All Forum Posts by: Grant Schroeder

Definitely multiple properties to leverage your Return on Equity. Good luck!

Hi @Amberly Sanden, if it is an SFR, you would need to put 20-25% down on a conventional or jumbo loan for a $1 million purchase. There are multiple good STR loan products to choose from!

Hi @Andrew Pearson, is this purchase in Portland, OR? All that is needed is you two paystubs and the offer letter. We can even get approvals on conventional loans if your offer letter and WVOE show a start date of employment within 60 days following the close date of your purchase. You would be able to get approved at your $200k salary with a simple employment verification, no problem at all.

@Joe Jung your best solution for this sounds like a DSCR loan. You can use this after 10 properties and can be used for delayed financing pased solely off the property's income. If you want to use delayed financing without 6 months of seasoning, you can sometimes present receipts and payments to contractors to show the improved value of the property above purchase price if you want to cash out refi at 75 LTV before 6 months of seasoning. If you wait 6 months, you do not have to produce receipts and payment to contractors for repairs.

Welcome to BP @Pat Ryan! If you ever have questions about FHA or house hacking in a Washington state, please do not hesitate to reach out! Always glad to help fellow BP investors.

@Paul Doty check out OR Consolidated CU. They have the highest LTV Ive seen on NOO LOCs. https://www.consolidatedccu.co...

@Dave Wen there are definitely options at 75 LTV for you to do a DSCR loan based solely off the income of the property and your FICO. These are typically 4.5% - 6% and you can refinance out of them typically after 6 months at the new appraised value after all of your renovations. There are also solutions with wholesale lenders like Symmetry Bank to do a HELOC up to 90% CLTV to access more capital if you need to for renovations. Most big banks cap you at 80% CLTV on HELOCs.

@Justin Tomsic I will message you! It is important for a realtor to be in the local city/area where the property is your are investing in, but for a lender, our guidelines for conventional loans, etc do not vary from state to state. So if you find a great lender to help you with all your REI, they can find ways to lend and help you be successfully in all 50 states no matter where they are physically located. Hope that helps!

@Justin Tomsic the lender does not need to be in AZ! Symmetry Bank is a great HELOC company that we work with all the time. I'd be happy to send you my contact's info at Symmetry if that would be helpful?

Hi @Brad Gibson, most Jumbo lenders follow conventional guidelines, but then get skiddish and make their own judgement calls in situations like yours. We have multiple jumbo loan products at Academy Mortgage, but most of the entities that back them would probably shy away since this is a second home jumbo. Second homes have come under a lot stricter guidelines with conventional loans and jumbos post-COVID lending scare last year. Your path of least resistance might be to purchase it with a Debt Service Coverage Ratio (DSCR) loan with 20-25% down initially and then when you move there in retirement, refinance it as your primary residence. The DSCR loan is based solely on the property's income potential similar to a commercial loan. All that is needed from you is an application, credit score, and bank statements to show reserves. Other than that, the UW does not even take into account the rest of your rental portfolio and is only evaluating the market rents vs. PITIA of the property.
A lot of it would all depend on your timing, goals, and loan amount, etc. What loan amount are you looking for specifically? Please feel free to send me a message here on BP and we can dive into the details more of what you are looking to accomplish. Thanks Brad!