Buying Real Estate in Central/ Western Ohio

[Calvin Watkins]

Hey Everyone!

I began house hacking earlier this year and it is coming time to up and move to new location and leave my renters in my current residence. I was wondering if anyone has done this recently in the area or could offer some advise on how to secure bank financing for a new location to move to. I haven't had "the talk" with the bank yet to explain that my house is rented over the mortgage for two more years, so it shouldn't show toward my Debt to Income and would like to hear about some experiences that people have had with that.

I have access to hard money as well so if anyone has done an auction house and then refinanced after that would be good to hear about as well. I know this seems pretty broad but I have contacted the wholesaler I know to look for these but am unsure if that is the best method to go with. 

Any advice would be appreciated and I look forward to growing my rentals!

Thank you!

[Remington Lyman]

Originally posted by @Robert Rhodes Jr:

I am in a similar situation in Columbus. About time to find the next primary residence and looking for lending options. I have extremely low DTI and it would only get lower incorporating rent for the housing I currently occupy. Traditional methods offer me a pretty decent amount of financing to work with, but I'm wondering if less-traditional methods would allow me to do the same with less money down. Are there any particular advantages to hard money lending over bank financing for BRRRR purchases?

Hard Money lenders are going to want to know what your exit strategy is. Are you flipping the property? If you plan to hold it then they are going to want to know if you will refinance it with a traditional lender.

The benefit of using a hard money lender is that they will finance renovation costs and approve you based on your liquidity and the asset's ARV. A bank will not typically lend to you at a high LTV and will need to see a solid debt to income.

I can refer to you some Hard Money lenders here in Columbus, Ohio