All Forum Posts by: Camilo Perez

I own a rental property with great cash flow. 3 1br/1ba units and a 2br/2ba unit. I have applied for DSCR loans with several companies but they have been unable to assist due to size of the rental units. It seems like there is a size requirement for rental property. I thought the requirement was enough cash flow to cover the loan? Any help with DSCR loan that does not have a building size requirement?

Quote from @Anthony Garza:

Quote from @Camilo Perez:

Purchased a residential property with 5 rentals on it.  Property not conforming with city zoning.  Producing  very good rental income.  Wanting to tap into equity.   Suggestions?

Did you partner investors with this deal? And if so how were you able to connect with those investors. I live in the RGV would like to know how were you able to connect with investors.

No I didn’t.  I have invested my own money,  refinanced my primary residence to purchase.

Quote from @Juan Salas:

Is this property paid off?

Yes it is.  Have 5 income producing units. 3 units at $800 and 2 units at $850.  Plus an adjoining city lot also paid off.  Want to refinance (DSCR) or other, to build a duplex on other lot.  

Quote from @River Sava:

Have you looked into a cash out refi?

Hi, yes I have.  I purchased this property cash from a refinance of my primary residence.  There are 5 doors.  Already paid off.  With it came another residential lot.  Also paid off.  I couldn’t get the first property refinanced because appraiser appraised as commercial.  Not commercial because does not conform with city ordinances.  All 5 units share utilities.  One meter for all.  They are 5 units and I am collecting $800-$850 each with utilities included.  Net $500 each.Already spoke to city to try to conform with zoning, but was denied.  Basically just allowing for income.  I want to refinance to build a duplex on the other lot conforming with city zoning laws.
Sorry for late response. Been super busy elsewhere.  
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Purchased a residential property with 5 rentals on it.  Property not conforming with city zoning.  Producing  very good rental income.  Wanting to tap into equity.   Suggestions?