All Forum Posts by: Jessica Tsao

@Nick Ferguson. 
I have a few rentals myself. I don’t self manage. I hire a ft Prop mgt since I don’t know how to fix stuff anyways. 
As for a loan with short term. I am familiar for DSCR loans. I am a fan of this bc it doesn't go on your personal credit report and it can also go on your LLC if you want. Ltv is 80% on purchases or 75% cash out refi. It's still better than inflation. Rates are not bad at 4.25% with 740 fico. You can qualify with 620 fico min. If you want more details. Let me know.
hope this helps 

@Nick AcquilanoI found myself in that boat! I totally understand. I got a DSCR loan for my own duplex. It's a bit higher rate 4.25% 30yr fixed. and in my LLC. It is a great program but not for everyone. There are benefits. It can be in your LLC if you wish. It does not use your personal income to calculate for qualifications, instead it uses your rental income. It also does not go on your credit report, so you never have to worry about DTI. There are DSCR ratios to qualify. 620+ fico score min. If you have 740+, then you get the best rates. But that part is standard. Hope this helps. If you have questions, hit me up.

@Lauren Whaley 

A shout out from CA too.  My opinion is that it's a math question, I would take the numbers and do the following:

#1 Your condo: @what loan amount = cash flow where you are comfortable.

#2 Make sure you have 6-9 reserves for the Condo

#3 With the loan money, you can explore options with purchasing your primary residence, how much would that help your monthly mortgage instead of renting. ( don't forget about the tax benefits of homeownership in tax write offs of property taxes and interest)

I am not sure how much equity you have, but if you still have cash left over, I would consider re-investing in another property.  I heard a new term recently, "Equity Coma" Equity is great, but you just look at it.  Recapitalizing through leverage is why real estate is so profitable.  "Just don't over leverage"

I hope this helps.  

Welcome, BP is a wealth of information.  Congrats on your purchase.  Sounds like you got a great deal. Good luck on your rehab.  

@Jon Silva 

Hi there Jon

What questions did you have for hard money lending? Purchase 80% Ltv refinance cash out ? Glad to answer any questions you may have 

Thx

@Bryant Xavier

Congrats on getting to where you are.  I feel your pain.  I wish there was conventional financing for non-w2 people that was catered to investors.  But the truth is, it just doesn't exist (YET) maybe they should soon.

There are hard money lenders I broker with that does DSCR Cash out refi loans and Purchase Loans in your LLC and doesn't use your income. With LTV 80% on purchases and 75% LTV on Cash out refi. Closes in 10days. I really like the DSCR cash out loans. I did one 4.25% rate 30 yr fixed in an LLC, it's a bit higher than conventional investment rates, but it also can go in your LLC and not hit your personal DTI. Hope this helps.

@Karen C.

Check your inbox

@Karen 

@Karen C. I just did a Cash out DSCR loan in my LLC 30 yr fixed 4.25% rate for a duplex in Boise ID. It can be done. It's a hard money loan. It doesn't go on your credit report. It will use the income from your rental to qualify. 620+ fico is the minimum needed. Best rates of course is 720+ fico.

@Matthew Pos

Yes. As Stephanie stated. DSCR loans can help if you don't qualify through the conventional route. There is a DSCR ratio. The good part about DSCR is it doesn't go on your credit report and can go under your LLC if you like. To qualify 620 plus fico. 720 plus fico gets you the best rates. I did 4.25 % just last week. Hope this helps. Reach out if you have more questions.

@Matthew Lindsey

Everything Nick said is on point. I agree 100%. 720+fico score DSCR loan, I just did a blanket loan for 3 properties into 1 loan. $2295 underwriting & attorney fees. 4.25% @ 1.25% origination fee 70% LTV. 30 year fixed rate. If you have good credit. Yes you can put it in your new LLC, they are not using your LLC for credit, they are using your fico and it will not go on your credit report and hit your DTI for future purchases. I am a fan of DSCR loans. Hope that helps too.