All Forum Posts by: Devin Peterson

Hi, 

I am in contract to purchase a SFH which was converted into a boarding house. Basically it was a 4B2B house which was converted into 5 bedroom apartment, where the rooms are rented out individually. I had DSCR lender (to whom I disclosed the situation upfront) who just told me (after I paid for appraisal and wasted several weeks) that no DSCR lender would lend for this type of property, which I don't understand why since student housing can be funded via DSCR and this is a very similar concept.

In any case, if DSCR is not an option (or maybe i just need a better DSCR lender), I need a different option for financing but I need a commercial loan because I do not want the loans to show up on my personal credit. The property will be purchased by a single member LLC (which I am the sole owner). Please let me know if there are any leads in someone who could work out a lending option for scenario like this. Thank you for your help in advance!

Will it matter if my business is only a year old? And doesn't really have an income? 

Hello,

My parents helped me by my first rental property . I am currently renovating it and we plan to when i am done to transfer the property to my buisness name. what would be the best route to go. 

The last 12-18 months have been a little rocky in the DSCR space for 5+ units. I find DSCR most lenders are 8 to even 9% for max leverage on 5+ right now. I know of a lender around 7.3%, but curious what everyone else is seeing.

Keep in mind, we're talking DSCR, not conventional.

The last 12-18 months have been a little rocky in the DSCR space for 5+ units. I find DSCR most lenders are 8 to even 9% for max leverage on 5+ right now. I know of a lender around 7.3%, but curious what everyone else is seeing.

Keep in mind, we're talking DSCR, not conventional.

Looking for a direct lender to do a cash-out refi at 75-80% LTV/LTC on a property in Gary, IN. Preferably a lender that does not require a full appraisal but is okay with a desk valuation or is open to a referral for an appraiser. Any recommendations?

Hello everyone,

Hope you all had a great New Year! I have a question and would really appreciate your input.

I’ve done a couple of fix-and-flip projects in the past using hard money lenders, but I’ve noticed that their fees and interest rates significantly cut into my profits. In some cases, after running the numbers, I’ve even faced potential negative returns, causing me to miss out on promising deals here in South Florida.

That brings me to my question: I currently own two homes—one is my primary residence, and the other is a rental property. Both properties have a substantial amount of equity that’s essentially sitting idle.

Would it be a good idea to tap into this equity (through a HELOC, cash-out refinance, etc.) to fund future fix-and-flip projects or purchase additional rental properties?

I’d love to hear your thoughts on whether this approach makes sense or if there are other strategies you’d recommend to optimize profitability.

Hello All happy new years!

So I would like to get the opinion of some experienced investors.

My goal is to buy (3) three to four multifamilies.

I inherited a 3 family fully paid off and own my current home.

Between the two I have roughly 550-600k in home equity.  

What is the best strategy to leverage this for my goal?  

Also I'm not opposed to doing something commercial if someone has an idea.

I’m looking to make a list of conventional loan lenders that would be able to refinance a hard money loan for 75% of the new appraisal of a residential property? Any help or information would be appreciated! 

The property is worth $315,000, the payoff is $201,500.

I'd like to cash out and refinance DSCR in to a 30 year.