All Forum Posts by: Benjamin Piecenski

Hey Scott, they do include the estimated mortgage into the mix, as well as taxes, insurance, and any HOA fees even if you waive escrows. I also agree with @Chris Mason, having a local lender on your team to answer questions definitely the way to go.  Not much help on the West Coast, but if you need any referrals for a lender on the Eastern side of the country, I'd be glad to point you in the right direction.

Hey Josh!  

For a conventional 97% LTV loan, you are looking at a minimum credit score of 620, and you can have a debt-to-income ratio of up to 50% per automated underwriting system approval. Are there any other curiosities you have about the program?

I have a friend down in NC who does great work and has common sense underwriting.  Send me a PM if you'd like her information!

Hey, Jacob! Just an FYI, those interest rates are pretty high. The pricing I'm currently getting (with no buydowns or points, provided you have good credit) for a single family investment property is 4.625% at 75% LTV, and for a 2-4 unit I'm seeing 4.75% at 70% LTV. I'm not seeing any major pricing hits for going down to $20k loan amount, although some lenders may have a policy of premium pricing smaller loans so they have enough margin to stay "profitable" on the loan. Let me know if you have any questions!

One of my clients uses Brandon Sturgill as his Realtor, and he has a great, in-depth article on his website regarding your first seller financing deal.  I've only dealt with "traditional" financing, so I found the article really informative.  Here's the link!  https://www.investhypothetical.com/learn/e-book-close-your-first-seller-financed-deal

If you find a lender who does allow you to title in an LLC's name, let me know. I've been looking for someone to refer out to. I agree - it is pretty asinine that you aren't able to title in an LLC you personally own, I'd love to see some policy changes soon as I run into this issue a lot but I'm not holding my breath.

Hey, Gio!  I have an insurance agent in the area, his name is Jeff Ashley.  Here is his LinkedIn https://www.linkedin.com/in/jeff-ashley-a186a245/  Let me know if you'd like his contact info, as I cannot post numbers on the forum.  Have a great day!  

Are you calling typical retail banks? They are more likely to only do vanilla, owner occupied loans. I would look up and contact a mortgage banker as they should have a 75% LTV product offered by Freddie Mac and Fannie Mae for investment properties as long as you do not currently have 6-10 properties financed (depends on credit score and if you go with Fannie or Freddie).

Congrats!  The 100 mark is definitely a huge aspiration to me.  What was the hardest part of amassing a large portfolio?

There definitely is some competition in the area with property managers, but there is not quite the amount of larger property management firms that drive lower costs through competition in Columbus as there is in other similar sized markets.  I do think with how much real estate investors (especially from out of state) have been entering the market, we will see property management average fees get lower as they stay competitive to capture all the new demand.