All Forum Posts by: Carlos Scarpero

I've been getting a lot of calls lately about doing DSCR (cashflow based rental loans) as a second mortgage. That way you can preserve the low rate on your first.

We now have this program. Yea!

Basic terms:

Must have positive cashflow on the property

75% loan to value max

660 min credit score

$100k min loan amount

Hit me up for more info. 937-572-3713 or [email protected]

NMLS 1674385

0 Votes

Dayton, Ohio

I agree with others that DSCR is the way to go on this one

0 Votes

Louisville, Kentucky

Are you thinking about selling on land contract?

Make sure you know the rules!

The cfpb is coming down on land contracts.

From what I'm seeing, seems like the alert only affects when financing a primary resident and not investors.

What's the option?

Be friends with a reliable mortgage broker who has a program for any need.

If you would like me to be that broker, I can be reached at 937 572 3713 or www.scarpero.com

Nmls 1674385

https://www.cutoday.info/site/Fresh-Today/CFPB-Issues-Adviso...

0 Votes

Dayton, Ohio

Now that the new NAR rules are in effect, here's what you need to know about how this affects VA home loans.

Check out the link below for more info

https://www.scarpero.com/how-the-nar-settlement-affects-va-h...

0 Votes

Dayton, Ohio

Quote from @Andrew Kiel:

as @Chris Seveney points out the recent opinion by the CFPB may make owner financing more difficult.

Yeah, that answered my question. I'm not going to do this now.

Way too risky for me to risk a CFPB audit. Not going to risk my mortgage license over this one.

0 Votes

Dayton, Ohio

Quote from @Adam Walter:

Hi @Carlos Scarpero, I’m an investor in the Dayton and Cincinnati area and I’ve been both a private lender and private borrower.

As a borrower, I utilize my private lenders whom I pay between 8-12% to quickly purchase properties that are distressed or low in value. I’ll take a year or so to refinance those into a long term loan and then use their funds for a different property. These loans are so much easier and cheaper than a hard money loan.

As a private lender, I will sell a property with seller financing to someone who may not qualify for a loan or the property is distressed or low in value.

Thanks for the reply. I'm not too far from you. I'm sure I'll see you around some time,

0 Votes

Dayton, Ohio

Quote from @Chris Seveney:

Quote from @Carlos Scarpero:

Studying this whole note world and I'm curious....

From a borrower perspective, what advantage do they have going with a private lender vs going through a mortgage company/broker?

Is it more because of a borrower not qualifying traditionally, property not qualifying, or they can get a better deal going private?

I would love some examples if possible.

As a note investor, we rarely if ever originate loans for owner occupied, we would rather buy on secondary market at a discount.

The reason being you are correct, many times the borrower is not qualified for the loan, so my response to that is why do I want to give a loan to a borrower who does not have the ability to repay. There are occasions where the borrower does have ability but does not qualify for traditional - but that is rare.

Throw in the fact that I am not a bank so I can create loans out of thin air and only need a 10% reserve as another reason.

I can share good and bad stories - it really goes to underwriting the borrower and the price they pay (paying more) is irrelevant if they cannot make payments

Interesting. Thanks for the reply

0 Votes

Dayton, Ohio

1 Vote

Dayton, Ohio

All Forum Posts by: Carlos Scarpero

Carlos Scarpero has started 11 posts and replied 112 times.

Post: Due On Sale Being Called!!

Post: Looking for a Dscr Loan

Post: DSCR Second Mortgages (Available Nationwide)

Post: Can't get a conventional 30 year loan. Should I get an ARM, DSCR, or other option?

Post: CFPB Cracking Down on Land Contracts

Post: New Realtor Commission Rules Now In Effect.....How It Affects VA

Post: Selling personal home on land contract.....good idea?

Post: Getting a private mortgage from a borrower perspective.....what's in it for them?

Post: Getting a private mortgage from a borrower perspective.....what's in it for them?

Post: Getting a private mortgage from a borrower perspective.....what's in it for them?

Carlos Scarpero has started 11 posts and replied 112 times.

Rounded Star Post: Due On Sale Being Called!!

Rounded Star Post: Looking for a Dscr Loan

Rounded Star Post: DSCR Second Mortgages (Available Nationwide)

Rounded Star Post: Can't get a conventional 30 year loan. Should I get an ARM, DSCR, or other option?

Rounded Star Post: CFPB Cracking Down on Land Contracts

Rounded Star Post: New Realtor Commission Rules Now In Effect.....How It Affects VA

Rounded Star Post: Selling personal home on land contract.....good idea?

Rounded Star Post: Getting a private mortgage from a borrower perspective.....what's in it for them?

Rounded Star Post: Getting a private mortgage from a borrower perspective.....what's in it for them?

Rounded Star Post: Getting a private mortgage from a borrower perspective.....what's in it for them?

Post: Due On Sale Being Called!!

Post: Looking for a Dscr Loan

Post: DSCR Second Mortgages (Available Nationwide)

Post: Can't get a conventional 30 year loan. Should I get an ARM, DSCR, or other option?

Post: CFPB Cracking Down on Land Contracts

Post: New Realtor Commission Rules Now In Effect.....How It Affects VA

Post: Selling personal home on land contract.....good idea?

Post: Getting a private mortgage from a borrower perspective.....what's in it for them?

Post: Getting a private mortgage from a borrower perspective.....what's in it for them?

Post: Getting a private mortgage from a borrower perspective.....what's in it for them?