All Forum Posts by: Jared Rine

@Harry Orfanos.. It depends on if you want to wait. If you want to proceed now and not miss opportunities, you will need to get with an outside the bank lender and likely get a 'DSCR' loan where a lender is going to base your loan off of credit/ltv/cash flow of the property and have no care whether your employed or not. As long as you have funds and the property can carry the mortgage, you're good. Just my $0.02

@Jessica Yau...is there any way to decrease your expenses?  It seems like a good idea on the surface until you get into the details.  I'm just speaking from the lender side and dealing with different investors.  If there really is that much equity in the property, you could possibly get the funds but then it becomes a question of is it worth it.  I'd want to understand what your expenses are right now because it seems like they eat up a lot of the revenue.  Just my $0.02 ...I'd be interested in hearing more about this.

With all due respect, just because you can see the high income before write-offs doesn't mean you can use them.  When going Freddie/Fannie conventional, you have to utilize the tax returns and there are certain ways to calculate and you can't divvy from those.   What he's saying is that his friend doesn't want to file as much income because he'll likely owe a lot more than he normally does, which is completely normal when you deal with self-employed and investors all the time.  So he needs a more creative way of income calculation - i.e. bank statement or some other type that would work WITHOUT TAX RETURNS. 

@Justin Madison..he needs to find a better mortgage broker or lender, who knows non-QM well.  A good mortgage broker should be able to take him going bank statement (12 months personal OR business, wherever all the money is is how I'd do it, and don't even collect Tax Returns.  If this was in CA, I'd recommend myself, but since it's in ID, have him find someone solid.  If you need a referral, reach out.

@Colby Kirkpatrick...I saw your post was made about a month ago.  I might have been able to step in and/or at least have a conversation and maybe come up with some ideas.  Glad you're not going to lose any $.  Keep me posted.  Feel free to PM. 

@Colby Kirkpatrick..did you ever figure this out?

@Andy Lanyi...just read your post. You don't necessarily have to do a dscr loan, assuming you can qualify and want to go through banking type underwriting. At the leverage you mentioned, a bank loan should be in your possibilities. I think it just depends on what you're comfortable with. If you don't want to pony up any personal documentation, and want what should be a faster closing, then go DSCR. It should be a lot easier though, to receive a dscr loan because a lender offering those types of loans will only be looking at the properties and the cash flow for income. They also will not 'hit' the property with full expenses, as a bank would, but at 50% LTV, that might not matter. If you want guidance on either, feel free to pm. Just my $0.02

@Matt D...Just making sure I'm understanding correctly - you are wanting to collateralize your land to get money to then lend out to other investors?

@D'vorah Nadel...always listen to @Henry Clark when he provides his thorough answers.  His insight is 2nd to none and a wealth of knowledge.  As for your posting, find a private/hard money lender in your area who will either lend you the funds and/or partner with you.  You're going to likely need a substantial down and be able to float the payments.  Don't go SBA.  It's not big enough for me, otherwise I'd see if I could help you.  Just my $0.02

@Esther Stanis...where is the property? And where are you located/where is your primary? Seconding Kerry - a HELOC or HELOAN (whichever you take) is going to be easiest on your primary, so if you will have that much equity, should be good to roll. If you're buying at list price though, you're going to likely need more than just $300k, to account for other associated costs/fees that come with buying multifamily.