All Forum Posts by: Derek Brickley

Hey Julian! Depending on the value, that is possible. Being at a higher LTV the chances of getting an appraisal waiver are rather slim but could happen if you're going the conventional route. Feel free to reach out if that'd be helpful to look into!

Hey Aaron!

Yes first-time buyer DSCR is actually fairly common, especially here in Southern MI. With DSCR, credit and down payment are the major factors (plus the property itself of course) so it is very possible since a lot of the properties in the area cashflow pretty well. Feel free to reach out if you have any questions though!

Hey Kristi! As already mentioned, he wouldn't be able to use rent from roommates to help qualify but based on the numbers you shared there should be a VA option available considering how much flexibility there is. Seems like a common scenario for some of the active military we've helped in the Tucson area recently, feel free to reach out if you have any questions!

Hey Mark!

Depends what you're looking for really, it might be worth discussing your strategies and goals with a broker, a national lender, and a local CU.  All have pros and cons, so it just depends which meets your investing strategy.  I'm probably biased, but I prefer to have a lender who can assist in any of my markets.  Also you can find lenders that are a lender (have their own guidelines and terms) who can also broker to make sure you're getting the best of both worlds.  If that's something that might be helpful, feel free to reach out!

Hey Marc!

Is it possible, yes, although in this market it doesn't work as well as it used to. Back in the world of 3% rates, you could get a HELOC instead of the primary mortgage and lower your daily balance and cut down the life of the loan significantly.

Now though, HELOC rates are significantly higher and depending on what your primary mortgage is at it could be substantial. In that case, you generally end up paying significantly more over the life of the loan even if the term is lower.

Pros: pay off mortgage sooner, one account for everything (all cash + deposits + expenses are paid from the HELOC)

Cons: higher interest expense, higher opportunity cost (putting all your cash into the HELOC means you aren't investing it into other things that could yield higher returns)

Hey Ankit!  Very common scenario for sure, if it'd be helpful to look at some options feel free to reach out!

Hey Marc!  Always a few nuances for investors, but all pretty common anyways.  Feel free to reach out if you have any questions on that!

You could potentially do 15% down DSCR, but you'll see rates rise for that as well. Happy to go through some details on that though if that would be helpful!

Not familiar actually!

Hey Franky!  Yes pretty common, minimum downpayment is generally 25% (occasionally that 20% will work) but just depends on your situation.  

You'll have all amortization options, but the most common will be 30 year fixed and that's generally the recommended one.  Rates/terms depend on US credit (if any), property type, rental amounts, etc so there is a ton of variables.  If it would help to get a more detailed estimate feel free to reach out.

Documentation is rather limited, just ID, bank statement, LLC documents to start.

Sometimes there are interest-only options at 30 and 40 years, generally the difference in payment fully amortized over I/O is minimal so it may not be worth it.