All Forum Posts by: Katherine Blazer

 Ok. I would try to do 80% purchase loans on both.

So 70k*80% = 56k loan amount 14k down payment + you will also have closing costs
then 120k*80 = 96k loan amount and 24k down payment + your closing costs 
So you will have about 32k - closing cost and loan costs for an additional investment

It's a great plan. Normally cash-out refinances are capped at 75% and of course, they will need to cash flow positively with principle, interest, taxes, and insurance. You will also want to confirm the loan and asset values minimus. Some banks really like $100,000 loan amounts. And it sounds like you are really looking for delayed financing. 

So your numbers may be a little off but it is doable. Where is the original $70,000 coming from?

$70,000 * 75% = 52,500. You could then do the $24,000 down on the next one, but you would not need to do the refinance. Your original loan amount would be $96,000. so you would have around $42,000 of the original $70,000 in down payments. You will also have closing costs. 

Hi from St Pete!! 

You would need to talk to the lender you choose to work with. Most likely, it would be considered a refinance transferring it into your personal name. So to complete a cashout refinance would be 6 months with some non-qm banks if you can find it or a year with conventional. There are construction loans out there for primary builds. 

You can always leave a packet and highlight your property details and the comps you believe are stronger than others. Check your state's guidelines.. though. 

Sounds like they are trying to structure a delayed financing loan. 

You have a few options for cash-out refinance and from the information you provided it should work. I know of one fund that has no seasoning required, but they normally like appraisals to confirm value. You have a few more options because you have owned it for 3 months, as long as the DSCR works.

Hi Victor, You should talk to a local lender about a bank statement loan program. There are some banks out there that will allow you to use personal accounts since it doesn't sound like your 1099 is going into a business account. You have 2 years so you should be able to average 24 months. Make sure you ask them what their expense factor is, this will vary from bank to bank. You can use this loan to purchase a primary, and which can be a single-family, duplex, triplex or quadplex. 

If you are looking at a straight rental use a dscr loan. Or better use both. Talk to a lender and find one that can help you with both and grow! We are out there, just hard to find! 

Ah, Congratulations! If she passes and her license is active she can. My license is with Dalton Wade, I like them. They are $79 per month and $79 per transaction. I am happy to connect you with the broker if you would like to explore the brokerage. 

I am also a lender if you are ready to start that portion of the process. 

There are options for no-seasoning DSCR cash-out refinances, rates may be slightly higher and you may need to have two appraisals done to verify market value if it is significantly higher than 110k. You could also look at delayed financing if the value is close to 110K.

I just closed a duplex with mid 7s interest rate last week. She had the option to only put 15% down but decided on 20% because she wanted to increase her cash flow. She did have great credit and was in FL.