All Forum Posts by: Devin Clark

Hey Devin, 

I am actually looking to hire an MLO and would love to talk on the side if interested.  I love that you have a military background and are eager to learn the mortgage business!  It is definitely not easy, but I am willing to train. Fully remote position.

Thank you for your service to our country!!! 

Hey Devin, 

Based on my experience, being a part time LO, is going to be challenging. The mortgage business is constantly changing and it requires a full time commitment to keep up. 

Also getting new business is a full time job itself if you are an independent mortgage broker. Retail LOs also work a typical 9-5 schedule 

 I'd be open to a conversation on this - for lenders that do strictly investment properties, the licensing isn't necessary so you could potentially start in the role right away.  Shoot me an e-mail if interested

@Devin Clark

If you have good credit and the cash to bring 20% - 25% as a down payment you could explore the world of private lending. No DTI, tax return, or employment checks. Short term loans for BRRR's / flips and 30Y money to refi your BRRR's or purchase stabilized rentals. All this is done through an LLC. Some good options over banking products if you have the $$$.

I 100% agree with everything that Jay said but would add that if you are having trouble securing financing you could always invest your money with someone else either through partnership or syndications but it sounds like you have a pretty good grip on investing so it will make sense for you to do it yourself using the methods Jay mentioned. If you happen to be interested in either partnerships or syndications reach out to me and I have people I could connect you with! 

 @Devin Clark The first thing to understand is that you CAN use rental income on the properties you are looking to purchase. Within the appraisal the loan officer should order what is a called a 1007 market rent schedule. You can use 75% of that 1007 number to cover the mortgage on the property you are purchasing. If the appraiser says the market rent is 2000 a month you can use 1500 to cover the new mortgage. So, if your payment/taxes/insurance payment on the new house is say 1600 then you are only having to carry that 100 dollar difference on your debt to income. So, the point being in this case your 40% DTI might go to 41% which would still be fine.

IF the above does not work for you then the next step is debt service coverage ratio (DSCR) which ONLY looks at the rent of the subject property and nothing else. You debt to income does not matter. You will pay a higher rate, usually higher costs and often have a pre-payment penalty for these loans.

A LOT of investors assume they cannot qualify for the first approach, and or coached towards the DSCR. It is a great product for those who need it but make sure your LO actually takes the time to investigate the first option first.