All Forum Posts by: Tarik Turner

Sounds like it is more of a seasoning issue with the banks that you attempted to go with.
How long ago did you purchase the property? What was the reasoning for the numbers change with the DSCR lender?

Feel free to shoot me a DM and we can discuss further. But the short answer to your question is NO you do not need a license to generate business for lenders as a Broker (In certain States) or as a referral partner.

Also as an LO you typically fall under the licensing of the lender itself

There might be some variation of that available
Our company does pull credit but only soft pulls. We also can offer BPO options but only for experienced investors and only on short term loans (All 30 year loans need a full appraisal)

I agree with the previous comments the lender that you spoke to should have clarified. As long as you meet the seasoning requirements you should be able to qualify for a mortgage based on the As Is value.   Different lenders have different seasoning requirements but the standard is 3 to 6 months

I would love to take a look at this one for you @Errol Sadler shoot me a DM

Send me a Message with details and I can run some numbers for you

Sounds like a heavy rehab project. As long as you have experience there are options for this scenario, however most lenders who are going to offer a mortgage on a property that needs a full gut rehab will require that rehab funds be included. Rehab funds held in escrow however for some lenders does not incur interest until the funds are put to use

Hello Deborah.
Where is the property located? Is the business still active? What is the purchase price?

You sound like you have some great experience. You should qualify for 85% to 90% LTC from most private mortgage companies. Let's connect

Quote from @Kevin Sobilo:

@John Peppard, I would not do that UNLESS perhaps the deal did not cash-flow without doing that. I would like each property to stand on its own. I don't want to carry any dogs in my portfolio.

Money is made on the spread. The spread is the difference between what money costs you (interest) and what you can earn by putting it to use. As an investor you should be able to put that money to better use than the savings of some interest.

If you have no immediate use for it, park it in a CD or something like that at 5% until you are ready to do something like buy another property. That will largely offset what you would have saved in interest until you are ready to do bigger things with it and get a larger return. 

You have a few options here. Yes a larger downpayment can be an option or possibly instead of a 30 year fixed look at some possible ARM options or buydown options to lower your rate a bit.