All Forum Posts by: Alfredo Guerra

Hi @Kyle Deutschmann,
Thanks for the reply. 

You are correct. I am looking to purchase a Single Room Occupancy property. I was told by traditional lenders that they would not do it (despite qualifying with income). That is why I thought maybe a non-QM loan or investment property loan could work? (I am still less familiar with the investor lending space).

 I had not thought of the two suggestions you present. I will reach out directly to discuss them further. Thanks!

Thanks, John. That is why I was wondering if there are any options out there that would allow subordinate debt in order to get to 90% CLTV.

Hello,

I am looking to acquire a 4-8 unit property in the $1.3-$1.8M range (as a STR investment).

The property is an SRO that would not be covered by a conforming residential mortgage.

Key figures:

- Credit Score ~800

- Could qualify with my income or simply on property cashflow

- First-time homebuyer

- Several years of documented STR experience

- Looking for a 10% down option (some have suggested a piggyback HELOC + conventional investment or DSCR)

- Willing to pay for a higher rate in order to get the higher CLTV

- DSCR above 1.5

Is this possible?

Thank you! In that case, I would have PMI until I refinanced, right?

I am looking to buy a 2 or 3-unit home in NYC. I plan on renting a unit and probably getting a roommate or two in my unit to maximize cash flow early on. So far, the best deal I have been able to find is 5% down with no PMI (80% from Fannie and another 15% from a second lender). The price range for the home would be $1M - $1.8M.

Is there any way I could qualify for 3.5% down instead?

I realize these are already very good terms, but I thought I'd check what is possible. Based on my calculations, even with a low down payment, I can achieve positive cash flow (with aggressive enough house hacking).