Bought first fixer upper with HML, considering refinancing with DSCR loan

[Tim Braun]

Hello all, I just closed on my first fixer upper single family home last week and am planning exit strategy B. Strategy A has been to sell this house when its finished then invest in a rental in a "better" location - ideally a duplex if I can find the right one. But I also wanted to consider keeping this home as a rental as it could work both ways.

I purchased this home with hard money through my LLC, and I'm thinking a DSCR loan might be a good option if I am going to refinance out of the HML. I can go into details about the flip if anyone is interested in that since I am pretty new, but I'm also trying to figure out how I go about finding a good broker for the DSCR loan so I can assess all options. What is the best way to go about doing that? From what I have gathered through posts, it sounds like using a broker might be a good idea for where I am at right now. Any tips, tricks?

[Robin Simon]

Quote from @Tim Braun:

Hello all, I just closed on my first fixer upper single family home last week and am planning exit strategy B. Strategy A has been to sell this house when its finished then invest in a rental in a "better" location - ideally a duplex if I can find the right one. But I also wanted to consider keeping this home as a rental as it could work both ways.

I purchased this home with hard money through my LLC, and I'm thinking a DSCR loan might be a good option if I am going to refinance out of the HML. I can go into details about the flip if anyone is interested in that since I am pretty new, but I'm also trying to figure out how I go about finding a good broker for the DSCR loan so I can assess all options. What is the best way to go about doing that? From what I have gathered through posts, it sounds like using a broker might be a good idea for where I am at right now. Any tips, tricks?

 A broker could be a good path to see all the options out there, but one of the beauties of BiggerPockets is that it kind of allows you to be your own broker (and save costs) considering you can shop right here with the Find A Lender tool (https://www.biggerpockets.com/business/finder/lenders) and featured Mortgage Lenders page (https://www.biggerpockets.com/loans)!

Also - check out this recently published article - it should definitely help as its aimed primarily at investors in your exact situation! 

https://www.biggerpockets.com/blog/brrrr-loans-what-are-the-...