All Forum Posts by: Andrew Zamboroski

Situation: I have a 3/3 townhome located in South Florida that is paid off and owned by family member.  The purpose for this property will be to supplement their long term care.  I'm estimating around $75K for the renovation. If it were to sell today it would probably sell for the $300-330K range.

What would be the best loan product to get this done.  Feel free to call out the pros/cons of each. Maybe this is pretty simple answer but I always appreciate the depth of knowledge of BiggerPockets! Thanks much in advance.

Hey guys question that's anyone knows some hard money lender that he used and have a good experience with him for flipping with his journey  ty ant recommended welcome 🙏 living in Illinois 

Greetings BP,

I'm looking for any direction on finding a lender for my first GUC for a multi-family project. I've rehabbed before but lenders want construction experience on 1-2 builds. I will own the land free and clear so that won't be an issue. I have my builder ready to go. Just need the financing. I considered just doing an FHA One-Time close loan for a SF just to get a project under my belt. I would much prefer to use the land for a mfh to produce max return though.

Anyone know of any products that will lend with no experience?

We rented our first property 2 years ago and financed it at 7.25% with the idea when rates came down we would refinance. At what rate would you consider it worth it to refinance? 

Hi,

I am looking to fund 7 units. I have plenty of experience with 1-4 units but have never done more than 4. I am looking into what type of financing I would be able to get and what type of documentation I would need. I do know about DSCR but have never done any of DSCR financing or put together any type of package for that type of financing. Any help would be greatly appreciated.

Thanks

Matt

I'm looking to buy my first property as a primary residence, live in it for one year, house hack, and rent it out long term. Any advice helps for a first timer...but I have 2 questions.

1. Based on your experience, would you recommend working with a broker or lender in my situation? I know their responsibilities somewhat overlap, but I am still somewhat confused on their major differences and which is better. 

2. Any specific recommendations on who I should reach out to for a second opinion on a preappoval letter? I have already received one preappoval (without him pulling hard credit yet, but do have excellent credit), however, I do not want to just put all my eggs in one basket without comparing other options. I am located in Baldwin County, South Alabama. Like I said, any advice helps! Thanks in advance!

Hi everyone! Last December, we bought a property to flip (NoVa area). We completed renovations, and while it looks amazing, we put it on the market, but we are having difficulty selling it. As a Realtor, I have done everything I can to promote and facilitate the sale. Initially, when we went live, I priced it competitively, and it seemed like a good price. We received excellent feedback and had numerous showings, but only one offer that didn’t turn out to be serious, so nothing materialized.
Unfortunately, the market started to slow down significantly, and after one month, I had to lower the price. I've told every agent since that we are open to buyer concessions at this point. The feedback remains positive, but we are still not receiving any offers. I financed the property with a flip loan, and I am beginning to wonder if this might be a sign that we should hold onto it and refinance it with a DSCR loan through our hard money lender.
It’s disheartening after so many months of hard work, and of course, I’m emotionally invested in this project. After six months, I’m running out of hope and would appreciate any advice. Thank you!

What are people experiencing for upfront fees on hard money right now? We've seen lenders charge nothing upfront apart from an appraisal fee (if its even applicable), and other lenders charge $2000+ for underwriting, processing, and other misc. fees prior to or out of closing on top of points.

Second, are people finding that these fees are charged prior to closing? Especially lenders that don't require appraisals, I can understand charging a fee upfront as a small commitment to not shop the deal.

I am a real estate investor and presently have long-term rentals that were purchased with DSCR loans.

Looking at buying a fixer-up that needs major rehab with a fix& flip loan and then 3 months later converting to a dscr loan 

pros and cons?

Hi everyone,

My partners and I (5 members, all based in California) formed an LLC in Ohio to invest in multi-family properties. A few years ago, we purchased a duplex in Toledo, and now we're considering expanding our portfolio with either a triplex or quadplex in the area.

Since none of us live in Ohio, we’d love to hear from local investors, brokers, and realtors about the current market:

• -     Does it make sense to buy now, or is it better to wait?
• -     How’s rental demand in Toledo—any recent trends we should know about?
• -     Are there any economic or policy changes that could affect multi-family investing in the near future?

We plan to finance our next property using a DSCR loan and would appreciate any advice from investors who’ve used one recently:

• - How easy is it to get a DSCR loan for a Toledo property?
• -     What are lenders typically looking for in terms of DSCR ratios, down payment, and reserves?
• -     Any recommendations for lenders who specialize in DSCR loans?

Would love to hear any insights or experiences from folks who know the Toledo market well. Appreciate any guidance—thanks!