All Forum Posts by: Scott Wolf

I have a deal with a lot of equity. I'm looking to purchase. Im looking for a DSCR lender that services Central IN.

@Chris Watkins hey! Yes, the house that you toured is what we are trying to cash out refi. We are leaning towards a refi and just HELOC out the funds (our original downpayment) if we need money for the next project.

MidOregon was super helpful! The reason we were curious is because we listen to all these bigger pocket podcasts where guests say "We bought a place and just cashed out refi-ed after into the next project!" As if it's easy and common - ha! 

Thank you for the quick reply and info. It definitely helps.

The PM will have the tenant agreements in place, but not prior to the desired closing date.

The sellers also need to sell by August 10th.

I have purchased a few homes with cash that I have added value to and tenanted with a great DSCR (over 1.5). I am now looking to finish the BRRR with a refinance (most of the properties I have had for less than 6 months), but the loans are at about 100k or a little less. Does anyone have recommendations for lenders with good rates for Ohio, under 100k loan amount, little to no seasoning period?

@Avery Moore

Hi Avery,

Here’s what we did…

We went to a local bank and did a DSCR loan with a cash out component as well that combined five older mortgages that at the time were at higher interest rates than what the DSCR lender was charging. Loans were from 2018-2019 in the 5% to low 6% range. The DSCR lender was offering 4.1%… back when conventional residential loans were in the 3's.

So because the bank holds its commercial (DSCR) loans, all 5 of those properties came off our Fannie Mae count and opened up 5 more spots for us. Obviously the interest rate situation has changed since then… But the method probably still applies in general.

But, keep in mind that the DSCR loans usually reset every five years and that is what happened to us. We went from 4.1% to 6.2% this year on that loan… So there are trade-offs to consider.

Otherwise, my best advice is to put each property in one person‘s name if you happen to be married. That gives you 10 slots for each of you.  If you didn’t do that, you’re probably saying “well now you tell me!” lol!  But that helped us too.

Hope it helps!

Randy 

Hello BP, I know this is a long shot as we are all in need of cash to fund our next property but figured id throw it out there. I am a real estate investor (in Tampa) with one rental property I've owned and managed myself for over 2yrs. I will be doing a cash out Refi on my current rental within the next year, but would like to purchase another property much sooner. If interested please please DM me, I'd love to chat and see how we may build a partnership. Thanks for your time.

Hi BiggerPockets community,

My partner and I at Diamond Estate LLC are seeking a lender for a fix and flip opportunity in North Chicago, IL, a growing suburb with strong resale demand. We are open to either full funding (purchase + rehab) or gap funding for cash to close for a hard money lender on this project.

- Purchase price is $80K (under contract), rehab is estimated ~$50K, ARV is estimated to be ~$192K. Timeline is 4 month rehab and 2 months to sell the property. 

Feel free to reply here or send a connect & DM, and we can share more details of the project. Thank you for reading and looking forward to working with a like-minded investor!

Been talking to a few active flippers lately, and the question keeps coming up: are lenders still doing 90% purchase + 100% rehab? Some say that kind of leverage has dried up, others say it depends on the deal. Curious what kind of terms people are getting on flips lately — and who’s actually delivering when it comes to fast closings + construction draws.

Response from Obie (for Glens Falls, NY):