All Forum Posts by: Dave Skow

@Rajaa Boulassouak- thanks ....if this property is an investment  property most lenders won't be able to assist with a loan for a rental property that's a manuf home 

@Samantha Zanotelli- depending on the price and loan amt needed - there are lenders / programs that allow 10% for a jumbo loan scenario ...the payment reserves  requirement will likely be 12-24 months of payments  and you are able to use part of any retirement account balance to meet this requirement 

@Aubrey Adams

Thanks for the post / question -I would recommend developing a hypothetical plan  ( purchase price / loan amt needed ) and get pre approved ..this process is free and it will help get you organized and also to educate you  in many ways ..if you never end up buying - no worries and no costs have been wasted 

@Kasondra Milton- hi there ...thanks ...Raised in the fairport area ...live on west coast now ..last summer I had to return to Roch area to help with a family illness  situation ...I stayed in a AIRBNB that was close to Strong hospital for 3 weeks ...in my search for places - I must say I was surprised at the lack of options ( at least at that time ) ...that being said - I agree with your comment about the fact that Greater  Roch  likely  wont  attract a large amount of renters consitently  ( outskirts  like  finger lakes are a diff story ) - thanks and good luck

@Bacongo Sandou Cisse- thanks ...if you will need financing - make sure you can get pre approved  or have access to funds to use to buy  before you spend too much time looking for proeprties - thanks 

Quote from @Giman Kim:

Yeah we're thinking about sitting and observing for a little bit and instead, work on saving more money for downpayment & cash reserves and paying down our principal for our property in Cambridge, Mass. We just saw few target properties go from active to contingent/pending status on MLS, it's hard to land on good cash-flow/turn-key property with low inventory nowadays. Thank you all for the input!

thanks - the above average properties will be seen and snapped up ...if interested in buying another property - get  pre approved so you can be prepared  to make an offer if a good property becomes avaiable - good luck

@Su Pak- thanks ...terms seem high and cost seems high for a DSCR loan .....are you not able to obtain conventional loan ?

@Charles Burgess- unlikely to locate a lender able to do one loan one 6 properties ...try the lenders that have the current loans ...try the banks / credit unions in the  area of the properties ...try reaching out to the lenders you have relationships with .   Make sure you have " partial release "  criteria  in any loan you might fine ....this might need to be a " commercial loan "..good luck

@Nick Parenti= thanks ...unlikely  able to use any 2024 income ....there used to a way to use one year of tax returns for determining qualifying income ...proceed with the pre approval to find out what your lender is able to get approved for you 

@Lisa Sluss- thanks ...many varables ...is the hard money a loan with a lien on the proeprty ?  if so - are you wanting to borrow just  enough to pay off the loan and cover refi costs  or  are you wanting to pull out more funds over and above the loan balance ?  when did you buy it ?  price ?  whats loan amt ?  what is current value ?