All Forum Posts by: Brannon Harnish

Hi all -

I am a real estate investor looking to grow my portfolio. I have about $100k available in cash to buy my next few investment properties. I am looking for turnkey homes in the $60-85k purchase price range ( I have several I am actively pursuing) I am hoping to keep as much of my capital as liquid as possible for payment reserves/CapX that may arise.

I am looking for a silent second investor to assist on down payments. Maybe in the form of a line of credit or note. Has anyone found any private lenders that have an appetite for such deals?

I am using a DSCR lender for the mortgage. 20% down

When you use term "silent second" that IS fraud. Now, you very likely do not mean it that way but that is what it means to loan originators. You would need to simply partner with the supplier of the down payment and both of you on the application to do it above board. You will also need reserves left over after down payment and closing costs as well keep in mind.

and this is likely the only structure you would find to help you with the your down payment anyway. Why would anyone take an unsecured second position? The answer is that they would not.

Hi Jay - I understand. My poor choice of words caused the confusion

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Quote from @Erik Estrada:

You can get a seller second, however the minimum down payment you will need is 10%. You still need skin in the game.

Make sure you vet your lenders well. You do not want this going sideways once you are under contract and send out your EMD...There is no DSCR lender comfortable doing 100% financing, unless you are using funds from a HELOC for the down payment and closing.

Thanks - I also have a few more questions for the lender….

This isn’t my first rental, I have a few but am looking to purchase 4-5 more this year.

1 Vote

Quote from @James Wise:

Quote from @Brannon Harnish:

Quote from @James Wise:

Quote from @Brannon Harnish:

Silent 2nd? So like mortgage fraud?

no down payment assistance

lol, down payment assistance that you lie to the lender about? So like, mortgage fraud?

My lender said they were okay with the assistance as long as it was calculated into the DSCR calculation

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Quote from @James Wise:

Quote from @Brannon Harnish:

Silent 2nd? So like mortgage fraud?

no down payment assistance

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Thanks!! New to the site. Appreciate it

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Wichita, Kansas

Quote from @Jack Tulloch:

Hey Adrian. If you are unable to find a DSCR lender who allows for that loan size, you may want to try finding a true private lending individual who who will fund this for you. There are lots of people out there who lend out their personal capital to investors like your self.

Jack, hope your well - where does one start to find a private lender? I have about 100k ready to purchase a few investment properties. I think a private lender would be my best way to go but can’t seem to find a “real” person who wants to lend. Any insight is appreciated!

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Wichita, Kansas

Quote from @Account Closed:

Quote from @Aarielle Pannesi:

Quote from @Account Closed:

Hi Darnell:

I can help you with loan amounts down to $55,000 on DSCR loans. We require 20% down, so that would make or minimum purchase price $68,750

What states do you cover?

For the $55,000 loan we lend in about 40 states, what state are you in? With a minimum loan amount of $75,000 I can help everywhere but ND,SD, and NV.

Mike - can you close in an LLC

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Detroit, Michigan

All Forum Posts by: Brannon Harnish

Brannon Harnish has started 1 posts and replied 9 times.

Post: DSCR lenders, HML with low or no minimum loan amounts?

Post: Silent Second Lender

Post: Silent Second Lender

Post: Silent Second Lender

Post: Silent Second Lender

Post: Silent Second Lender

Post: DSCR Loans, caught holding the bag

Post: DSCR Loans, caught holding the bag

Post: DSCR loans for $50-$80k purchase price