All Forum Posts by: Derek Brickley

Hey Keith!

If there are comparable rentals that support the rent by room amount, then yes it can be considered for DSCR. We have done that for investors before, so feel free to reach out if you have any questions on that.

Hey Alex, 

Hard to say, but sounds like your side question might be the answer to your first hahah you might not know unless you speak to a few but someone that is familiar with your strategy and understands your situation the best will almost always ensure you get that. 

Hey Chris,

Yep that is pretty standard to do, feel free to reach out if we might be able to help.

Hey Steve, with a conventional loan that may be possible would depend on a few factors. It would be hard to find something in the DSCR space for that, but feel free to reach out.

Hey Jerome!  We are licensed and have helped a number of people in the Riverside/San Bernardino area.  Not sure if we could help, would depend on exactly what strategy you might be looking for, but feel free to reach out!

 On a conventional/conforming, there is a requirement with a number of regulations most notable TRID.  Depending on the lender and the product if it is non-comforming you may not need to wait that time and you may not receive a LE or CD, but still most lenders will have it as a standard practice to be safe.

 7 days is a legal requirement plus to get a loan from application to processing through underwriting cleared and closing docs out that is the absolute minimum. A borrower absolutely needs to be responsive and have everything together to make that happen.

Hey Colby, as long as it's your primary there is no guideline saying 15% down is needed. As mentioned 3.5% FHA or conventional 5% down. I used the 5% down conventional last year for my first multifamily, so feel free to reach out if you have any questions on that.

Hey Kaylin!  

Definitely agree, if you can qualify for a second home then it will almost always be a better option. The terms are significantly better than DSCR. Feel free to reach out if we might be able to help with anything there.

Hey Grady!  For myself and getting into my first househack, getting preapproved was really important for me.  It helped me figure out my CCC (Crystal Clear Criteria) on what I should be looking for and what I could afford.  Then I could take that criteria to my realtor and have them help find exactly what we were looking for.  

In terms of the realtor's preferred lender, that's up to your discretion.  The opposite is also true where a lender will have an agent they recommend.  Not every lender/agent works with investors/househackers so if a lender or an agent can recommend someone that has knowledge in the space and can help guide you through it.  Either a lender or an agent is going to want to feel confident that you are working with someone on the other side that will actually be able to help you and will get the deal done but as long as the professional you choose has that ability there is no reason that would increase/decrease your relationship with them.

In terms of the credit check - this is important.  Only do a soft credit check when getting preapproved and make sure that the lender understands that.  The credit bureaus will sell your information when you do a hardpull and you could receive 50-100 unsolicited calls in a couple of days... what we always recommend is to "opt-out" of this solicitation, do the softpull to get preapproved, and then when you find a home you can do the hardpull and not get bombarded with calls.  Here's the link to do that: www.optoutprescreen.com