All Forum Posts by: Derek Brickley

Hey Leanna!  There are certain community lending incentives in Cleveland for investment properties as well. In Sandpoint, it would really depend on what you're looking for exactly to see if we could help.  There are some that you could be eligible for but it would just depend.  Feel free to reach out if it might be helpful to look into those!

Hey Greg, pretty standard delayed financing (cost + repairs) and there isn't a timeline on that DSCR. Feel free to reach out.

Hahah most of the time if you ask "are you looking for someone local so that you can go knock on their door when things go wrong" it's a lighthearted way of saying in our technological age location probably isn't as important as the other aspects.

Hey Melvin, 

LO here.  As long as everything is recorded correctly and all documentation is done, there are ways to do this.  Or it could be a standard lease-option and we can use it right away.  Note: no - you cannot exclude a mortgage in any case but what you can do is offset the obligation with income from rental income and/or notes receivable.

This would depend on a number of factors (including whether an appraisal is needed).  If we can do this in-house our timeframe would be 7-10 calendar days from application to close but that's the absolute minimum.

Hey James!  I am licensed in both states, feel free to reach out if we might be able to help.

Hey Darnell, 

Depending on the details we have done this before. Conventional loans only, no DSCR. Would that help?

The way I look at it and have done myself, I wouldn't pay more than needed.  So depending on how much 2% is I'd wait until I had equity in the property to do it and cover costs so I could if needed roll in points.  Just depends what the net benefit is to you.

This is DSCR or conventional?? DSCR I need to work with your lender I've never found DSCR under 75k loan amount... conventional I'd have some questions

Hey Saed!  Definitely case-by-case here.  How outside of your field would it be? Salary? Hourly? Feel free to reach out, but typically you can relate your time in school to a line of work in some way, shape, or form.