All Forum Posts by: Katie Smith

Hi Brian! Im curious to what happened after you found out about those loans. Can you share? Were you already closed and this is something the title company missed?

Hi Wes! Congrats on getting started in your r.e journey! I would love to learn more about what you're doing and what your goals are for this year. Going to send you a dm! 

Hi Zhen! Check out facebook & meetup.com for networking events in your area! I would also recommend seeing if there is a local REIA held in your area.

Hi Jessica!

Are you looking for a fix & flip for yourself? I'm in touch with a ton of wholesalers & get sent off-market properties every day, so I'd be happy to keep an eye out for deals that fit your buybox if you send that over. 

Have you ever used a mortgage calculator before? They are great tools to calculate profit margins on your fix and flips. Would be happy to show you how to use one if you are unfamiliar with them.

Are you attending any local networking events? I'd recommend attending these, as you will find many wholesalers and agents at these events.

Hi Jeff! Keep in mind that if you register your company in a different state than you are doing business in, you most likely will need to register as a "foreign entity" in the state you are doing business in. For example, if you formed your business in Ohio, but intend to purchase a property in SC, you will need to register said business in SC. This process can take 2-3 weeks depending on the state. You can also think about creating a new company for each deal that you do, to keep all assets separate. I'd find a lender that can do deals with brand new companies and do not require seasoning, if you choose to go that route. 

Hi Franco! Welcome to the BP community!

I would love to hear more about the specific goals that you have. Are you looking to start with fix and flips, build up your cash, and then acquire rental properties? 

I would also recommend building out your team, and attending local networking events to get in the room of like-minded people. Once you have your team, and a general idea of financing, find the right property! Starting off with a fixer upper in your area would be ideal, so you can keep an eye on the project and not rely on an agent/contractor to do this. Flip a couple of properties, and then start to build out your portfolio!

Sending you a message so we can connect further. Let's hop on a phone call and go over all your questions in detail! 

Hi Byron! I'd go the DSCR route! DSCR loans are typically for income-producing properties, whereas HELOC's are used for personal expenses or home improvements. If the intention is to refinance an investment property, a DSCR loan will be more appropriate. They are evaluated based on the property's income and ability to cover the loan payments, rather than the borrowers personal income. This can be beneficial for borrowers who may not have a steady personal income but have a property-generating rental income. DSCR loans may also offer more favorable rates and terms. How soon are you looking to refinance? DSCR loans will need 25-30 days to close.

Hi Kirk!

Welcome to the BP community! Are you looking to purchase rentals in NC? Have you heard of DSCR loans? DSCR (Debt Service Coverage Ratio) loans will be a great tool for you to utilize for your rental properties. They can close fairly quickly and you can put them through an LLC to protect your other assets. I would love to connect, I am going to send you a message so we can chat further.

HI Tianyi! Sounds like you and your wife are pretty savvy in r.e investing. 

I would love to hear more about your goals and how many rentals you are looking to have by the end of the year. I'd recommend connecting with a direct lender that is a broker as well, so they can offer you multiple options. Im going to send you a dm. 

Hi Jose! 

I'm also surprised you haven't found a lender to help with this. I see multiple replies on this thread, but if you do not find a lender that you enjoy working with, i'd be happy to connect. I would work with a direct lender that is ALSO a broker. They have the ability to look at multiple options and send you the ones that are best for you. Do you own your primary residence? If not, that could be an issue with DSCR lenders, since they are strictly for investment properties and non-owner occupied.