All Forum Posts by: Andrew Zamboroski

Hi, I'm looking to refinance my Canton, OH (44714) BRRR property. Assumptions I provided to a mortgage broker is below. Below that was her response to a 30 yr fixed rate DSCR rates, plus origination and underwriting fees.

I would appreciate this community's thoughts on these rates, origination and underwriting fees. Thank you!

Assumptions:

Credit 720

Single Family Investment Property

Property Value: $120k

Amount financed: $90k or 75% LTV

NO Pre-Payment Penalty (not allowed in Ohio)

DSCR Ratio 1.25+

30 YR Fixed Rate DSCR:

• 8.250% with $2475 in discount points. P&I payment: $660
• 8.125% with $2148 in points. P&I payment: $668
• 8.25% with $1800 in points. P&I payment: $676
• 8.375% with $1462 in points. P&I payment: $684
• 8.875% with $0 points. P&I payment: $716

Origination Fee: $4500

Underwriting fee: $1395

Hello Fellow Investors,

I am excited to be under contract for my first STR property, but I am getting nervous about the many things I'm already discovering. I am surprised that my lender is asking me to access Social Security Records and a tax transcript. Since this is a DSCR loan and I already provided account statements with proof of funds and my mortgage statement for the principal residence, I didn't expect much more would be required. I have no issues, but I didn't need to provide so much information, even for a conventional loan. I appreciate any feedback. Thank you.

Greetings, 

I’m reaching out to the community to find investor-friendly lenders for a cash-out refi on two properties. Your assistance is greatly appreciated. Thank you in advance!

Newbie here. I have a situation that need advises. 

I won the bid from the county auction. 

The house is $225K value. I need $65K to close the auction. My usual lendor has the health issue and can no longer fund it. 

I have two other rental properties that I can use for collecteral. I own them free and clear.

I have contacted traditional lendor for a loan but looks like they can't close in time. What is my option here?

Hi, Everyone. I just wanted to introduce myself. I am based in Australia and an Australian citizen looking to start investing in Duplex to  4plex-style residential. Perhaps you could say I am an experienced property investor, but I have precisely zero experience purchasing real estate in your country.  In the past, I have owned residential real estate in remote locations ( other countries than my own ) and been successful in buy-and-flip, buy-and-hold, and some simple small-townhouse developments. Right now, I am reading everything I can and preparing for my next research trip to North Carolina. My goals are not too crazy, but I do want to establish a portfolio that is significant to my family over the next ten years. Back home, I work as a mortgage broker. My real passion is residential real estate. I don't know if any of my experience will transfer to your country, but I have noticed over the years that despite the number crunching and research, real estate is ( for me at least ) a people business. That is, the real task is to find good like-minded people. Buying sight unseen is not an issue for me, but I would only buy in locations I have visited and walked.  Anyway, I value everyone's time, and just in case you see my name pop up in a forum thread, you will have some context. 

Have you guys noticed the rate drops on the DSCR loan side? Or do they keep them higher now thats the 30 year conventional is dropping.

Hello! I have an off-market opportunity and want to jump on it! It is an a-frame in WI I want to turn into an STR. I have $70K of my own money I can use as a down-payment, but am looking for someone to finance the rest ($280K) as I'm a real estate agent and am having difficulty securing a loan from a traditional bank in a timely matter. I'd like to purchase as soon as possible. Does anyone have advice on creative ways to secure financing in a short amount of time?

Looking for some companies that can lock me in to a long term mortgage so I can get out from multiple ARM/balloon rates every 3 yrs. Properties in MS and TN

My boyfriend and I are looking to purchase 5-10 properties in the next 12 months that will be then rented to Section 8 tenants. If we find good financing, we can purchase the houses in the next few months. This is in Ohio State.

I do not anticipate the purchase price to be higher than 80,000 USD. However, here is the tricky part. My boyfriend is a foreign national with an ITIN number, US address, and an AMEX in the USA, but he is not a US citizen, so a lot of the times, he is not offered good loan programs. I am a US citizen with a 680 credit score (actually, credit karma shows 680 for one bureau and 710 for another bureau), but I haven't worked in the USA for years, and overall, we are looking to get a DSCR loan. I have one Amex card showing up and a bunch of student loans - do banks take these as trades? Overall, I am trying to find a bank that can still do 85% LTV with this type of credit. Or if there are other nonconventional ways to find financing - please let me know! Since our goal is to scale in real estate and we do have the funds, we would prefer to minimize the deposits and invest into reno where necessary and keep the capital for now for improvements, if they arise. Thank you all in advance!

I recently talked with a mortgage broker and me and my wife didn't qualify for a loan on  an investment property. I'm honestly surprised, right now our only debt payment is a 857 mortgage, no car payment no student loans no credit card debt, and good credit 740's. she doesn't make just a lot (41k a year) but with the 857 mortage payment, her debt to income shouldn't be much over 25%. Would we not qualify for a 55k loan?