All Forum Posts by: Issac San Miguel

 Hey Lisa,

When did you purchase the property?

What type of property is this? Is it a single family?

Hard or Private money. Most will write you a POF letter.

Low/No Doc DSCR - depending on the situation/leverage you are looking at base rate in the 7s.

From what I understand, their lending parameters can be difficult to navigate at times.  In addition I hear they are slow to perform and the roadmap to closing can be difficult to understand.

Is the only reason for local a high leverage request?

I have no familiarity with HELOCs but I believe most of them are only available to owner occupied properties in the current lending environment.  

That said - Occupying any property during a "flip" can be cumbersome - and typically on a FHA or Owner Occ loan there are occupancy stipulations (I believe it is 1 year of minimum occupancy). This will likely kill your velocity to scale.

It sounds like a heloc on the townhouse and then conventional at 20% without the occupancy requirement is your best bet at keeping and maintaining velocity.

@David Honeycutt the question I would start with is are you looking to scale, or owner occupy a flip until you exit (with a minimum of at least 1 year of occupancy)?

@Dustyn Elkins

Sounds like you have some awesome properties in the works - I know of a few long term and short term options in Indiana. 

Happy to be of assistance.

Thanks!