All Forum Posts by: Timothy Devitt

That's a big move! Are there Grands involved??
I am an agent in the UPstate who works mostly with investors. I also run a focus group where we vet opportunities. Just like anywhere, it's very important here to distinguish your market and use correct comps to buy. Location! Big plus to have contracting skills. My contractor clients are doing the best right now.

Hi everyone!

I’m currently looking for my second investment and could  use some help finding lenders. Using the “Connect with a Lender” feature on here I unfortunately hardly receive any responses—or the ones I do get don't have the time to answer my questions.

I am 20 years old and this will be my second investment property after the house hack I purchased last year is treating me very well! I'm planning to use the BRRRR method in the Upstate New York region. I've held my current duplex for about a year now. While it hasn't built quite as much equity as I originally hoped, there's still a decent amount I could use. Though tapping into this if I have to go another route for acquisition and rehab does not make to much sense to me unless I use said lien for emergency funding.

I do have the funds to cover the down payment if I go the hard money route as I was hoping to keep the acquisition side simpler via HELOC, though I don't think that will be possible this time around concerning the market in my region and what I have available to work with.

If anyone has a lender they recommend or knows someone who could walk me through the best options for my situation, I’d really appreciate it. Open to ideas or suggestions too. Thanks in advance bp community!

Bigger Pockets Real Estate Rookie Podcast
Show Guest #465
Elijah Berg

Whether you're flipping, BRRRR-ing, or growing your rental portfolio — I'm curious:
Where are you feeling the most friction right now?

• Finding solid off-market deals?

• Working with reliable contractors?

• Accessing funding that actually fits your deal?

• Or just juggling everything with limited time?

I’ve been chatting with a lot of investors lately, and everyone seems to be hitting different roadblocks. Would love to hear how others here are handling it.

Let’s swap some insight — always learning something from this group.

We rented our first property 2 years ago and financed it at 7.25% with the idea when rates came down we would refinance. At what rate would you consider it worth it to refinance? 

What’s the biggest challenge you face when seeking private money lending for your real estate projects?

Recently, I’ve been seeing more and more posts from investors saying their lenders backed out—sometimes just days before closing. It’s happening more often nowadays, especially with fix & flips and other investment deals.

It’s tough to watch good deals fall apart after all the work that goes into finding and locking them up.

Have you had a deal fall through because the funding didn’t come through in time?

• What did you do?

• Do you have backup lenders lined up, or a plan B?

• Have you shifted toward DSCR, creative financing, or private money to avoid the risk?

Would love to hear how you’ve been handling this lately—your insight could help a lot of people here!

Hey BP community,

We've been scaling a rent-to-own single-family housing model across the Midwest and Southeast and have run into a wall with traditional DSCR lenders.

We've been working with small local banks and credit unions to finance deals, but as we grow, we're looking for more scalable lending partners. We've tried groups like Lima One and Kiavi, but they just don't work for our model — their DSCR underwriting is based on market rents, not actual lease terms, and STR want 12 month's of existing performance.

Here’s an example deal:

• Purchase Price: $400,000

• Lease Terms: 3-year lease at $4,000/month

• Market Rent: ~$2,500/month

Because DSCR lenders are using the lower market rent, we get capped on LTV and lose the leverage we need — even though our tenant-buyer is pre-approved, fully underwritten, and putting down 10%.

We operate two private real estate funds and close 2–4 single-family homes/month for pre-approved rent-to-own tenants. Each home is appraised, inspected, and fully underwritten with long-term lease commitments — and we’re looking for a strategic debt partner (bank, private lender, or broker) who can underwrite based on actual lease terms or use no-ratio underwriting.

Anyone have recommendations for lenders or brokers who specialize in no-ratio or flexible DSCR products?

I’d love to connect and happy to share more deal info if helpful.

Thanks in advance!

Hi everyone, thanks in advance for the replies

I'm beginning to look into multifamily property and I'm a newbie.  So simple question (hopefully):

Should I talk with a lender now before I have any properties on the table or wait until later in the process?  I don't want to waste anyone's time, but I don't want to miss an opportunity because I'm not prepared.  

Thanks

@Timothy Devitt Great little write-up here! I've helped a bunch of investors leverage DSCR loans to purchase STR properties here in Myrtle Beach and North Myrtle Beach. In most cases, the lender was able to use an income projection from one of my local property management partners to underwrite the deal... which is super helpful when you're going after a property that hasn't been rented and thus doesn't have any historical income data. By the way, the oceanfront condo market is down about 11% year over year, so there are some pretty good deals to be had at the moment. I got three different clients under contract in the last week.