All Forum Posts by: Brittany Minocchi
Brittany Minocchi has started 9 posts and replied 960 times.
Post: House hacking to STR
- Lender
- Massillon, OH
- Posts 996
- Votes 479
Quote from @Beyonce Davis:
The first home I bought was with my brother , I helped with the downpayment and he covers the mortgage payment as rent. We are both on the title and the loan but since he covers the payment I have had some lenders exclude this one house but there was one that refused to.
I have been following a process where I buy a home and live in it for a year then convert to STR and I have acquired 3 homes this way. So technically I have 4 mortgages in my name. In the last 4 years, now I'm facing some roadblock acquiring more. How have anyone else handles this obstacle without high interest, high down pay
Your debt to income ratio will be a determining factor with traditional financing. In order to get past that, you're going to need a nonQM loan that doesn't factor in DTI, employment or income, like the DSCR loan you mentioned. Rates for DSCR loans aren't always that far off from a conventional investment loan, but they do typically have higher costs associated with them. These loans are a bigger risk for the investor, so the tradeoff is higher fees and/or rates. You just need to look at the deal as a whole and see if it makes sense for you and your goals.
Post: Cash out refi
- Lender
- Massillon, OH
- Posts 996
- Votes 479
Jay is correct in that the guidelines did recently change from 6 to 12 months on a conventional cash out refi. However, there are nonQM options that will allow shorter seasoning periods depending on the situation. Feel free to reach out to discuss.
Post: How to apply for HELOC
- Lender
- Massillon, OH
- Posts 996
- Votes 479
Quote from @Kofi Thompson:
Quote from @Brittany Minocchi:
HELOCs on investment properties can be hard to come by. Is your property in your personal name or an LLC and what state is it located in? If you'd like to send me a message with more info, I'm happy to look into this for you.
Hey I am in Mississippi and yes it's in my personal name. I actually lived there 15 years before buy a new home over a year ago.
Okay, I think I have a HELOC option for you. Credit score over 700 would qualify you, We'd just have to make sure all the other numbers (property value, mortgage balance, LTV, etc) make sense.
Post: How to apply for HELOC
- Lender
- Massillon, OH
- Posts 996
- Votes 479
Quote from @Anthony Isgro:
I'm having the same problem. I have 775 credit scope and over 1mm in equity and got denied on my investment property. I'm going to keep at it till I find a bank or credit union that will unleash that money so I can put it to work. Seriously frustrating though. Anyone have any Ideas?
Post: How to apply for HELOC
- Lender
- Massillon, OH
- Posts 996
- Votes 479
HELOCs on investment properties can be hard to come by. Is your property in your personal name or an LLC and what state is it located in? If you'd like to send me a message with more info, I'm happy to look into this for you.
Post: Current SFH interest rates
- Lender
- Massillon, OH
- Posts 996
- Votes 479
Not sure if you're looking for conventional or nonQM. I'm quoting mid 7s or so on conventional SFH investments with purchase prices around $250k, 75% LTV and 780+ FICOs. High 7s to low 8s on DSCR.
Post: New cash investor looking in Cleveland area
- Lender
- Massillon, OH
- Posts 996
- Votes 479
Quote from @Sean Tenney:
Absolutely considering Section 8. I’ve been looking into that here in Orlando, but cost is prohibitive from an entry standpoint. Have you taken advantage of Section 8? Would love to connect one off and lick your brain and learn about your experience.
Yes we have - it's great having most of the rent guaranteed to hit your account around the 1st every month, but the tenants tend to come with their own set of challenges from my experience. Sorry I didn't reply sooner, I didn't get notified of a response on my comment. Feel free to reach out!
Post: 1 property in 2 markets
- Lender
- Massillon, OH
- Posts 996
- Votes 479
Hi Sunny,
Cleveland is a very popular part of Ohio when it comes to investing. Are you looking for traditional financing or for an investment loan? Happy to chat if you’d like to send me a message.
Post: Looking for lender(s)
- Lender
- Massillon, OH
- Posts 996
- Votes 479
If you're looking for traditional financing you should be okay, otherwise the investment loans (like DSCR) usually have a $75k+ minimum loan amount. Feel free to reach out if you'd like to discuss.
Post: Heloc payments ,jut got it
- Lender
- Massillon, OH
- Posts 996
- Votes 479
Quote from @Chris Kendrick:
Quote from @Brittany Minocchi:
Quote from @Chris Kendrick:
I just got my heloc setup and probably going to brrrr some cheap houses but just wondering how to calculate the payments for the heloc with a 7.49 rate, i took out 20k and my monthly payments would be 300 a month is that right, they said something about 1.5 percent of outstanding balance is adding or something