All Forum Posts by: David Kazarian

@Eric Sanne

You can do low doc or stated income loans. The rates are going to be higher because there is not a lot of documentation so that means more risk for them.

@Eric Sanne

Not sure what you are trying to achieve other than acquire a property. Do you plan on living in the property or just for investment? Are you going to own the property under your name or under your business or an LLC? If it is an investment then you could look at doing it under your business potentially. Not sure what sort of work you do.

@Eric Malone

I have some lenders that will do a cash out refi in MA but your interest rate is going to be higher because it is hard money. If you're interested reach out.

@Blaine Cox

@Robert Shedden's advice is good. Like he stated there are a lot of unknowns. Obviously building conditions comes into play but you need to look at the operating expenses & the current rents coming in. Make sure there are contracts for the current rents. Also make sure that the contracts line up with the cash going into the account. I have heard of many stories where there were contracts presented for the renters but the cash coming into the account didn't line up. Run the numbers! See if it makes sense. In order to get a loan you will need 1.25 DSCR (debt service coverage ratio). Some lenders I know will do for less but the goal would be for you to raise rents on non-performing units, which there probably is.

You can also buy the portfolio, fix up individual buildings then sell off the ones you don't want. Pay down the mortgage and improve cash flow that way.

Happy to introduce you to some lenders if you need them.

@Ignacio Metcalf

If the conventional loans are personally held in your name then you are stuck at the limit. One option is to do a portfolio loan, which would wrap all the properties into 1 non-conforming mortgage. If you did this then you can extract the equity from the properties and reinvest it. In some case I have seen 90% LTV quoted, I would assume it would be closer to 75-80% but that is all deal dependent.

Depending on the portfolio value of all the properties you could have some different options. For lenders that I work with, below 2.5M you will see higher rates (~2 - 2.5%) over a conventional mortgage. Over $2.5M then the rates come back down because you have different financing options. The rates actually look like conventional rates and have some non-recourse options available, but the properties have to be income generating properties & nothing owner occupied. 

Hope this helps. Feel free to DM me & we can talk offline if you have any additional questions.

@Milan Patel

Go to meetup.com there are plenty of groups there. You can put in your zip code and a radius. There is at least one a night during the week. 

Sometimes real estate offices hold small private investing groups. So reaching out to some in your area might be helpful.

I go to a couple on the NW side.  

@Nathaniel Gotshall

Congrats on the new purchase & marriage! Great goals for 2020! Michigan City is nice. I've been a couple of times with the family on the way to New Buffalo. 

I have a lender that does Airbnb financing, if you are interested and when you're ready. Feel free to reach out. 

Best of luck reaching your 2020 goals!

@Gannon Nikolich

I am a commercial lending broker who can do financing across the US. If @Doug McVinua's contact doesn't work out or if you want to a second quote, feel free to direct message me.

Best of luck with your financing.

-David

@Michael Hutchinson

Congrats to you and your business partner on buying your first property. Im sure the community here will be very helpful in connecting you to GC's & Sub's.

On a side note, if you don't mind could I direct message you about your day job. I have some questions.

@Eva Goulbourne

Not sure how you pick tenants with Section 8 but I met someone at a meetup on the NW side and they had a bad experience doing this. If you want, I can try to put you in contact with him, so you can ask him questions directly.  Every situation is different and maybe he only told me the bad side of doing it. DM if you are interested. 

I would love to hear other peoples experiences.