All Forum Posts by: Jay Hurst

Hey BP folks,

I am looking for a hard money lender that can work with somebody with an H-1B and can do 15% deposit and 100% funding of rehab? I own a number of properties, and have experience working with hard money.

Please DM me if this is something that anybody can help with or refer?

Thanks,

James

Hi, 

I am under contract with a DSCR loan for a 2 bed 1.1 bath town house condo for $80k. I just received my conditional approval and submitted my two conditions. The problem is my primary residence is in a special needs trust for my son that I have resided in for the past 10 years. I am only financially responsible for the utilities and have never purchased a property in my personal name (which was discussed with the lender prior), I have only bought a few fix and flips in my business name. Now, I pray that the lender will grant me an exception due to the primary residency issue.

Here is my issue, I was sick for the past 2.5 years and have not produced as a realtor at the rate years prior which is why DSCR Loan was ideal. I'm a 1099 employee and because I was sick, I itemized everything. I realized that there are very few lenders willing to lend on a property under $100K.

I can use some assistance strategizing a plan B on how to secure financing for this deal. 

Property Details:

Purchase Prices: $80k

Down Payment: 20%

Section 8 Rental Rate for Property Zip Code: $1976

I currently own a few investment properties and am looking to finance additional ones. Many banks, like BOFA and Citi, have limits on the number of financed properties they support. I’d love to hear from other investors—how have you secured financing for new properties after reaching these limits? And are those financing options gonna be more expensive than conventional mortgage from a bank? 

We have two properties under Kiavi as the lienholder/lender. The worst company to deal with submitting draws for renovation. They are so focused on their stupid form and its format, they rejected my submissions multiple times, the contractors even submitted one. They still rejected it. They even sent a person to the renovation site and still rejects the draw submission. I would never consider Kiavi as the lender. Never again.

I’m considering purchasing a rental property in Northern San Antonio.  

The options are:  

- Three bed, two bath  

- Four bed, two bath  

The property is near a nice high school.  

- Three bed, two bath rents: $2000/month  

- Four bed, two bath rents: $2400/month  (according to rentometer)

I’m wondering if renting out a four bed, two bath is more challenging than a three bed, two bath in San Antonio.  

Anyone with experience in this area, please recommend.  

The price difference is small, so I’m debating whether the extra square footage and rent justify the additional effort or if sticking with a three bed, two bath is simpler. Both essentially meet the 1% rule

Hi everyone, heres my BRRRR situation

purchase price 520,000

rehab 25,000

Appraised at 600,000

Rents are now at 1950, 1850 and 1600 totaling 5400

My question is can i get a DSCR to take out all 545,000 as the rent roll to to a mortgage for that amount would ratio out to around 1.4 but....obviously appraisal is not high enough for 80/20

Any info on this or suggestions would be great. Trying to get as much as possible back out

I have a HELOC on my primary residence but was told by the bank I have it with that they can't give me a HELOC on my Quadplex because it's a multi family rental (they could pass a single family rental off as a a vacation home. Are there any reputable lenders that offer a HELOC on multi family rentals?

 Definitely may be too optimistic!  But that statement above doesn't make sense. Schedule C shows net profit zero. But my lenders have worked magic before, with same income. My depreciation for all my rentals is about 55K, and for schedule C which is what I'm concerned about--should be 18K plus another $13 K for home office deduction that they changed from $13K to standard amount.  There was another account that provided an amazing breakdown and really made me focus on where I place deductions.     

In a nutshell, I just meed to ask for a phone call to reiterate what I'm trying to accomplish.  I discussed it in the initial "worksheet" I fill out which basically provides all the mnumbers and they type in for me.  Liek turbo tax--except 9 times as much and less interaction and ability to have questions and scenarios flagged like Turbo tax did for me. 

1. Depreciation (Line 13)
2. Depletion (Line 12)
3. Amortization (Reported elsewhere, often in Part V "Other Expenses")
4. Business Use of Home Deduction (Line 30)
5. One-Time Expenses (if documented as non-recurring)

I jus went the rounds with a loan company that maybe I should not of.  They asked me for my tax return but never looked at the s corp where all my income is.  Told me that I could not get a loan because I lost money.  Well I did lose money on paper with the llc but if they would of looked further they would of seen income of over 200k that I paid taxes on.  This was just red flag number 3.  I have great credit.  I have income from investments, income form 2 business but not much in w2 income.  So, my simple question is for a recommendation for a company that works with investors and business owners and knows to look at all the tax returns not just one of them. Thanks!

I keep running into a road block. I am on my first BRRRR and the issue is lenders keep only wanting to lend on 80% of the purchase price and not the actual appraised value, which would keep my money tied up on the rehab portion as well as 20% of the purchase price. Is there a way to get the 80% of the appraised value out? Is BRRRR dead with institutional lenders? Or am I missing something?

My personal credit score is a 780 and I have multiple other properties but still not busting the DTI metric.