All Forum Posts by: Brayden Hrycko

Hey @Salomon Utrera,

I would recommend going DSCR on your purchases. Do you have enough $ to put 20-25% down plus closing costs? Helocs will require you to qualify based on your income. DSCR does not use income. However, if you need a heloc for funds to put down on a DSCR purchase that will be something you need to work on or find a partner that does.

Hey @Jimmy Rodriquez,

You can for sure use an fha loan to purchase your own property. Qualifying will be determined by your dti. I would be happy to go over that with you. I am right in Allentown as well so not too far from where you're looking!!

Hey @Aarielle Pannesi,

Yes, you can use the FHA for both of those purchases. However, to use the fha relocation rule to have the second fha loan from my understanding, is that it has to be a relocation for work reasons.

I would also recommend buying the 4 unit first then later going for the single family because underwriters also want to see that you are moving or upgrading your living standards. If you live in a single family then move to a 4 unit and you're downgrading your quality of living in square footage, ect. That may be a red flag to an underwriter. I also like this idea because you can always go with the 5% down conventional option on the second purchase is the single family and you don't have enough equity built into the first one to refi it into conventional so you can go fha. There is no right way to do it, just some things to consider. 

Hello @Brittney Wright,

When you analyze the deal and expect to pay the heloc and the new PITI, does it still make sense for you? I would be happy to go over your options with you!

Hey @Lana Hane,

When deciding whether to refi or pull a heloc on the primary or investment property you'll want to price them out and see which rates/payments make the most sense. Most likely on the higher equity it makes sense to cash out refi. 

With your teaching salary you may have to just go DSCR which doesn't look at your income to qualify. We'd need a credit report and proof of funds.

You can for sure go the 1-4 unit with fha with just 3.5% down. The 3-4 units will have to meet the self sufficiency test.

Feel free to reach out if you have any questions. 

Hey @Eric Lish,

There are plenty of us on here that can help! Feel free to reach out. 

Hey @Shannon Reburn,

Not all lenders are created equal. I have done plenty of DSCR without using an llc. Feel free to reach out.

Hey @Charles Wang, 

You can DSCR refi some of your current properties to pull cash out or we can look at some blanket options as well. It would be more beneficial for us to learn more about your whole portfolio to make a decision. Feel free to reach out.

Hey @Kevin Robert,

I wouldn't be discouraged. If lending is something you want to do, you can certainly try an be a part time LO. There are plenty of LO's that start in the business part time because it can be hard to start the motion especially when you are working for a brokerage that is 100% commission. If you have a good team to help you along the journey, it is very possible. 

Hey @Shane Elias-Calles,

I am assuming you have some boots on the ground in these out of state areas you're looking to purchase. If you're able to located a deal I would look into DSCR options and pull out a heloc on the primary to fund the downpayment/closing costs on the next property. Generally, helocs are higher interest and with bigger loan amounts it may make more sense to purchase them with a DSCR product. This allows you to get into deals with less capital up front rather than paying full price which gives you wiggle room with your current homes equity to fix issues if they arise.