All Forum Posts by: Kevin Woodard

Private lenders typically offer a product called DSCR loan. It looks at the Net income to the PITIA. They are typically 30 year amortizing with I/O payment options for the first few years. They typically also have a 5 year prepayment penalty you can buy down. As long as you're netting at or above PITIA you'll be good to go! (DSCR > 1) If you have any questions feel free to ask.

@Glenn Barlow I concur with @Dave Skow it's in line with other other similar scenarios. 

Aloha! I have some friends out that way that just purchased their primary up that way. Let me know if you have any questions or need some references!

Welcome aboard. Your first stop in person after here should be to some local meetups. Because they are investor oriented you’ll run into someone who at least knows a lender than will help with your plan. The second approach would be to learn the ropes with a more experienced investor, and come away with a treasure trove of knowledge/experience. Both of these routes comes with meeting locals.

Like Scott mentioned I think the best way for you would be to get paid to train. It may be slightly tougher now to get hired on but with your experience I am sure that will more than make up for it. Feel free to shoot me a DM I would gladly talk more into the specifics!

Jason, I too am a "head first" kind of guy. I would definitely get that ARV, as previously mentioned. Along with that to speed up things on your end see if you can get a title agent that will move quick. Have you thought of partnering up to boost the cash and help with rate/terms? 

If you reach out to a lender they will be able to tell you what you should expect. Tell them what you are looking to do. Entity owned or personal. Project scope (construction or not). Exit Strategy (refi to hold or sell). Regarding you personally. What is your experience? How is your credit looking? You'll be able to get a general ballpark. From there throw the general rates into an excel and you'll have the upper and lower limits of what to expect. Hope this helps!

Like Shane said I recommend shopping around and confirming one of two things. Option 1, That’s about the ballpark or, option 2, you can get a better/worse deal elsewhere. If you’d like just shoot me a message so I can gather all the facts and we can see where you’re standing.