All Forum Posts by: Brittany Minocchi

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.

0 Votes

Cleveland, Ohio

General Real Estate Investing

Post: DPA Programs FHA In Ohio

Brittany Minocchi

Posted April 27, 2023 07:16

Lender
Massillon, OH
Posts 986
Votes 469

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.

1 Vote

Cleveland, Ohio

General Real Estate Investing

Post: DPA Programs FHA In Ohio

Brittany Minocchi

Posted April 27, 2023 04:42

Lender
Massillon, OH
Posts 986
Votes 469

Quote from @Clarence Harvey:

1 Vote

Cleveland, Ohio

Private Lending & Conventional Mortgage Advice

Post: Dscr loans 60k purchase price

Brittany Minocchi

Posted April 26, 2023 19:45

Lender
Massillon, OH
Posts 986
Votes 469

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.

0 Votes

Hey Zach -

Mixed use properties can be tricky with more than 10 units, but there are options out there. Happy to connect.

0 Votes

Cleveland, Ohio

Starting Out

Post: Super motivated and looking to build a new career

Brittany Minocchi

Posted April 25, 2023 11:35

Lender
Massillon, OH
Posts 986
Votes 469

Quote from @Matthew William:

Quote from @Brittany Minocchi:

Welcome! I invest, lend and am located in Ohio (about an hour south of Cleveland). Happy to connect if I can be of assistance.

What’s the best way to work into my first invest as a newbie?

I'd consider the following to start:

Are you focusing on appreciation, cash flow, or both?

Are you planning to fix and flip or buy and hold? If buy and hold - short term or long term rentals?

Single family or multi-family?

Will you be using your own money to fund your deals or OPM? If OPM, will it come in the form of private money, hard money, a conventional loan, or a nonQM loan?

Is your credit currently at a place that puts you in a position for a great rate and terms, or are there things you could work on?

Do you have boots-on-the ground and/or a person or team of people you can count on, especially if you end up investing out of state?

Are you planning to manage yourself or hire a property manager?

2 Votes

Columbus, Ohio

Starting Out

Post: Super motivated and looking to build a new career

Brittany Minocchi

Posted April 25, 2023 07:19

Lender
Massillon, OH
Posts 986
Votes 469

Welcome! I invest, lend and am located in Ohio (about an hour south of Cleveland). Happy to connect if I can be of assistance.

1 Vote

Columbus, Ohio

New Member Introductions

Post: New Aspiring Real Estate Investor - Columbus, OH

Brittany Minocchi

Posted April 23, 2023 04:34

Lender
Massillon, OH
Posts 986
Votes 469

Quote from @Jonathan Youse:

Hello BP Community,

My name is Jonathan Youse, I have recently moved back to my hometown of Columbus, Ohio from CA. Currently my wife, daughter and I are living with family and saving steadily each month to leverage our future differently. During the transition I found a lead on a sizable SFH opportunity that requires significant renovation but has a high potential return. I began researching and self educating on Real Estate Investment.

It has been 10 days since I joined BP Pro. In that time I have secured two realtors, pre-approval for an investment property, and most critically a successful and experienced mentor with access to additional private funding. This is my starting point. If successful, the capital earned from this first experience will roll into future projects.

If you are local to the central Ohio area and would like to connect on potential partnerships, please reach out.

Good luck everyone.

Welcome back to OH and good luck! I’m in the Akron/Canton area.

2 Votes

Columbus, Ohio

Classifieds

Post: DSCR loan product recommendation

Brittany Minocchi

Posted April 23, 2023 04:25

Lender
Massillon, OH
Posts 986
Votes 469

Quote from @Xavier Aliche:

Quote from @Brittany Minocchi:

Hi Jay —

There are a couple of lenders out there that will do 85% LTV. Keep in mind the higher the LTV, the higher the FICO requirements and the higher the rate in most cases. Feel free to shoot me a message if you‘d like to discuss further.

What are your DSCR 30yr LTV, cash out LTV and minimum loan amount? do you lend in Houston?

Yes to Houston, I have one lender with a minimum of $75k but most others are $100k+. As far as LTV, it depends on FICO, property type, loan amount, ratio, etc. I’ve seen anywhere from 60-85% depending on the property and borrower.

0 Votes

Orlando, Florida

General Real Estate Investing

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

Brittany Minocchi

Posted April 20, 2023 16:10

Lender
Massillon, OH
Posts 986
Votes 469

Traditional financing or nonQM? NonQM usually has a minimum loan amount of $100k (although I do broker to one lender that will go down to $75k) but $70-$80k with traditional financing wouldn’t be an issue at all. Happy to connect if you’d like to discuss further.

3 Votes

Brittany Minocchi has started 9 posts and replied 950 times.

Rounded Star Post: Looking to get started in real estate investing

Rounded Star Post: DPA Programs FHA In Ohio

Rounded Star Post: DPA Programs FHA In Ohio

Rounded Star Post: Dscr loans 60k purchase price

Rounded Star Post: Commercial - Mixed Use Financing Cleveland Ohio

Rounded Star Post: Super motivated and looking to build a new career

Rounded Star Post: Super motivated and looking to build a new career

Rounded Star Post: New Aspiring Real Estate Investor - Columbus, OH

Rounded Star Post: DSCR loan product recommendation

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

Post: Looking to get started in real estate investing

Post: DPA Programs FHA In Ohio

Post: DPA Programs FHA In Ohio

Post: Dscr loans 60k purchase price

Post: Commercial - Mixed Use Financing Cleveland Ohio

Post: Super motivated and looking to build a new career

Post: Super motivated and looking to build a new career

Post: New Aspiring Real Estate Investor - Columbus, OH

Post: DSCR loan product recommendation

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