All Forum Posts by: Andrew Zamboroski

Hello guys, 

I am not sure if I am allow to look for private lenders through the forums so my apologies if I am not, but here I am.

Like the title says, I am a rookie looking for funds. My agent sent me a fix and flip property that has potential in doubling its ARV from asking price 235k to ARV 425k with an estimate rehab cost of 65k. My goal is to fix it and do a dscr refinance to be able to hold it. This would be my first deal as well so if theres any lenders that would like to invest in me message me to provide more detail about the property.

Greetings and thank you in advance for the assistance and advise

I purchased my first STR using a conventional loan and in my name two years ago. The loan was 90% LTV with PMI. The property is now a STR for a year and it has already been transferred into a land trust owned by my LLC.

What I am looking to do now is to refinance the mortgage and remove the PMI as well as have the loan under the LLC and not me personally

1) Is this possible?
2) How?

3) Who?

Have you made headway on paying it down? If you have a STR running for 2 years I am surprised it's not gone since you could throw the income at the debt. Most debt consolidations are not worth it, I would honestly focus on getting it paid off. All they do is restructure and it's still a loan you'll have to pay off. Using cards can be good but the intention needs to be to pay them off quickly or you'll run into issues like this.

Does anyone do DSCR loans on very small properties? ARV is just north of $100k. Stand alone house on land in an urban area. Thanks!

Hi all,

First post. I have been trying to learn more about creative financing. DSCR loans seem interesting, but having trouble finding a solid explanantion for them. Looking for some guidance on them, and how they work, especially for new investors with small amounts of cash (less than 50K).

Trying to understand how this step is beneficial with current rates. I understand that refinancing can lower payments if you can get a better rate, or extend the life of the loan, but arent you adding more to your loan in closing costs and if you are taking equity out, potentially increasing the monthly payment?

Should I do HEL and rent out house? Or should I just sell?

My home is appraised for 242,000 and I owe 122,000. My rate is at 2.875%

option one is to get a HEL for $60,000, use that as a down payment for a new personal home, and rent out my current home. 

Current mortgage is $1,000

HEL would be roughly $600

Would hope to get $2,000 - $2,400 for my home for rent 

That gives me $400-$800 profit 

Or I could just sell my house for a profit and use some of that for a new down payment and have some money left over 

Hey everyone! I'm looking to close on a house in Birmingham, AL using a DSCR loan. I just got the terms from the lender and they're absolutely atrocious. Now with that said I totally understand that sub $100k DSCR loans typically come with really bad terms, but this just feels straight up abusive. Anybody know a lender who can compete with this? 

My biggest issue is the $8100 closing costs, that just feels like highway robbery to me. The interest rate isn't great either, but I could potentially swallow that and refinance at a lower rate down the line. PP is $75,000.

Does any one know a lender that do a dscr refinance loans that's under 100k

Hi all

I need some help. My wife and I own 2 rental properties which should have some pretty good equity on them in Elizabeth NJ. One is a  multi-family purchased in 2019 for $350k with a 3.75 interest rate and the other one is a 1 family purchased in 2022 for $250k with a 5.29 interest rate.

We want to continue to grow our portfolio. However, due to a growing family my wife and I have both taken lower paying W2 jobs to have more flexibility with our schedules. Because of this it has become challenging to come up with the funds for our next property. We have been thinking about tapping into our equity via a Home Equity Loan but we  are not sure how the approval would go due to the fact that our finances are not all that clean cut, we have excellent credit but we also have some debt (which we can get rid of should we need to) and our lower incomes.

The one silver lining is that our rentals cashflow really well and we have steady deposits coming in as proof. I would also like to continue to invest in the NJ market since I know it and it has been good to me so far.

What are my best options here? Should I wait a bit till my finances are better or should I try to see if I can get an approval?

Thanks,

Jose Ferreiras