All Forum Posts by: Stephanie P.

Good Afternoon,

I have a two story 3bed 2bath 1962 built house under contract for 295k in Irving, Tx. The house needs significant work i.e.

Foundation is off by 5 inches,

Replace whole plumbling & redo bathrooms,

Leak on roof,

Put a new HVAC,

Turn a room into a bedroom.

My question that's a lot of capex so, the price of the house is below market value and we are buying as is, however after we did inspection it's a lot of big ticket items that's required to be fixed and need to put alot of significant work and money. How do I know ARV & run comps myself? Do realtor give estimate off certain website?

Note: Foundation company quoted me 33k to fix the issue.

Thank you. Looking for suggestions!!

@Stephanie P.

Is their a book i could read and get insights about these loan types and learn more about it?

@Stephanie P.

Thank you for the explanation. the cash we have access to is to be used to rehab to fix it to flip. Once we scale we will do HML too. I am very new so trying to do one at a time.

As far as another friend who’s reserved army, i’ll let him know.

Thank you.

Hi All,

My business partner and I have signed a contract with a construction company for the purchase of a brand new quadplex in Texas. The closing date is Aug. 30th and our lender just told us the loan did not pass due to the Debt Service Ratio being below their minimum threshold. This was for a conventional loan, and they looked at both our financials and the properties, and since the properties' financials did not meet the minimum threshold the loan failed. Is there anything I can do to salvage this deal or is it dead in the water for me?

Thanks,

Hello,

I am looking to purchase a investment property in DFW, Texas with my friend. She bought a house in March/April of 2023 with 20% down payment. So, what are the criteria to get qualified for DSCR loan as well as rehab loan. Our main focus is dscr loan to get it to purchase. Does the down payment have to come from our account or can our family/ friend send money for down payment?

Also, I have a friend looking for VA loan qualifications he's a reserved military. Sorry, I am a newbie if I confused you, will appreciate your guys input.

Thank you.

I am currently under contract on a property that I am paying cash for. The property is in disrepair and needs roughly $100,000 in renovation costs. 

Owning the house free and clear with a current value of about $200k and an ARV of about $350k-$400k, what would be the best way to finance the renovation with the intention of doing a cash-out refi when the property's renovation is complete?

I have 16-unit apartment building in Mississippi (8-units in each building). Both of these buildings are in the same parcel. I purchased this property with hard money lending to close the transaction 2 weeks back. Now I am looking to use loan programs for financing this. When I am reaching out to few lenders, either I am hearing that long term rental loan isn't there for > 8-10 units OR can't do the loan because the loan amount is lesser. So I am kind of stuck with what financing options do I have that should help with this scenario.

Any thoughts, connections or suggestions of what loan programs can be availed or how to go about it, would be appreciated.

Good afternoon, My name is Petronella Kerssens and I hope you are able to help me with the following challenge I`m facing. We lived in Florida for 10 years and are US citizens. We moved back to Europe 4 years ago and are currently working there. We have no immediate plans to return to the States. We are actively working on enhancing our current credit score of 590.

In Europe, we own several investment properties. However, due to recent changes in local tax laws, we are contemplating investing in the U.S. again.

We have a strong affinity for the Tampa area, and our trusted realtor there is not only a professional contact but also a personal friend. We have a budget of approximately $175k-$200k to invest.

The question we're struggling with is whether it would be more beneficial to buy one apartment cash or to make a 40-45% down payment on two apartments and secure a DSCR loan for the balance. Despite conducting extensive research, we're struggling to find a loan with an attractive interest rate. Thus, we're keen to connect with an experienced loan officer, who can help us with this. Our main goal is to have pasive income/cashflow.

We'd greatly appreciate any advice, particularly on what you would do differently under these circumstances, excluding relocating to a completely different area.

Thanks for your help,

Petronella

Hi everyone!  
I'm not ready to contact a lender, but I'm wondering what terms you've been seeing for DSCR loans lately?

Thanks 

Great answer. Yes, if it was a DSCR loan, it would make complete sense. But I am lucky to qualify for a conventional loan, which seems to complicate things with the LLC.

Absolutely plan to get all possible insurance.