All Forum Posts by: Kristen L Garner

Hi Austin, As you stated, HELOC and cash out refi are options but both have their pros and cons. Some other routes to explore are seller financing or using a loan that allows for part of your downpayment to come from "gifted funds". What type of property are you looking to purchase? Single family or multi family? And are you using conventional financing (standard income, DTI loans) or nonQM financing? In each category there are some opportunities for lower down payment products. Those products do come at a higher rate though. Best of luck to you and your wife!

 The majority were 3bd/2bth in good locations.  I'm not sure if they were near community pools!

I've done the loans for a handful of Phoenix STRs that didn't have pools and their 12 month reports still had great cash flows!

Hi Jonathan! I know some products with a $50k minimum.  I'd be happy to run through some of those product terms and guidelines if you'd like to DM me.  Best of luck as you create your portfolio. What state are you buying in? 

Sounds like you are off to a great start! ...excellent credit, income that will continue, and low debt. You don't necessarily need the 2 years.  A strong file can pass guidelines with only 1 year.  And there are other products that allow alternative qualifying solutions.  If you are working with a loan officer they can calculate, review, and help create a plan to get you to the finish line. If they tell you no, get a second opinion, haha.  Different loan officers have different products and specialties. Best of luck!

The non-QM space will be your best friend! DSCR loans or Asset based loans would fit your scenario well. When selecting a non-QM lender be sure to ask for all of the guidelines. Some products have restrictions on first time buyers or first time investors. But many of them don't - so you'll want to get paired up with a product that best fits your scenario. Best of luck and happy to chat further if you'd like to DM me.

Turn time on draws varies but on average the holdback teams usually respond to your draw request within 24-48 hours of receipt outlining the process and what additional documentation will be required. Disbursements are made 24 hours after required documents/inspections/steps are completed.  I'm sorry you are going through this with your current lender! 

Hi Michael, it depends on the loan product/type and the corresponding guidelines.  There are some non-QM products that allow "gifts" to be used as down payments on investment purchases.  And there are other products in which the personal loan would need to be seasoned for x amount of months in a bank account (typically 2-3 months).  There will certainly be a way to get it done with the use of a personal loan...you will just want to make sure you are clear on the guidelines with your lender first.  I'd be happy to discuss further if you'd like to DM details of your scenario. 

Hi Martin, I also invest in Indy from out of state if you are interested in connecting. I'm originally from an area right by South Bend! ... Best of luck! 

Hi Ashley! Congrats on going under contract for your property. I invest in Indianapolis as well (my hometown). The seasoning shouldn't be an issue. You can use delayed financing or show proof of rehab. There are options available for 80% LTV depending on your credit and the overall lending scenario. I'd be happy to chat if you'd like to DM me. Best of luck!