All Forum Posts by: Andrew Zamboroski

My current challenge is dscr/blankets for low value properties sub 75k. My portfolio is all 40 units well north of 100k but I've never done the lower end properties as I am now getting into the cleveland section 8 game from out of state.

Been working on getting a second mortgage on our home for the past 30 days with no closing date in site. Everything requested has been completed. Only “off” thing that happened was an email to our insurance rep asking to be placed as the first and only mortgagee - which I caught and they quickly apologized for and corrected. How can I tell if things are legit here ?

Hello, community! I'm looking for advice on refinancing a STR property in Pennsylvania. About a year ago, I took out a mortgage and recently added significant value to the house. However, I'm hitting a roadblock with traditional lenders, as my loan-to-value ratio (LTV) isn't matching their criteria. This seems to be a result of some smart accounting moves on my part, thanks to an investor-savvy accountant. As luxury vacation short-term rental hosts, has anyone faced a similar situation or have suggestions on how to proceed? Our goal is to pull out some of the rehab money we put into the property. Thanks in advance!

I’m at a total lost right now! 
l was just told I would have to pay 23k to refinance a portfolio rehab loan on two properties. 
they are only lending 70% LTV, my rental rates are $1785 and $1985, but the market rents in the areas are only $1400/1450.

I really wanted to keep these as rentals so I’m trying not to give up. 

The interest rate they gave me at us 7.70%, 5/1 ARM, rent to debt service ratio is 1.21

My credit score is 672. Loan amount is 283,500 for the two properties, origination fees are around $4,300. 

Property 1: ARV: 185k appraisal came back at 179k

Property 2 ARV: 230k appraiser came back at 226k

any insight will be great. Or lender recommendations. My goal was to do a rare and term. Wasn’t looking for any cash back in this market but definitely wasn’t expecting 23k to refinance these two deals. 

I own a property free and clear, that I want to rent out. First, it needs work. Since there's no income yet, I assume that DSCR financing is out of the question.

It needs about $70k of work to bring it to an ARV of $150k. Is there an equity-based product that I could use to pay for that rehab, with the intent of doing a DSCR once it is rehabbed and rented?

Thanks!

Do you focus on building relationships with a few reliable lenders, or do you keep your list broad? I’m curious how others approach finding lenders for consistent funding opportunities. Any tips for building a solid list?

I am new to Bigger Pockets and this is my first post, so I apologize if these questions may seem very basic to some.

I own 7 single family homes and 2 duplexes which are all paid and have no outstanding loans. I have not purchased a property in a few years, but I am closing on a new single-family house this Friday that I am paying cash for. I am thinking about actively trying to grow my investment portfolio and use my existing properties as leverage to acquire more properties. I have a couple of questions about ownership structure and a couple about possible cash out finance options for my existing properties.

Right now, all of these homes are in personal name, and I realize how much of a mistake this is and I plan to move them into LLC's before the end of 2024. If I am about to search for some kind of cash out refinancing options, is it best to keep the properties in my personal name for now or should I move them into LLC's before searching for financing options?

My next question is about financing options. If I am looking to pull money out of a total of 10 properties to make new investments, what are the options here? Are there loans that I can take out against the entire 10 property portfolio, or do people usually get a single loan per property? If these are both options what are the pros and cons to each of these financing options?

Any advice or personal experience that you can share would be greatly appreciated.

Corey

Hi everyone,

Do you know of a lender with good rate and terms. I am purchasing a couple duplexes, and I am looking for long term financing along with a competitive rate. Do you, guys, know of a company that I can work with?

Thanks,

Joel Barjon

Hi All. First post. First investment property. 

Just getting my financial house in order and talking to some lenders. 

Most of them are quoting me: 
An origination fee - $2500

A processing fee - $1000

An Underwriting fee - $1000

Some misc. fee ("Admin") - $500

The numbers change, but ultimately the bottom line is just for the loan, it's $4700-$5500 in fees. 

Is this normal for this type of loan? I assume so since that's what everyone is quoting me. 

I appreciate the help. 

I am looking for a DSCR lender for a portfolio of 7 small SFR here in the DFW metroplex.

Would be looking for 1% origination.  

Purchase price is $1.3mm w/ down payment of $325k. =975k loan 

6 of the 7 homes have renters in place.  Cumulative cash flow fully occupied is $13,030. 

DSCR between 1-1.25% criteria suitability from lender.

Close 25 days

If are a lender and can meet or beat this criteria with certainty please lmk and I can start sending over the information.