All Forum Posts by: Joel Rosa

 you need a new PM, Tenants are the easy part, I have many rental there and get 20 calls a week, More than happy to refer you 

Hi Zach, I have found value investing in Cleveland, OH because it is home to Cleveland Clinic, lot of good neighborhoods, landlord friendly laws, stable appreciation and good cash flowing properties. There are also abundant opportunities for small multi family and SFH. I have been able to scale up to 12 doors in 2 years so definitely recommend this area. Feel free to reach out and we can discuss.

@Matteo Girlando

We have a DSCR product available to first time investors. What do you need for a Non-QM DSCR loan? (Rental property)

1. Subject property that can cashflow above the minimum debt service coverage ratio. In our case this is 1.1

2. Subject property needs to be located in a non-rural area and must be close to recent comparable sales 

3. Currently you need GOOD CREDIT (or have a partner who does) - 720+ mid-score is ideal

4. The borrower / partner should have assets to show  (25% down payment + closing costs+ reserves)

5. You will likely need an LLC that will be used to hold the subject property. 

If you can check these boxes off you would be able to start buying long term rentals with having owned zero real-estate prior to the first transaction. 

@Mel Adams I've been investor for over 20 years now. I invested during 9/11, I invested during the last housing crises, and I am investing now. BRRRR's are always preferred to me. We earn income 3 ways with "buy and hold" properties....so even if I lose income from 1 method, I still have the other two methods. Likewise, for the past 20 years I have never decreased rents - ever! So while cashflow is limited (or negative) this year, I will increase those rents next year, and the year after and so forth. Real estate is long term. When there are challenges in the market, that means there are opportunities for us an investors. Hope some of that makes sense.

@Joel Rosa, these lenders do exist.  You need to find a cash-flowing asset that can cover it.  A simple google search for asset based lenders will net you what you're looking for.

@Joel Rosa

Are you a US Citizen?

What does your liquidity look like? (Net Worth)

If you are not a Foreign National, then you will need some pretty hefty compensating factors to not use a FICO.  Being a first time investor will not work in your favor.

There are HML who may do this for you, but you are easily looking at 12%+ for a 2-3 year term and a very low LTV.

Cheers!

Joel Rosa, your best bet are hard money loans, bridge loans private money lenders. Whichever the correct term is they're willing to loan based on certain circumstances otherwise DSCR is business terminology?? Curious to know why you're looking for loans that aren't basing off credit or income? If you don't have established credit it will be more difficult to find a lender, but they're out there. Just a matter of talking to local investors.

partnerships are great, but again this means business loan. 20% down unless if it were for a 4+ unit building i wouldn't even consider doing a partnership unless you have the cash or means to close on a property, then more power to you! 

Id start off with talking to lenders if you can get a loan with very little credit history. GL