All Forum Posts by: Derek Brickley

Hey Albert!  That's a great goal.  Currently househacking a 2-unit at 23.  From a lending side, you wouldn't be able to use the income from a single family home or a townhome though.  Whould you be looking to rent by the room?

Hey Cesar!

Totally agree with Landon.  You can definitely do it as a student, and yes a non-occupying coborrower can be a great option if you have a parent, realtive, etc. willing to go on the mortgage with you.  Feel free to reach out if you have any questions, I used this same strategy for a 2-unit househack.

Hi Rafael!  Is there a particular situation you're working through?  Would be happy to connect and see if we might be able to help.

Hey Stewart!  We have done rent by the room as a debt-service loan for investment properties.  However you may be very limited with that high of a unit count.  Is it a single property with one tax ID?  And are there other properties in the area with that rental strategy?

Typically... no putting a deposit down is not something you need to do.  There are some lenders that will charge an upfront fee, but it might make more sense to look elsewhere.

Hey Nick!

Yes you would need to check how the property is recorded. If it is not legally a duplex, then that would be an issue. As mentioned, there are new rules to help you use ADU income, so that may be worth considering if the conventional route might work.

Hi Chris! Unfortunately with the main home being involved it would need to pass the VA appraisal with the same standards. What are your client's goals with that other home? It may work out to use a VA renovation loan to rehab the main home using the ARV.

Hey Raj! Love scenarios like this. For foreign nationals looking for DSCR in the US, there are a ton of options as every lender and investor will be different.

- Traditionally a DSCR loan is done individually, and doing a portfolio loan might not be doable. If you are looking for a portfolio loan, you may want to reach out to a few brokers who specialize working with foreign nationals and see how they can help.

- If you have an LLC, you most likely have a registered agent in the US and that is what we would look at. Again varies lender by lender.

- In some cases, the cash reserves can be taken from the cash-out proceeds.  Different investors would have different requirements and what they would allow.

Feel free to reach out if there is anything else we might be able to help with!

Hey Joe!  Is there something more specific you are looking for?  Is there a reason you would like to use a bank statement loan?  There are a few options, but with bank statements there are some ways to get more advantagous terms.  Feel free to reach out if we might be able to help.  Actually in San Antonio currently, at least for the short-term.

Hey Frankie!

As mentioned, there are ways to get you a cash out refi in that range, but doing so might not be in your best interest.  Depending on the broker, your broker fee alone could be 2 points and therefore you would be looking at a very heavy prepayment penalty.  We do work with investors in your area, my manager is part of our Wellington branch.  I would be wary of any lenders promising those terms in this market, do your due diligence and get all information in writing.