All Forum Posts by: Eric Goldman

Quote from @Mason Jacobs:

Quote from @Eric Goldman:

Quote from @Mason Jacobs:

@Eric Goldman had a good point, if you don't rent it out no one will lend DSCR, you might get a local bank but a DSCR doesn't work if you don't have it rented!

 we can do it not rented but rate will be significantly higher. easier and more cost effective to rent it. unless the bridge money needs to be paid back asap or you need the funds back to buy more, then a cost analysis needs to be done. personally id get it rented at market rent or a touch below if time is a factor.

Im not understand, if he's in a bridge loan you are saying you will lend 30 years fixed on an assumed market rental rate? For us, 30-year DSCR is only available once they get it rented. It also wouldn't make sense to refi into another Bridge unless he's at the end of his period on the loan!

yes there are DSCR no ratio programs at higher interest rates 30 years fixed. so refi out of the bridge to that if 100% needed.. not recommended as i said unless no other option. get it rented.

Quote from @Mason Jacobs:

@Eric Goldman had a good point, if you don't rent it out no one will lend DSCR, you might get a local bank but a DSCR doesn't work if you don't have it rented!

 we can do it not rented but rate will be significantly higher. easier and more cost effective to rent it. unless the bridge money needs to be paid back asap or you need the funds back to buy more, then a cost analysis needs to be done. personally id get it rented at market rent or a touch below if time is a factor.

part of the brrrr process is renting it. get it rented for better rates. 

75% max cash out using the new value. 

Quote from @Erik Estrada:

Quote from @Eric Goldman:

Quote from @Erik Estrada:

Quote from @Eric Goldman:

usually the purchase and rehab lender is good at one thing. 

the 30 year fixed lender is good at that.

 This is not good advice. 

There are many lenders that are good at both since they only do business purpose loans. It will actually be a lot easier using 1 lender, since you won't have to the tedious doc collecting process along with meeting certain lending criteria, that changes from lender to lender. It is always best to use 1 guy that is trustworthy and can close on time. 

would be easier but normally one of the two is not competitive.. these are two different programs entirely. if you have a tedious doc collecting process you are using the wrong lender. Shayne said use a broker and thats what i reccomend then that 1 person has all your docs.

 Not true. 

I have done 100s of DSCR and Fix and Flip Loans as a broker, and usually work with 1 maybe even 2 different lenders. Most lenders offer the same product, just packaged differently. I do agree that working with a broker will make your life of a heck easier when you are brand new or have tricky loans, but honestly if you are an investor doing 100s of these loans a month, you will benefit working directly with 1 lender that knows your experience, credit, and deal flow so they can facilitate both transactions for you.

i think you are missing the picture. are you interchanging lender and broker? 
brokers use many or a few lenders. actual lending institutions have different programs but normally are good at one thing.... good brokers should be good at all things investor real estate. i think we are saying the same thing.  

Quote from @Erik Estrada:

Quote from @Eric Goldman:

usually the purchase and rehab lender is good at one thing. 

the 30 year fixed lender is good at that.

 This is not good advice. 

There are many lenders that are good at both since they only do business purpose loans. It will actually be a lot easier using 1 lender, since you won't have to the tedious doc collecting process along with meeting certain lending criteria, that changes from lender to lender. It is always best to use 1 guy that is trustworthy and can close on time. 

would be easier but normally one of the two is not competitive.. these are two different programs entirely. if you have a tedious doc collecting process you are using the wrong lender. Shayne said use a broker and thats what i reccomend then that 1 person has all your docs.

usually the purchase and rehab lender is good at one thing. 

the 30 year fixed lender is good at that.

how much are you missing out on by not using that 80k?

would the next investment bump your overall cash flow up by more than it is today?

Quote from @Alan Asriants:

Quote from @Eric Goldman:

I have seen successful brrrrs from investors that are able to do the work themselves.

alot also has to do with the purchase price. yes things are priced high but we are still finding good deals. 

also 8.5% is highhhhh. 

What is a successful brrrr? And for a cash out refi in an LLC what is current rate?

 Today a successful brrrr is trying to recoup as much of your costs as you possibly can lol.

typically i find that people are leaving behind a small amount, less than the 20% if you bought a turn key...some see that as a win. 

with out knowing deal info hard to quote any rate. feel free contact me. with a decent credit score mid to high 7s for 30 years fixed. also needs to cash flow.

I have seen successful brrrrs from investors that are able to do the work themselves.

alot also has to do with the purchase price. yes things are priced high but we are still finding good deals. 

also 8.5% is highhhhh. 

all of them. as long as the numbers work.