All Forum Posts by: Joshua Jones

Thank you @John Warren. @Faiz Kanash when it comes to getting out of the hard money, which I am assuming title is in a LLC, it is possible to do that. If you know you are going to keep this place for a while, getting into long term secure financing is advantageous. Looking at your whole situation to see if you qualify for a regular loan might be a better option that doing a DSCR. As long as the hard money loan is recorded on title and we are not pulling extra cash out, a refinance is something you could do relatively fast without waiting. Feel free to message me with any more questions.

@John Warren thank you. @Raymond Adeboyejo I can assist for conventional investment property financing if need be. Feel free to private message me. 

Thank you @John Warren. @Joseph Wallace I handle about 2 to 3 renos a month. Feel free to private message me and we can discuss more. Thank you

Thank you @John Warren. @Jesus Santoyo there might be a few options to this situation. THe main thing is that it has to make sense. I will message you so we can discuss further. 

@John Warren, thank you for commenting. @Brian Willie when it comes to these deals, it is all about the set up of the deal. There are a lot of compliance issues we have to overcome on smaller loans but it is doable. Feel free to message me and we can discuss more. 

Thank you @John Warren. @Lucas Vanroboys when it comes to moving from primary single family to primary multi, yes some things come up. It really depends how we handle that current primary right not. Feel free to message me and we can do an in depth call on this as there are many facets to this. It's all about does the move make sense and can we justify it. Also, using the heloc may or may not be the best option with prime and 8.5% , you converting it to a rental and having floating rate debt on it.

Thank you @John Warren. @Ivana Racic if you want to talk more about lending, please let me know. When it comes to multi-units, there are a handful of lending rules we have to be aware of.  I also own 9 rental buildings. Having a great team is imperative to set you up for success on this deal and your future ones if that is your goal.

Thank you @John Warren. @Yun Meier when it comes to VA loans and multi units, there are a few items to be aware of with being a multi unit. For example VA does not allow you to use rental income if you have no history of receiving rent or having experience in the rental real estate business. There are some things you can work around though. Feel free to PM me if need be and we can discuss more. I have been a lender for 19 years, own 9 rentals myself and multi-units is my niche.

@John Warren thank you for the mention. @Timothy Taylor this is a product that in today's world does not exist. If a lender out there does it, my guess the rate is brutal. Like credit card rates. The heloc product is by definition a primary residence product. Your best bet is cash out, 30 year money. Don't stress about it too much as the tenants are paying the costs and rate to get the money out. To you, you want the cash out to go invest. That is more important. Message me if you have any more questions. 

@Mohammed Zeeshan Sayeed welcome to BP. If you have any lending questions, let me know. A little background, 19 years in the business for lending and I own 9 rentals myself. I love building investors and watching their portfolio grow. Feel free to PM me to discuss more.