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All Forum Posts by: Brittany Minocchi

Brittany Minocchi has started 9 posts and replied 956 times.

Post: Starting out and looking for building a team in Ohio area

Brittany Minocchi
Posted
  • Lender
  • Massillon, OH
  • Posts 992
  • Votes 474

Hi Guchan, 

Many folks on the forums invest in Cleveland. Canton is another market that I have had success with personally - I also have the goal of cash flow and don’t focus much on appreciation. I’d you’d like to talk more, I’m happy to connect. 

Post: Cleveland, Ohio local credit unions?

Brittany Minocchi
Posted
  • Lender
  • Massillon, OH
  • Posts 992
  • Votes 474

Hi Vishal, 

I don’t know of any credit unions specifically, but there are lenders and LOs out there who will do these types of loans. There isn’t much to be made in terms of commission so many loan officers don’t want to mess with them, and any loan is going to have fees associated with it of course…how high the lender’s fees are and how low the loan amount is will factor into whether or not that loan is compliant and can pass as a qualified mortgage. 

I'm also assuming you're looking for traditional financing. If you're looking for nonQM (like a DSCR loan) you likely won't find a local bank or credit union with those products available, especially sub $100k. Happy to discuss further if you'd like to connect.

Post: Professional Photographer Recommendations

Brittany Minocchi
Posted
  • Lender
  • Massillon, OH
  • Posts 992
  • Votes 474

Hey Kaden! 

I have a connection that is a professional photographer as well as a licensed agent, his rates (for the photography and real estate commission, should you ever need that) are very reasonable. I’d have to double check to see if he covers Cleveland. Feel free to connect if you’d like his information. 

Post: DSCR loans for new investors with little capital

Brittany Minocchi
Posted
  • Lender
  • Massillon, OH
  • Posts 992
  • Votes 474
Quote from @Nick Pries:
Quote from @Doug Smith:

We do them, but the more experience you get, the more aggressive lenders will be. You'll typically need a bit more down...say 25%...but it's doable. 

Sounds good, thanks for letting me know Doug. Let’s say I was to purchase a foreclosure for $60,000. And I were able to put $15,000 down. Do you think I would Abel to get DSCR loan if that property were to have a 1.0 DSCR not including the $15,000 down?
You’ll struggle to find a lender who will allow that low of a loan amount on a DSCR. Most require $100-$125k, but $75k is the lowest I’ve seen. 

Post: Financing deals in the 70-80k, range.

Brittany Minocchi
Posted
  • Lender
  • Massillon, OH
  • Posts 992
  • Votes 474
Quote from @Amy Mitchell:
Quote from @Brittany Minocchi:

Are you looking at conventional or something like a DSCR loan? Conventional at that amount shouldn't be an issue. $75k is the lowest DSCR/no ratio I've seen.


I would prefer a DSCR loan. Looking for a duplex in Cleveland in the $65-$85 range, seems almost impossible to find a lender on this type of deal.

Gotcha! Yes, considering they usually require at least 20% down these days, a purchase price below $95k minimum is going to be tough to find DSCR financing for. Conventional financing is much more flexible when it comes to the lower loan amounts, but not being able to close in an LLC is a deal-breaker for many. 

Post: Financing deals in the 70-80k, range.

Brittany Minocchi
Posted
  • Lender
  • Massillon, OH
  • Posts 992
  • Votes 474

Are you looking at conventional or something like a DSCR loan? Conventional at that amount shouldn't be an issue. $75k is the lowest DSCR/no ratio I've seen.

Post: Great FICO but difficult getting conventional loan

Brittany Minocchi
Posted
  • Lender
  • Massillon, OH
  • Posts 992
  • Votes 474

If you don’t have gaps and can justify the job changes, it shouldn’t be an issue. A loan amount of $58k for conventional shouldn’t be a problem either, although the pricing is a bit higher on lower loan amounts. I can’t say for certain without seeing the whole picture, but I’m happy to discuss if you’d like to connect. 

Post: Youngstown & Akron market

Brittany Minocchi
Posted
  • Lender
  • Massillon, OH
  • Posts 992
  • Votes 474

Can’t offer any advice on Youngstown, but I do very well in the Canton market. I would expect similar results in Akron. 

Post: Looking for DSCR lender

Brittany Minocchi
Posted
  • Lender
  • Massillon, OH
  • Posts 992
  • Votes 474

Hi Edward, happy to connect. 

Post: Small Mixed Use (Retail and Commerical) financing help

Brittany Minocchi
Posted
  • Lender
  • Massillon, OH
  • Posts 992
  • Votes 474

Like others have said, commercial is your only option here. I may know of a lender that will finance this type of deal depending on a few different factors. Feel free to connect.