All Forum Posts by: Christian Bachelder

@Kris Cline

Just wanted to reach out. This program was just recently rolled out through a partner of ours and they are still figuring out the market. Unfortunately, with all new products, there is a learning curve, and especially in places like Texas and New York, the regulations in those states make seconds on investment properties very, very difficult.

I want to apologize for the '3rd party' in this case, but I know we love the opportunity to win the business back on a deal where there is no 3rd party to get in the way, such as our conventional and nonQM/Hard money options. Feel free to give me a direct ping anytime to share any other feedback you may have. We are always looking to get better and really prioritize our customer service.

Bridge/Hard money is anywhere from 9-15% right now and DSCR loans are 7-9% roundabout. I would highly recommend a consultation with a lender who can service the products you are looking for. I may know a good one to recommend ;D

@Naomi S.

I’d go with Robuilts course or Kai andrews courses before I do anything else honestly.

@Heidi McBroom

Hey Heidi,

Should be a slam dunk deal, but I’d recommend working with a broker who has access to products across the board so they can pair you with the best fit for you. We always start with a consultation before offering a product to make sure we’re understanding exactly what you’re looking for.

Good luck!

@Bonny Drago

Hey Bonny,

I'd start by getting your finances in order with a lender to determine what you qualify for. Then I'd pair up with a STR specialist realtor (preferably one who has done it themselves and are knowledge about rubbing comps and analyzing cash flow), then, and only then, I'd start looking at properties.

We have agents who operate in that area, and who have bought, themselves. You’re on the right path with these questions though! Good luck!

@Jesse Glatz

Hey Jesse,

If this situation, it would most likely not cash flow on paper, but there are a number of dscr lenders, ourselves included, who can still fund the loan with a negative cash flow. Typically with higher value properties, best way to structure the financing is get a short term bridge or hard money loan, or a negative dscr loan with no PPP, and operate it for one year to get a good rental history. Once you prove it can cash flow, we can refinance you out into a long term dscr loan with the proven cash flow.

Hope that helps! Good luck!

Hey Jimmy,

Definitely reach out to a broker familiar with the space who has alot of offerings with different lenders. DSCR rates can vary wildly depending on the flexibility of their underwriting programs. Most direct lenders wont have this product, especially considering large banks. We do a large volume of them every month, but I recommend you do your due diligence in finding a good fit for you!

As Hamp stated, USE YOUR VA LOAN. It is like a cheat code to get started. I still have sticker shock when we close VA loans, when compared to conventional, with the rates being so much lower, no PMI, and 0 down payment requirements. Incredible product for our awesome veterans that we love offering.

Reach out to a broker to get a couple different quotes and get pre approved to see what you can buy!

Non warrantable condos typically have much fewer options with lending as it needs to be placed with a lender who specifically accepts then, and they usually come with higher rates and down payment requirements, as you have found. We do a number of them every month in different markets, but I would highly recommend you reach out to a mortgage broker familiar with them to help determine the best product, but price and down payment wise, that you can find.

Good luck!

We do this all the time with just 1 year of tax returns. If you filed it as business income, then we'd need to look at how you reported it to determine if we would need 1-2 years, but reach out to a broker with STR experience and who knows how to underwrite it in a way that puts you in the best position to get financing. Most big banks struggle with this, but brokers should excel since they work with multiple lenders. Good luck!