All Forum Posts by: Devin Peterson

As the title suggests, I am just starting to enter the REI world. My first deal looks like it will fall through because the bank doesn't like my work history. (4 months as a union electrician, which the bank considers contract work). I am wondering if any lenders or knowledgeable investors know how feasible it could be to get a DSCR loan as a first-time home buyer/investor. I am 21 with excellent credit and have enough/will have enough for the high down payment they require. I know and am prepared to do all the overhead work necessary to find a property that will qualify, but I just want to know if it is possible in my situation. If so (and even if not), I would love any recommendations to a loan officer in the metro Detroit area.

Thank you in advance,

Aaron Raffaelli

I have a home under our names. I want to cash out refinance and close it under our LLC as DSCR mortgage. Its being operated at STR from last 30 months with great cash flow. Please reach out if you are a lender or can connect me.

5 Bed 2 Full Bath & 2 Half Bath

Existing Mortgage ~$550,000

Home Value ~$1.1+ Mil

Hello Fellow Investors,

I have an investment property in Wheeling, IL and I'm interested in performing a Cash-Out Refi. Do we have trusted advisors, brokers or community bankers within this platform who would like to work on this?

Thank you,

Jerry

I'm curious on peoples go to approach to secure financing for an investment property - use a broker? start w local bank or CU ? or even a local brick and mortar bank?

It’s amazing how as time goes on that the deals begin to look for me rather than me looking for the deals. I have a line on 1 or 2 off market deals that will need a total renovation. These just suddenly fell in my lap. I am going to look at one of them seriously as the owner had pretty much abandoned the property and I believe it can be purchased for in the teens. I would like to see if any private lenders would be interested in developing a mutual arrangement that works well for both of us. I own some rentals, have a property manager, a good realtor , am currently renovating a home for a long hold rental, I have pretty good credit, and a good w2 job .i have a construction background and a good amount of reserves. I would see these deals through with renovation and most likely cashout refinance to payback the lenders and use the home as a rental. Selling , renting, refinancing would be my exits. Thank you in advance for your time!

 Yep. There's talk of rolling back some of Dodd Frank with the new administration, so we'll see. The states can be ridiculous as well. I do not do business in CA under any circumstances. Same for a lot of the northeast states. 

Howdy BP friends,

I just relocated to Knoxville, Tennessee, Tennessee. Does anybody have any recommendations on small/community banks that they like to work with?   I own four long-term rentals and always used a small bank in Oklahoma. Looking to make new connections here.

 Yes I understand what you are noting, and I believe on the commercial side of things they are typically not putting their names on the docs like you do for a resi loan but just brokering/underwriting it and collecting a fee as a 1099. I know people who do this and I do not believe there are issues with it, but speak to an attorney and they should probably notify the company if they are an employee of that company that they are doing this. Most companies would require this type of disclosure since its similar to what they are doing

 This is state by state as far as I have found. I asked this question with the SC BFI and am waiting for an opinion. They didnt seem thrilled about the idea but didnt outright say No, either.