All Forum Posts by: Devin Peterson

If this is a nonowner occupied investment, the best and easiest loan program is a DSCR loan. However, your scenario is confusing, you negotiated a PP for 135K but need a loan for 150K? Is this a purchase + reno, that needs deferred maintenance and repairs? That would be a bridge / HML product. Or, if true PP is 150K - DSCR is best way to go. I would connect with an experienced loan broker who can shop and compare the best terms for you. Good luck!

Hi Paige, yes I have, if he has experience and liquidity that should be no problem.

Quote from @Johnny Koch:

Anyone have experience with using Eclipse Capitol Group from Michigan? Suggestions for best lenders for fix and flips in Michigan. Thanks for your time in advance!

Johnny, sometimes the best lenders aren’t local. I would use an experienced broker who can shop around and help you compare best terms on a National basis. Take a look at find a lender tab

Quote from @Shayne Hickey:

Does anyone have a recommendation of a lender that does a flip type loan that has the ability to roll into a DSCR loan? All of the lenders in my network says it doesn't exist anymore. Just putting the feelers out if anyone has the ability. Thanks in advance!

What you’re looking for is called sometimes referred to as a stabilized Reno loan. I usually only see these products offered through local and small community banks. Other than that you’re best bet is finding an experienced broker who can set you up with a vetted and cost efficient commercial lender that can do both the bridge and refi for a discount in fees possibly. Happy to help! Good luck!

Quote from @Keyshawn Johnson:

Hi BiggerPockets Community,

I'm currently living in Italy but will be moving to Florida soon, specifically to the Destin area. I'm planning to buy my first property there using my VA home loan and would love to connect with local investors who are familiar with the market. My goal is to house hack to help cover my mortgage and possibly generate some extra income.

I’m looking for advice on:

1. The Destin Market

• What should I know about buying property in Destin?

• Any tips for maximizing house hacking opportunities in this area?

2. Lenders and Financing

• Can anyone recommend lenders in Destin who are familiar with VA loans and can work well with first-time buyers?

I’m excited to start my real estate journey and want to make a smart, strategic move with this first property. Any insights, connections, or resources from experienced investors would be incredibly helpful!

Thanks in advance,

Keyshawn

Keyshawn, local here to florida and have helped a ton of fantastic vets take advantage of VA benefits! More than happy to connect!

Quote from @Wenyu Zhang:

Quote from @Wenyu Zhang:

I have three rental properties and am looking to purchase a fourth one. I have been using conventional mortgage for my properties. The three rentals all have okay cash flow which is at least positive. However, as many of you know, most lenders only use 75% of the rental income so from their perspective my cash flow would be actually negative. Also, I'm taking a huge pay cut for my new job. As a result, my DTI ratio is now greatly reduced due to this calculation method and my lower income. With that being said, I'm seeking for advice and tricks on gettting around with this 75% rule to allow me purchase my next property.

If anyone know lenders that are flexible with this 75% rule around Detroit area, please let me know. Thanks.

 Forgot to mention that, I’m actually buying the fourth property as my primary residence because of the new job.

 You still have some favorable options available to you in the non-qm space.

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