All Forum Posts by: David Chung

Quote from @Damien Cobbs:

Quote from @David Chung:

Quote from @Becky Swenson:

I'm a first time investor considering buying a rental home for my daughter and her gaggle of roommates on a college campus. Could I use a DSCR loan? I would not be living there, but my child would. All roommates would be paying rent. Thank you!

Hate to be the dissenting voice here, but if you fully disclose that your child would be occupying the property you might run into some trouble with the non-owner occupancy that is usually required with a DSCR loan - your child falls into the category of immediate family and many undewriters would assume that if your child didn't pay their rent, either you wouldn't evict them or you would pay the rent for them, which then affects the cash-flow on the property level, which then affects the DSCR. This would change the qualification for the property. Additionally, there is usually a document in the loan doc set that has you certifying that no family members would be occupying the subject property. I would suggest you use a different non-qm loan product that allows for family members to occupy but doesn't require you to make it a primary residence.

Can you suggest some non-qm loan products that allows for family members to occupy but doesn't require you to make it a primary residence? I am interested in doing the same as the OP.

I can't at the moment but I would recommend you contact lookup a loan broker in your area who specializes in out of the box lending.

Quote from @Tiffany Johnson:

Hi All, I currently am starting with my first fix and flip and want to work with a hard money lender to get funding in the Tennessee/ Arkansas area. Is there any recommendations on HML that would be good to fund a fix & flip property?

 Hi Tiffany, I'm a private money and hard money lender, and as such, I can offer flexible terms that will help you get to work on a fix and flip in those areas you mention.  We love working with first-time investors and have helped many get started on their journey - we have Youtube tips to share and give free deal analysis as part of our lending process. Our team is made up of investors like you and our services are customized the way we would want it ourselves, as investors.  Call us or apply with us today!

Quote from @Tushar Desai:

Was referred to few of them and they quoted me with some ridicuous 2000-2500-2600 lender fees. I just bought a property in Merced - California and I was able to happily get my entire mortgage process through with $1300 lender fees. The other third party fees are primarily constant but seeing these amount of lender fees seems a bit odd. Thanks in advance for your suggestions/recommendations. I am going to approach rocket mortgage too since they claim to have lowest lender fees - let's see 

I agree with Nate, around $2000 is pretty typical in the private money space. If it was a conventional mortgage I can see how that would be a little high.  Even the guys who quote high can usually waive some of the fees to bring it down.

Quote from @Shane Roberts:

Quote from @Benjamin Krebs:

If the lien is from the City wouldn't the city be the one to initiate the foreclosure? 

 They City recently passed an ordinance to sell some liens (typically on abandon properties) to the public at auction. I am trying to find the exact language on the website, but it includes a phrase about the purchaser of the lien being solely responsible for collecting on the debt. When I spoke with the City Attorney she mentioned this is can be done by pursuing the individual for the money or by foreclosing on the property. She was scarce with details.

This sounds similar to a tax lien. Be careful to do your due diligence on your recovery.  That said, any attorney who does foreclosures on behalf of banks and financial institutions should be able to handle this for you.  Typically you can ask an experienced REO Real Estate broker for a referral.  Title insurance companies will also have good recommendations.

Quote from @Kendall Vandiver:

Looking for a hard money(or private) lender for a manufactured home about 40 minutes south of Nashville. Area is rural. Seems to be a hard ask. Any suggestions?

This is a hard ask for the two reasons you bring up.  The manufactured home issue can be resolved if the structure is permanently affixed to the ground on a foundation.  If it was ever a mobile home, the vehicle registration must be retired. You must get a document permanently affixing the structure to the lot, legally changing it from personal property to real property.  The name of this document changes from state to state, so you should consult a title company in the area of the property to ensure it's done properly.  In some states, it's called a Certificate of Title.  

The rural property problem is a little tougher, you have to find a lender who is ok with it. I would suggest a non-qm lender or a DSCR lender who can handle the exception. You will probably need to have high credit scores and really strong liquidity to pull it off. I know a couple big lender who might be able to finance this, give me a call.

Quote from @Michael Y.:

I'm looking for DSCR lenders in the Tulsa area, any recommendations? Also does not owning a primary result in rejection.

Much appreciated, thank you. 

Not owning your primary residence can result in a rejection for some lenders. Other lenders are ok with it. I'm a DSCR loan broker and I can connect you to the best financing for you. Give me a call

Hi Bill,

I'm a hard money lender and an investor myself. I can lend up to 85% of the purchase price for borrowers with experience, and up to 100% of the rehab cost.  We do fix and flip / business purpose lending in FL as well as most of the surrounding states.  We are investors ourselves so we understand the needs of investors.  Check out our website in my signature line below and submit a quick online loan application for a quote or prequalification letter.

Quote from @David Chung:

I've got a Memphis TN rental that just went vacant and I got a turn bid that included a line item for replacing all the floors in the living spaces minus the bath and kitchen with LVP.  A few of the rooms have old wood floors that got beat up pretty badly by the former tenant.  I love the old floors but I can see the value in LVP for longevity.  Any further insight from contractors on which might be better?  For reference, the LVP bid was about $6.15 / sqft installed.

 I went with LVP.

Hi Javier,

I'm a private and hard money lender and I'd love to partner with you as a lender!  Please check out our website below for more information about us and our loan products.  We can do the acquisition loan, and financing for the rehab, and we can do a refinance if you want to hold properties as rentals.  Please give me a call if that works or you can submit a loan application at www.diversifiedsolutionsfund.com/apply-now to get started today!

Best regards!

Quote from @Jedd Austin:

Hey there, I'm an investor in Atlanta, GA with 2 properties so far (A duplex rented out to long-term tenants and a house that is currently an AirBNB). I'm looking to expan my portfolio and am looking for private lenders to connect with to fund future deals. Would love to chat about working together! 

Hi Jedd,

I'm a private lender/hard money lender, and I can lend in Georgia. We've done a lot of successful lending out of Savannah and Atlanta, and would love to help you expand your portfolio. We can do the acquisition, rehab, and refinance into DSCR (even short-term rentals). We also have access to wholesale deals and foreclosed properties in the area, we can forward those deals to you, and we offer enhanced financing terms on those deals. Give me a call or send me an email and we can get started today!