All Forum Posts by: Jay Hurst

 So you're saying go conventional?

Probably to buy a turnkey property since this would be my first investment property.  Forcing appreciation on properties requiring work is a longer term goal but I’d like to start with a simpler project.  That being said, with interest rates being higher now, I may not be able to find a turnkey property that makes financial sense. 

I'm new to real estate investing and have secured a HELOC on my existing home. I'd like to use this to make an "all-cash" offer on a SFR, and then convert that to a conventional mortgage to pay off the HELOC. Dumb question, but is this called a cash-out refi? Or is there a different term for this?

Hey,

My investing partner and I have reached an agreement where he would have the debt under his name and apply for it individually, and I would do the majority of the management (he is out of state and my income is half his). Is there a way to do this commercial mortgage with a LLC where the mortgage would never show on my DTI?

It's a multifamily investment partnership and we will have a separate contract dividing everything else 50/50. Thanks for the help!

Hi,

Does anyone know of any House Hacking friendly DSCR lenders?

Is it true you can use taxes, depreciation, insurance, and mortgage interest for qualifying income when applying for an FHA loan on a primary residence? Backstory - we have an apartment complex that had a $339k loss on paper last year (I'm a 40% partner). After adding those four items back in, it brings the complex to making around $6,500. This would probably allow me to qualify for the FHA loan if this is true since the giant loss is throwing off my DTI. This is my first personal mortgage so I'm trying to learn the game. Commercial financing is 100% different (and easier lol)!

We're working with a new construction builder who has an in-house lender (Austin, Texas area). It seems like the LO's have no experience working with investors and are not very concerned with trying to make the numbers work. Any knowledge or expertise in this area is greatly appreciated!!

my interest rate is 7.75, and 8.25. I will have 2 closing in the next 2 weeks. I am getting to the point of wanting to back out due to the 27k combined Closing costs, not including down payment. seems like a I should look into finding a new loan officer. I just don't want to waste my realtors time with backing out on 2 deals in 1 month

 The appraiser gave the house a low score so the bank said it is a risky investment for them and gave me a 70% loan. I think part of it is the neighborhood.