All Forum Posts by: Lex M.

The answer is yes, 2nd lien DSCR loans exist and more than one lender can do them, but you would probably have to up your credit score to be able to get up to a total of 75% ltv between 1st and second lien

Otherwise, you would have to get lucky on a favorable appraisal. And keep in mind that the rate on the 2nd lien will likely be 10-12% so depending on the cash flow it might not actually yield that much cash to you at closing

More importantly, it's just more debt so ultimately it sounds like you need an income-producing event to actually improve your situation and avoid some of the consequences that you mentioned

Can this be moved to the lending forum please? I posted in the wrong forum by accident 

Hi There,

Has anyone started a mortgage servicing business in Texas? Anything that you wish you knew when you started or anything that you would do differently? 

Thank you

@Lisa Sluss curious what you ended up doing here? Did you find a product that worked for you or were you forced to sell a rental? 

Hey Casida,

I did not use them. Please let us know how it goes if you do.

Has anyone used this company before? https://www.hometap.com/faqs

From their FAQ "We invest in select homes and homeowners with an upfront payment and are paid out of the proceeds when the house is sold or refinanced, which must happen within the term, 10 years after the investment date."

"Unlike a lender, we are not guaranteed a return on our investment. No interest rate, no monthly payments. Instead, we get one payment - based purely on the market value of the home - when you sell, refinance or use savings to pay out your Hometap investment."

It's an interesting concept. Of course, the details of the investment and what they get in exchange for the upfront money would matter greatly.

If you have good credit, higher HHI, and low debt you can borrow that amount on credit cards. Most at 0 or close to 0% for at least 1 year

Happy New Year! Love this thread!

Any recommendation for an investment property worksheet/template that factors in personal tax situation and corresponding deductions/credits to better evaluate the real return on investment (factoring in tax benefits)? 

Thanks!

This probably isn't all that innovative, but has anyone used this loan for investment properties? They way that I understand it, FHA loans require you to be in the property for 2 years before moving. Does the USDA have a similar requirement other than the borrower planning on using it as a primary residence? Do the lendors for the guaranteed version of the loan typically add on their own occuapncy requirements?

Thanks