All Forum Posts by: Andrew Zamboroski

Hello, I'm not new to being a landlord but I'm new to private lenders.  I recently have been working with a private lender on an off market duplex estate in a B+ area that a lawyer brought to me.  It has been a long bumpy road including higher rates they originally told, 90 days instead of 45 days, and now I'm told the day before closing I need to bring 31% deposit.   What they told me was, even though I think this place should get $1100-$1200 a month per unit, it was rented before at $900 per unit (well, the dad's son lived in one and he rented the other to his friend for $900) so I can only get a loan to cover 80% of that amount(or something like that).

Does all that make sense?  Is it a sign that this property may not be worth what I think it is worth or is this a common thing?  

The assessment came in at $10k over what I'm paying for it.  The property fits the 1% rule and has some good potential for value add.  I just never had this happen.

I appreciate any advice.  

I have a few years of real estate experience with 1 primary residence in PA and 11 rental units in DE. Over the years (when the price and interest was still low), my wife and I only used conventional loans. Now, we want to switch to commercial loans to get more flexibility. We have about $1.95 millions of equity. We think we can get some decent size of HELOC and use cash offer to win some bids. Then, with little rehab work (we don't have much experience so we don't have large rehab work), we can refi with DSCR loans.

Question: can anyone refer us some good lenders for the loan we are looking for?  Is there any other suggestions on our strategy?

Currently have quotes on a DSCR but looking for a 12 month bridge option. MoFin has been unusually bad about responding so I am seeking someone who can pull something off by April 1. If you're a GA lender let's connect.

Deal - 775k house in prime location well under market value.  1031 Exchange funds ready to deploy for down payment. 

Hi, I have a borrower who is looking for a short term cash out no doc loan in Philadelphia, PA. He is planning to do touch up work then sell his investment property. Anyone know if this loan is available and who I could contact? Thanks,

Hi everyone, looking for any referrals or recommendations for DSCR lenders for Bryson City, NC. Had some pushback from lenders I have spoken to due to a lower population in Bryson City and therefore limitations on their lending on properties in that area. Has to be someone out there so any help would be hugely appreciated. Thank you 🙏

Owned for over a year but still working on the STR seasoning. How much seasoning do you typically look for? 1007 required? If so, using market rents or STR?

I bought my first STR in Destin, FL in Nov 2022. It's a non-warrantable condo, so I just accepted my horrific rate and I'm hanging on until I can hopefully refinance and see some real cash flow. At the time I bought it, I lived just a few miles away and I didn't want to play any games with trying to call it a "vacation home" in hopes of a lower rate. I know some people may try to game the system, but I have absolutely no interest in doing anything that even hints at mortgage fraud.

Now ~18 months later, it's been in service as an STR for about one year. I'm now stationed in Colorado, and I definitely wouldn't mind spending two weeks in Destin every year in the off-season. Is there anything that would prevent me from refinancing using a vacation home loan now? I definitely would have done that in the first place, had I lived a reasonable distance away when I first bought it. If it is possible, is there anything else I should consider before talking to lenders (namely, any tax implications). Thanks for any input!