All Forum Posts by: Darnell Lockett

Hi @Michael Rendon. I'd advise you to talk with your lender and disclose ALL information about the property with them. Please don't withhold any information. I can't speak for other lenders, but we don't do mobile homes. Withholding that info would be Mortgage fraud. The mobile home would have to be removed. 

No doc HELOC @Tola O.? I think you'll be hard pressed to find someone doing those today. Ever considered a DSCR cashout refi? No personal income documentation is required. The loan approval is based on the subject property and current or potential cashflow. Great for pulling out equity.

Hi @O'Licia Parker-Smith. I know your post is from a few months a ago, but I thought I'd check to see how the purchase went for your quadplex. Great I hope. I see you were curious about the rate you were quoted. 

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Hi @Sri Voodi. I'm interested to see the responses you get. I'm not a RE attorney or CPA. I'd personally have my attorney and CPA advise me on a matter like this. 

Hi @Greg Henderson five or moe units is considered commercial. Unless there’s something I’m missing, the situation described is residential. 

Hi @Michael Behr. You could try to JV with a partner for the remainder, or getting funding from a family or friend. MF LTV is 75%. Private money can go up to 90% LTV and 100% repair costs if it needs rehab. Most of our clients go with DSCR loans. They are quick to close but require 25% down.

Quote from @Annette Barnett:

Quote from @Darnell Lockett:

Without knowing more about your situation, it's hard to say what's best for you @Annette Barnett. I'm personally partial to DSCR loans because that what I use for purchasing our properties, as well as what our clients typically have us put them in when we're doing their loans. That however may or may not be best for you. Talk with several lenders and mortgage brokers to see what your options are. DSCR loans are an excellent tool for investors, but there are other options available as well.

Hey Darnell! What are the other options besides DSCR loans and standard loans?

Hi Annette. First…sorry to hear you got hurt. Hopefully you’re recovering well. There are bridge loan options, bank statement options (if you’re self-employed), or maybe asset depletion loans. Of course there’s always private money. DSCR is typically what most of our clients go with since the are based specifically on the income produced or that has the potential to be produced by the subject property. These loans don’t take into account personal income or debt. 

Congratulations @Spencer Cuello. The first one is always the hardest. We bought in Fort Worth as well. I’m a Mortgage Broker and investor, so I’d like to think I have a different perspective about things. Feel free to reach out any time if you want to connect. I love sharing knowledge. 

Hi @Joe S. Its only going to get worse because the "you don't need capital to start wholesaling" has flooded the industry with so many not taking the time to understand and learn the craft. They think they can take a 2 day seminar and get started. Many don't actually learn how to assess present value or ARV. They don't know or care to establish relationships with investors, in order to actually understand what the investor wants or is looking for.

Hi @Peyton LaBarbera. I'm a Mortgage Broker, Investor, Wholesaler and use to be a Real Estate agent (license is inactive), so I hope I have a solid perspective about this. A Realtor wants to see that YOU have Proof of Funds, and that YOU are actually the one purchasing the property. They don't deal in hypotheticals or "I have a cash buyer lined up". If you don't have cash or financing lined up, you're not getting anything from a Realtor! Find off market deals.