All Forum Posts by: Jesse Soriano

I’ve never used a hard money lender. What are your basic 101 things I should know before I approach a hard money lender and how does the process go?

I’m looking to invest in The Cleveland market. A lot of the houses I’m interested in are in the 40-50k range.

I have 50k cash on hand and about 15k in credit card availability.

My plan was to buy a SFH for 35-45k and put up to 15-18k in Reno.

I don’t feel safe with 65k in capital and want to use hard money lenders instead and use my cash for backup and payments on the loans.

I thing I keep hearing is that most lenders won’t give me anything under 75k to borrow.

I heard from Facebook group that there is no seasoning period if I’m doing a brrrr buying all cash when doing the refinancing part of the brrrr. Is this true? Can I just apply for a cash out refinance right away after my remodel? Or even right away after I buy cash?

@Micah Shackelford

Best advice is to definitely try and house hack with a duplex at the very least.

You can always have the option to move out and turn it into a complete investment property.

@Mike Harris

I had a FHA. They clearly told us that we are not allowed to rent out with it. The only time we had someone actually stop by and check our house was In The first two months. It's been 3 years now and no one has come by. So you could get away with it. But not legal.

Hey guys. I’m purchasing my first investment property with a personal line of credit.

I'll be about all in for about 55k with Reno and ARV is about 75k.

Property is in Cleveland.

I was thinking about going with rocket mortgage for the refinancing part after 6 months. They are the only ones I see on google that do it.

Can anyone recommend me any lenders to do the refinancing so I have more options other than rocket mortgage? Or is rocket mortgage a pretty good option to go with? Are major banks an option? I bank with Bank of America

@Elise Marquette

I applied for a loan to transfer all my credit cards and consolidate.

My credit score was good, over 700.

I just finished paying off most my debt in lump sum.

But they said that they still count the average from past two years

@John Teachout D class tenants?

This is a new one too me

I just paid off over 40k in debt. Most of it was line of credit debt that I had.

All of my lines of credit where all used up at 100%.

I decided to pay everything down to 0% line of credit and then apply for a new loan to consolidate the rest of my debt that I have which is like 15k.

I applied for a loan after paying down all of my line of credits and got this response.

“Change in bankcard balances relative to the average bankcard balance over a 24 month period is too high.”

That’s a new one to me. Will I be expecting this response from private lenders and banks? I used a private lender to apply for the loan. Is this normal?

They basically said that even though I paid off my debt. They still take into consideration that I was maxed out in my lines of credit even though I was never once late.

I don’t want to keep trying anywhere else and keep doing a hard pull on my credit. Is this normal?

I have 50k in cash. but my debt to income is really high and my lines of credit are maxed out. 

a normal bank won't give me a loan unless I pay down my debt, but then I'll lose all my capital. 

It's going to cost me about 30k to make my debt to income reasonable. 

I figured that I can buy two properties in Ohio at the normal 25% down on each one. 

a hard money lender is the only lender that I can think of that will give me a loan without looking at my debt to income. 

If I spend 30k on my debt. I'll be able to get a normal loan. but just on one property. wanted to just Know how much those interest rates where.. 

what are the average interest rates I should expect on a hard money lender on a 30 year fixed mortgage? I'm looking at lenders who don't look at debt to income ratio.