All Forum Posts by: Tony Severance

Hi Everybody, 

I am a lender in the DFW area and work with investors all around the country on a daily basis.  I enjoy attending and presenting to REIC's and meetups to share my 25 years of lending knowledge to help investors start & grow their real estate empires! 

@Brooklyn Owen  I have been in the lending business since 1996 and I close loans in Florida on a regular basis.  I'm happy to schedule a call to review our investor lending products.  I'm sure we have a solution for your needs!

 Your mindset and willingness to jump and take the risk is an inspiration to others who are new here.  Now keep this train rolling!

@John I. Congrats on your first investment property!  I looks like a beautiful home.  Every journey starts with the first step.

 Way to go...You're making it happen!!

Yes, definitely!  However, keep in mind that each state has different lending/licensing laws, so choose your lender carefully.

@Eduardo Carrillo It depends on whether or not you plan on buying one property or multiple properties. the interest rate on a cash out refinance will be lower than that of a HELOC, but the HELOC provides more flexibility potentially lower overall cost. If you plan on buying multiple properties over time, you may want to consider using a HELOC so you can rinse and repeat. Too bad you are not in Texas. We have a unique program that allows you to do this while avoiding seasoning requirements.

@George Ramirez  I am sorry to heea of you father's passing.  As others have have said, he would be proud of you for taking what he left you and building upon that to leave your own legacy that is even larger.  I have been a lender in Texas working with investors since 1996.  I help clients build their real estate empires from small single condos all the way up to apartment buildings.  As a result, I know many of the ins and outs of this business and I enjoy sharing my knowledge with others.  I am in the Fort Worth area, so connecting via a phone call would be best.  I look forward to speaking with you!

The answer to your question, assuming the owner would only use one side of the duplex as an office but not live there, is no. Here is the language from the HUD guideline document:

"At least one borrower must occupy the property and sign the security
instrument and the mortgage note in order for the property to be considered
owner-occupied.
FHA security instruments require a borrower to establish bona fide occupancy
in a home as the borrower’s principal residence within 60 days of signing the
security instrument, with continued occupancy for at least one year."

@Brandon Fischer Given the lending laws, hard money lenders stay away from lending on primary residences because they need to adhere to TRID regulations. The way they lend typically doe not align with TRID. Also, you cannot live in the property if the loan you get is a DSCR. These are strictly business purpose loans and you will be signing a document stating that will will never use the subject property as your primary residence as long as you have that loan. As Miranda said previously, this will be a challenge finding a lender to do this due to it being your primary residence and the fact that it is mixed use.