All Forum Posts by: Brittany Minocchi

Welcome! I started with (and prefer) multi-family properties and buy primarily in Canton. House hacking is a great way to get started if that's an option for you, but I understand that's not the case for everyone. Happy to connect if I can help in any way. Good luck! 

Hey Clarence! An FHA loan would require you to occupy the property for at least a year, so if you are not located in Ohio, that wouldn't be an option on a property here. I don't know of any DPA programs that don't require owner occupancy. On a multi-family, you'd need at least 25% down for a conventional loan, maybe less for something non-QM depending on the property/scenario. Feel free to connect if you'd like to discuss further.

Since the properties are already renovated, it doesn't sound like ARV would be a factor here. You have some options without having to wait 6 months - happy to talk if you'd like to connect.

Quote from @Guillermo Lopez:

I have a multi family in Palm Beach County and I am looking for DSCR Lenders to help me access the equity from my investment.

Hi Guillermo, 

Multiple options out there, happy to connect. 

Quote from @Anthony D'Angelo:

Hi Investors, Brokers, and Realtors:

What do you recommend to a California investor that wants to invest in Ohio for Cash Flow? I know the appreciation is not the greatest but cash flow is great. I have heard good things about both. My criteria is pretty much cash flow, landlord friendly, I want multi-family over SFR, Section 8 tenants mostly.

Thanks!

Not exactly Akron, but I invest in Canton and it checks all the boxes you mentioned. Definitely better for cash flow over appreciation and multi-family properties aren’t hard to come by. No shortage of people with Section 8/SMHA vouchers. As far as being landlord friendly, you’ll have annual per-door registration fees and inspections to deal with if you’re in the city, as well as Section 8 inspections. Being out of state, I’d make sure you’ve got a solid person or team of people you can count on when it comes to repairs, maintenance and general boots-on-the-ground. 

Welcome, wishing you the best in your endeavors! @Lanir Maximuk, I’m in Ohio and happy to connect if you’d like. 

Hey Gerald! 

For Cleveland, I’d familiarize yourself with point-of-sale inspections. 

As far as financing goes, getting traditional financing for an investment property isn't all that different from getting financing on a property you're living in (as far as qualifications go). Unless you're house hacking with an FHA loan, you'll need 15%+ down for an investment depending on property type.

There are also options for nonQM loans (non traditional financing) if you don't qualify for traditional due to high DTI or issues with employment/income, for example.

Feel free to connect if you’d like to discuss further or have questions. 

Quote from @Clarence Harvey:

Quote from @Brittany Minocchi:

Quote from @Clarence Harvey:

Hello! New investor here, haven’t started yet but i am thinking of moving to Ohio to get my start in real estate with house hacking with multi-family properties , within the timeframe I want to leave I doubt I will have a full amount for a property, I was wondering if anyone could fill me in on the Down payment assistance programs that are available? 

The benefit of FHA and house hacking is the 3.5% down payment requirement. Otherwise, you’re looking at 25% on a conventional multi family. With DPA, MOST (not all) require you to live in the property for x number of years, I usually see 7-10. Or, you’ll make a separate payment on the DPA in addition to your regular payment. Credit requirements are a bit higher than non-DPA FHA. Expect a higher interest rate as well. Feel free to connect if you’d like to discuss further.

 Would you be able to give an  numerical example of the second portion you mentioned? Having and extra payment 

It is treated as a second lien - so you will have your main mortgage payment (whatever number that may be), and then a separate DPA payment with its own interest rate. The rate could be the same as the main mortgage, but not always. They may also be deferred at 0% interest. The assistance may be forgiven after x number of years you may be required to pay it back when you sell or refinance, regardless of how long you’ve occupied the property. There are a multiple ways they can be structured. 

Quote from @Clarence Harvey:

Hello! New investor here, haven’t started yet but i am thinking of moving to Ohio to get my start in real estate with house hacking with multi-family properties , within the timeframe I want to leave I doubt I will have a full amount for a property, I was wondering if anyone could fill me in on the Down payment assistance programs that are available? 

The benefit of FHA and house hacking is the 3.5% down payment requirement. Otherwise, you’re looking at 25% on a conventional multi family. With DPA, MOST (not all) require you to live in the property for x number of years, I usually see 7-10. Or, you’ll make a separate payment on the DPA in addition to your regular payment. Credit requirements are a bit higher than non-DPA FHA. Expect a higher interest rate as well. Feel free to connect if you’d like to discuss further.

Quote from @Daniel Cerda:

Hello my name is Daniel and I am looking for a way I can puschase some homes in the jackson MS area

The homes in that market  are in the 50k to 60k price point. But I work for my self and the banks won't lend to me

does anyone know any Dscr lenders that would lend at that price range? I would use a hardmoney lender but I am buying

them to rent them out not flip them. IF anyone knows a way to do this please let me know thanks.

Most DSCR lenders have a $100k+ minimum, although I have seen $75k. It’s common for someone to use private money or pay cash for the initial purchase, make repairs and then refinance into a DSCR loan.