All Forum Posts by: Katie Smith

Hi Jace. Are you looking for the highest leverage? Quickest closing? Easiest draw process? Soft credit pull vs a hard? Happy to help! 

Hi Sam, I would explore your other financing options while looking into the financial contingency. Some lenders that deem a property as too rural - others may not. You can always ask a loan officer to submit the property to underwriting to see if it will qualify with the company's guidelines - this is something I always do if i'm not 100% sure about the area. 

Hi Yesenia! 

Each deal is going to be different. Some are best to flip, and some will make good rentals. This will also depend on your capital. Do you have enough capital to hold each one as a rental or will you need to flip a few and grow your cash reserves? When you're looking for your first rental - I would suggest using a mortgage calculator to help you calculate your monthly expenses vs rental income. They also make fix and flip calculators that will help you get a better idea of how much you're looking to profit on a deal. 

Depending on other factors (credit score, property location, etc) you can look into the hard money route. For fix and flips - they will generally cover 85-90% of the purchase price and 100% of the rehab. For DSCR (Debt Service Coverage Ratio) they can usually go up to 80% LTV. DSCR loans are long term loans that you would generally get into after a fix and flip if you decide to keep it as a rental.

I would be happy to hop on a call to go over this more in detail :) Congrats on getting started on your REI journey!


 

Hi Hitanshu. Happy to look at this in detail and see what option would be best for you. If you're trying to avoid a balloon payment - a long term DSCR would be best for you. You can also look into a 7/1 ARM. Are you worried about a prepayment penalty or is a balloon payment your main concern?

Hi David! Great area! Did you find this on the MLS or are you working with a wholesaler? Do you have a lender helping you finance this deal?

Hi Danny! I'm a direct lender and a broker in FL, so I have multiple options for you depending on your needs. My company is also one of BP's preferred lenders, and we are A+ accredited on the BBB. It's important to work with investor-friendly companies that know what you need, such as lenders, title and insurance companies. I can take a look at your deal and hop on a call to go over how DSCR loans work if you're interested.

Hi Chris! I can lend up to 85% LTV depending on your credit score. I'm happy to quote you if you have a specific property in mind.

Hi Roberto! For which state? I also recommend checking out local REIA's to network with title companies there. You will most likely meet investor friendly title companies at those events - and that is what you're looking for.

Hi Peston. I'd be happy to share who we use for an attorney. I'll dm you.

Hi Joseph, welcome to the world of investing in real estate! In order to guide you, I need more information on what you're looking to do. Are you looking to do a few fix and flips or are you ready for a rental? Do you want to JV or do you have the capital to do this on your own?