All Forum Posts by: Brittany Minocchi

Yep, FHA is only for owner-occupied properties with 1-4 units.

@So Da@So Da

HELOCs are tough to find on investment properties (especially if they're in an LLC). You could do a cash out refi with a DSCR loan, then the LLC would not be a problem. A closed end HELOAN would also be an option if you don't want to mess with your current interest rate - I know of at least one that allows investment properties in an LLC, up to 4 units I believe, and doesn't have a prepayment penalty. Happy to discuss further if you'd like to connect.

Hey @Angela Romero!

I'm in OH, but my team can assist in FL. Happy to chat - and can promise you'll have no problem getting connected to an actual person!

It depends….how quickly do you think you can pay back the HELOC? Will you cash flow more than $500 if you sell that property to invest in others? Are you doing a 1031 exchange and if so, will you be able to find the properties to purchase in time?

Hey @Joe Dupa

Most people on the forum can likely do DSCR loans - I'd be happy to take a look for you but what you've posted isn't enough information to go off of. Feel free to connect to discuss.

Hey @Christopher Kelley!

If you don't want to lose a low interest rate on your first mortgage by refinancing, a HELOC is great option. Finding one on an investment property can be a little more tricky than finding one on a primary (especially if it's a multi family, but it sounds like that doesn't apply to you) and the rate and terms - like max LTV, annual fees, rate and draw periods - will vary. Some take as little as a week to fund, others might take closer to 3-4 weeks if the timing is a concern. Some require income docs (W2s, paystubs, etc) just like a traditional loan, others use alternate methods to verify income and are a little more lenient. Just depends on what you're looking for.

Happy to chat if you have any questions!

Welcome @Solongo Ganbold!

Ohio is a great place to invest - Cleveland, Columbus, and Cincinnati are mentioned frequently on BP. I personally invest in Canton, but I focus more on cash flow than appreciation. I’d be happy to connect and chat if I can ever be of assistance.  

Hi @Amy Konopka

Interesting situation! As others have mentioned, there should be something written into your agreement in regards to the EMD. I'm always up for a challenge, so I'll check around on the recovery housing hurdle and see if I can find something for you.

What’s up @Adam Tamer! 

When you say 6 months of historical W-2 income… do you mean that you don’t have employment history prior to that since you were in college? If so, that’s likely where you’re running into issues with traditional financing. They want to see a stable 2-year job history (in general, not necessarily at the same job). Sometimes your time spent in school can even count as employment history. 

If you go the non traditional route, then yes, you can get a loan based on the income potential of the property that won't factor in employment, income or DTI. Since those aren't taken into account, FICO is important. Plan to have ~25%+ down, a higher rate and a prepayment penalty.

It's hard to say whether or not you'd qualify for a conventional refi after the rehab is complete….it would depend again on those same factors as before - how much employment history you have at that time, your income and your DTI.

Good luck! Happy to connect and discuss if you come up with any other financing questions.