All Forum Posts by: Jabari Seabrook

@Matthew Gaddis

Thank you for your insights on DSCR and Non-QM construction loans! Your experience sheds light on the pros and cons of these loan options, and it's good to know that they can serve as a short-term solution, albeit with higher rates and fees.

I appreciate you sharing the specific specs you've encountered, including the starting rates at 8.75% and the additional fees for loan administration and lender fees. It's also helpful to know about the credit score requirements, maximum loan sizes, and the factors that can affect the investment and LTV ratios.

Your knowledge in this area is impressive! I wanted to ask if you could recommend any lenders that you've had a positive experience with for DSCR and Non-QM construction loans. Sharing your suggestions on the Bigger Pockets forum would be a game-changer for other members looking for financing options for their new construction projects.

Once again, thanks a bunch for taking the time to provide such valuable information. I'm eager to hear your thoughts on any lenders you'd recommend for these types of loans.

Cheers

BP Community,

In this blog post, I'd like to discuss my situation as a self-employed individual seeking financing for a new construction project on a triplex in Charleston, SC. Despite having a credit score over 700, local banks require a consistent income of $10,000 per month for the past two years, which doesn't align with my variable income as a business owner. However, I've come across the concept of DSCR (Debt Service Coverage Ratio) loans, which could potentially provide an alternative solution for financing new construction projects.

To provide a full picture, here are some additional details: I already own the lot for the new construction, which has a balance of $25,000 and an estimated value of around $175,000. Each unit in the triplex, once completed, is projected to rent for $2,500 per month, totaling $7,500 in monthly rental income. The completed triplex is expected to appraise for approximately $800,000.

Given these circumstances, I'm seeking advice and insights from fellow investors who have utilized DSCR loans specifically for new construction projects. Are there specific lenders or loan programs that are more accommodating to self-employed individuals with variable income, even with a credit score above 700, for new construction endeavors? What steps should I take to improve my chances of securing financing for this new construction triplex, considering my ownership of the lot and the projected rental income? Additionally, are there any potential downsides or considerations I should be aware of when opting for a DSCR loan for new construction in the Charleston, SC area?

I greatly appreciate your expertise and insights! Your experiences and guidance will be instrumental in helping me navigate this financing challenge and move forward with my real estate investment goals related to new construction.

Thank you in advance for your valuable input!

BP Community,

I bought a lot in West Ashely area of Charleston, SC with seller financing. It is valued at $105k and I have a $65k loan. I’ve spent $20k removing an old house and clearing the lot. I’m working with an architect to design a triplex- $450k to build. My plans are to live in one unit, rent one unit as a furnished executive apt @ $2500/month and rent the 3rd unit through Airbnb @ $3500/month. My background is in long term and short term rentals. What does the BP community recommend as possible financing with a low down payment?

@Ibrahim Hughes

Check our the Oshea law firm on folly road. They have been around for around 10 years and do great work.

Bp Community,

I am looking for advice on acquiring a multi-family vacation rental property in Charleston SC. The property has two 3 bedroom houses on the lot, in which I would Airbnb one and live in the other. The owner or the property is open to seller financing and asking for a proposal. The value of the property is around $850K.

Should I base my proposal on a 30-year mortgage? How long should the terms be before I refinance? Any advice would be great!!!

@John Semanchuk   

Thank you for the quick response.  I will keep you updated as I put together a detailed analysis.  Do you ever attend any networking events around Charleston?  If no, could I buy you lunch sometime to discuss the charleston market?

Hello everyone,

I am looking for some advice for my first real estate deal which involves family property. My grand-aunt has a house that has been empty and rundown for over 15 years that she would like to sell. She is asking for $70,000 to $75,000 and the house has ARV of $275,000 after $100,000 in repairs.

Since I am new to wholesaling I feel I could do well in my first deal, but i'm conflicted. Should I take the time and do a complete remodel or should I sell it to a real estate investor and invest the quick capital into growing my wholesaling business.

Thanks for any advice!!

Hi everyone!

My name is Jabari Seabrook. I'm an event planner in Charleston SC who's interested in wholesaling along with buying and holding real estate investments throughout the Charleston area. I'd like to start by house hacking in Charleston and then acquire 1-2 properties per year using the BRRRR strategy. I'm currently reading, saving, and analyzing practice properties until I get to the point where I am comfortable jumping in. I am looking forward to getting involved in the BP community and making real estate investing dreams come true.