All Forum Posts by: Kyle McCann

Chris,

If you are going the conventional mortgage route, you will need to provide full financials, tax returns, etc. If you no longer qualify for a conventional mortgage your can go the non-QM route which will involve a lot less paperwork. Non-QM loans are based mostly on your credit score and the DSCR of the property.

Either way you go, the lender will be sure to require title.  I will happily give you a recommendation for Non-QM refinances if you want to inbox me.

Good luck!

Good morning Teresa,

I am currently flipping a property in Gloucester City that I financed with a HELOC on my personal residence. Rates are still low on HELOCs and I didn't want to use all of the equity in my home. Having the ability to draw down the equity has given me a lot more freedom. Feel free to connect if you would like to discuss the market in Gloucester City.

Best of luck.

Hi Sarah,

Investing through an LLC has plenty of benefits and can be a good idea to have, but it depends upon how you are investing. Plenty of lenders will only lend to LLC's but they are typically of the hard money and asset based variety. If you are planning on occupying this property, it would make much more sense to do in your personal name.

Mike, I have had a great experience with Ashmore Partners.  They are based in Turnersville, NJ.  I'll inbox you my contact.  Good luck!

Justin, keep hosting these at breweries and I'll keep coming.  Thank you for organizing.

Hi Jason,

Congrats on getting some excellent cashflow going.  It sounds like your debt service coverage will be way over what would be required by a commercial lender.  Depending upon your credit, you could qualify for up to 75% rate and term financing or 70% cash out financing.  I'll inbox you if you would like to discuss further.

Nicole,

It's certainly not illegal to sell your house off-market when you hold a real estate license. Your broker might not be happy that you are choosing an alternative route, but at the cost savings of your current volume and the state of the South Jersey market it could be worth putting up on Zillow as a FSBO for a week long period and if it doesn't work out, list it.

Best of luck.

There are plenty of private lenders out there who don't need to follow Fannie/Freddie guidelines. It's very possible to pull out 75% LTV on a property with less than 6 months seasoning. Rates are a bit higher with private lenders, but you can save a ton on not paying HML rates while you're waiting for seasoning. Not to mention the opportunity cost that comes with missing out on the next deal because your cash is tied up.

Thursday, November 7th 6:30-9.

Looking forward to it!