All Forum Posts by: Alex Bekeza

@Elliot Cash There are many private/commercial lenders who will not limit the amount of mortgages you can take out.  

With over 80 Lenders within our database. We can confidently offer custom tailored financing on SFR 1-4s, Multifamily 5 + Units, Mixed-Use, and Commercial Properties.

No Tax Returns? No Problem. We offer asset based programs for investors who have been turned down by the banks because of Debt-to-income ratios or maxing out their mortgage limits.

We offer everything from 1-year interest only fix and flip loans to 30 year, fully amortized mortgages for your long term buy and hold rental properties.

We can assist with every stage of the BRRRR strategy and keep your portfolio growing at the speed you want. We can acquire the property with hard money very quickly and have solutions to overcome potential seasoning requirements when it comes to refi.

Feel free to send any questions to my email at [email protected]

Additionally, here is a link to our borrower questionnaire. A completed questionnaire, schedule of real estate, and a copy of a recent credit report (credit karma ok) would give me everything I need to generate a specific pricing on a given scenario.  If you fill out a questionnaire, PLEASE Private Message me here so I know where it came from. 

https://forms.zohopublic.com/landbrothersrecom/for....

All the best, 

Loans_By_Alex

@Brandon Zeng You can build credit the same way anyone does.  You need to take out lines of credit and show responsibility with using them.  

Do you have any credit history?

Besides a good score they will want to see some time in the saddle so best to get started right away.  There are many little hacks to get your score up as well.  

-"piggy backing"

-Paying more than the minimum multiple times per month

-Lower your utilization by expanding credit available 

etc etc etc

MOST important is just paying before its due every single month.  

What types of properties are you looking at or what is your overall RE strategy?

Every loan will have closing costs.  However, one nice thing about a cash out refinance is that you don't necessarily need to come out of pocket at all other than the appraisal costs.  The other closings costs can be rolled into the loan or paid for with cash out proceeds.  

@Ricardo Murph II

When I had to find a house to rent with my two rescued pitbulls a few years ago I understood how may land lords would feel about it.  So I always offered an additional $100 per month as well as obtained a special renter's insurance policy with State Farm which specifically covered Pitbulls + $1m in damages including dog attacks etc.  Even though I knew that day would never come I understood that I faced an uphill battle to earn a land lords trust.  So maybe State Farm offers a similar product for the homeowner..... My agent's name was Reggie but I don't have any contact info on me anymore.  

I totally understand the investors' points of view on here but figured that I would speak from someone who's been on the other side.  I would be totally honest with the guy about everything you're facing as a Business Owner (landlord) and see if you can strike a mutually beneficial deal.  

Of course, I'm not telling you to give up any of YOUR rights.  Business is business.  Work within the letter of the law  and follow your insurance guidelines but don't shoot first and ask questions later.

I hope it all works out for you and you're able to get the unit up to snuff and command market rents!  

@Jason Luongo Well I love the strategy of buying vacant land and putting a pre fab type of house on there that can be built quick. Best part of course is skipping the construction management side of it and having them build it into your purchase price. Keep us posted on this thread if you get any updates on confirmed cash out refi terms for this type of thing and feel free to reach out whenever. Good luck with that BRRRR!

Couple bits of advice if you haven't already started.

-Build US credit anyway you can

-Make sure to have a US bank account

Many commercial lenders will loan to foreign nationals as long as you have a visa, ssn or tin, US credit, and a US bank account.  You will typically face slightly higher rates and slightly lower LTVs but it can be done and you can still cash flow!

What is your current citizenship status?

Be careful with any cash out refis over 80% LTV. Your interest rate will not only be pretty high but your also toeing the line of over leveraging with that.

80% is the highest cash out refi LTV I've seen from commercial lenders who have non hard money type rates. Everyone is noticing lending standards loosening up but beware of max LTV cash out refis at the height of a market cycle.

Sounds like one awesome project though!  How long is the process until you have the building finished and rented out?

Lenders will want to see the property rented out and will want you to have met their specific seasoning requirements.  When basing the loan off of the appraised value rather than purchase + construction costs they will have seasoning requirements of 6-12 months although we are starting to see some of these get reduced.  

I'm assuming the mortgage guy who does 85% LTV Cash Out Refis pretty often is most likely doing owner occupied properties.

@Nicholas Bybee Yes and no. Some will require a certain amount of reserve funds but none will calculate your debt to income. Credit affects where you land on their tier of interest rates and experience willl generally determine the max LTV you can get.

@Ron Willbanks Buying more properties or making renovations to the subject property is exactly what they want to hear. The point is to have you put in writing that it is for business purposes and not personal expenses.