All Forum Posts by: Scott Wolf
Scott Wolf has started 43 posts and replied 1796 times.
Post: Investment property won’t pass inspection
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
@Julie Goodwin, if you find a true private lender, they may not need repayment for a long amount of time. But a more professional private or HML will probably max out at 2 years.
Post: Looking for Commercial Real Estate Lender for Mobile Home Park
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
@Austin Ardrey, did you have any luck finding funding for this deal?
Post: Tiny house Airbnb financing
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
@Cody James it would be helpful to post the area the homes are in, and if you know what the land value is, that as well. You'll get a better sense of what can be done in your area.
Post: Current rates on investment properties?
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
Originally posted by @Rich Cady:
Thanks @Matthew Crivelli, @Prashant Sharma, and @Scott Wolf for your replies and feedback.
Matthew, good to know there are higher rates out there. The general ballpark I've heard/read/was expecting is 0.75%-1% above market rates for a primary residence so I would have probably not balked at something in the low 4's, but 4.9% in the current environment felt high. That said, I applied online and got an instant decision through Better so maybe I'm paying for that convenience/service.
Prashant, are you able to refer me to a lender that is offering investments at sub-4 rates? I'd like to be putting as little down as possible, but I can work out the breakeven point on the 25% down at a lower rate with the increased monthly cash flow.
Scott, I applied under my personal name rather than an LLC. I have a 3 year old LLC that I could use but I've yet to deep-dive on pro's and con's on buying under an LLC but sounds like it can be more difficult/complex. It sounds like LLCs should also expect higher rates than individuals?
Richard, a LLC will have a bit higher of a rate, but that still seems high. I locked in a 4.25% rate with an LLC all the way back in Jan of 2019, when rates were even higher. I would try to find a local bank or credit union to see what they can do.
Post: Current rates on investment properties?
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
@Rich Cady, are you buying in an LLC? That rate seems a bit high.
Post: Need a good Lender for about 30 properties with equity-all in one
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
@Aaron Lewis, your best bet will be a mortgage broker. If you need a recommendation, I can make an introduction.
Are they all held in LLC's?
Post: Rental before moving in
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
@Gabriel Cintron, this is something that can definitely be done. I will just caution that the property may not cash flow positively depending on the area you are looking into.
Post: Primary, 20% down on $2m 4 fam kings county New York
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
Hi @Mark Mallek, I know a lender that can get that done. Shoot me an email, and I'll connect you.
Post: Purchase price dependent on loan amount
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
@Matt Stoltzfus, I'd use the math of his payments to try to calculate that amount and make that the contract price. You can always make the difference seller credits at closing.
Post: Purchase price dependent on loan amount
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
@Matt Stoltzfus, that's a strange scenario I've never heard of. Can you go into a bit more detail so that we can all figure out what you're asking.