possible to purchase a Duplex together where they would get one unit and I would get another. Is this something that is possible?

How does it work when it comes to your debt-income ratio? Would you both have separate mortgages for your half or do you have one mortgage and its reported on your credit report that you have a mortgage for the full amount of the duplex?

Figured getting a duplex in Austin for say $575K split in two is ~$287K per unit and way more affordable. If something like this works, I can probably do another deal with another friend I know out of state who would likely agree to manage the property for me. The 2nd property would likely be purchased via a self-direct IRA. The one in Austin would be purchased traditionally either via FHA or 5% down.

I have been looking at doing a DSCR loan but looks like I'm giving up on that as DSCR loans require bank statements anyway and if I'm going to provide that, I might as well go Conventional and have significant rate savings.

I can obtain a co-signor/Guarantor and make changes to the Operating Agreement as need to be to satisfy a lender as has been suggested as an OA is not a recorded document anyway. 

What are some Conventional lenders that will close in an LLC? There are apparently Conventional lenders that do it commonly, even though its not their first choice. A believe a person has to sign a personal guarantee anyway, regardless of whether a DSCR/Non QM or Conventional. In this market it seems I might as well obtain the rate savings.

Hello Bigger pockets members. Anyone have advice on mortgage lenders that provide 90%LTV in Ms for a vacation home loan?

I’m looking for information on if a conventional or commercial mortgage would be best for a fourplex.

 Thanks Hernandez.  If I can convince wife to live in one of the tri plex units with low down payment and 30 year conventional loan , then I'm thinking I'll have enough cash to get the Duplex and the Quadplex soon after. Not sure how long i would have to live in the triplex. 6 months? I don't want to be there long. Add'l thoughts? I would like to have a portfolio of at least 3 properties by the end of 2023 and add 1 or 2 a year until age 65. 

Hi,

First time poster here. My husband I recently purchased our first duplex using the BRRRR method. We purchased through our LLC and paid cash. We've been talking with different banks. Do all cash out refi's in an LLC have some sort of ARM in the terms or is it possible to do a cash out refi 30 year fixed? One of the banks is quoting us 75% LTV with 10/6 ARM...locked for 10 years, 30 year amortization.

 What have you found to be the most challenging when purchasing and refi under an LLC? Anything I should know of ahead of time as we work through this process?  Thanks! Looking forward to feedback and further discussion.