All Forum Posts by: Craig Warner

Quote from @Alex Bulbulian:

Seeking a REI mentor/coach any recommendations?

 Hi Alex,

I'm not a coach per se, but I am on the lending. I'd be happy to share my 35 years of lending knowledge and personal investing side of things.

Take Care,

Craig

Quote from @Deepanshu Madan:

I am looking to sell a STR, Are there buyers who buy a fully furnished property? or do I need to empty it? What should be right way to find these investor buyers in the market? I am out of state and don't know a lot about the Jacksonville market today.

The property also has firepit in the backyard, smart door lock, cameras, thermostat, and router installed. The appliances are also all brand new installed this year- fridge, dishwasher, and washer/dryer.

If you are selling to another STR buyer, many would like a "turn-key" property with furnishings to be left in property. However is the RPA, no value can be given to the personal property. A few good suggestions already mentioned here, but I have see many advertise on Nextdoor app too.
Any financing questions let me know.
Good Luck
Craig

Quote from @Kenneth Ye:

Hi Guys,

I have a SFH in AZ that currently has a 8.25% DSCR 5 year prepayment penalty of 15k. I have a 800+ credit score and a one year lease in place that is 1.00 of the PITI. Current loan balance is 302k. Current value based off Zillow is 435k.

Please let me know if you guys think I should refinance with this quote from a lender or wait until the prepayment penalty is gone. I have 4 years left before the 15k prepayment penalty is gone on the current mortgage. 

LTV- 75%

DSCR 6.75% this rate will bring my mortgage from 2285 to 2116

Pre-Payment Penalty 5-4-3-2-1%

Loan origination 1.5%

Buydown option 1.5% to make it 6.375% this rate will bring my mortgage from 2285 to 2035

Appraisal 725$

Underwriting- 1295$

Thank you guys! 

If you were to refi, I'd consider going with an Interest Only product, increasing cashflow. Be happy to review in detail. I guess the only good thing about a prepayment penalty is that is is considered prepaid interest on your 1099 statement which may help with tax deductions. Assuming your have 4 years left your prepay would then be 4% of the unpaid balance, less than $15,000. But best to run hard numbers before making any decisions. Let me know if I can be of service.

Hi Adriana,

I'm new to the site and late to this party post. We offer DSCR loans nationwide and have very aggressive long term rates. DM me for a quick quote to compare.

Thanks

Craig

Quote from @Aaron Rydeen:

Ready to purchase. Need Private or Hard lender soon. Thanks.

We can help with a DSCR loan, no tax returns, etc, but does require a 660 score?

DM if interested.

It's high. Good advice here. Unfortunately we have a larger loan amount requirement.

Good Luck

Quote from @Sonia Jones:

Hello, 

I am a newbie here, and I would love to get some feedback and advice from those with experience. I need to find a lender with a 20% down payment on a multi-family 12 unit property. I only find lenders who can do 70-75% Loan to Value. My credit is in the 700s, and the property is producing positive cash flow. 

 Hi Sonia,

Unfortunately on 5+ Units we are maxed at 75%, where as 1-4, up to 80% DSCR. Even our other small balance commercial investors are also capped at 70-75%.

Thanks

Craig

Hey Brody,

If you plan to purchase a duplex, I'd consider buying it as owner occupied and rent at other unit. The down payment wouldn't be minimal if your finances were tight. Move in, then eventually move out then purchase another 1-4 units as owner occupied, then move in and out rinse and repeat as they say.

I'd be happy to discuss any financing options, whether owner occupied properties or investments properties I can help.

Thanks

Craig

Tell the truth, because if they are trying to purchase a home and a verification of rent is from a private party we'll ask for supporting documentation from the borrower anyways, as we know landlords may stretch the truth. 

Yes, I can help. Over 35 years of creative lending experience. Very competitive rates DSCR programs, best option.

Contact me and compare.

Thank You

Craig