All Forum Posts by: Derek Brickley

Would you be looking to pull equity out with an equity line or home equity loan, or would you be looking to do a cash out refinance? Equity lines on investment property will not be friendly for pricing, so be aware of those pitfalls. If you are looking to do a cash out refinance, you may be better off finding ways to boost your score up to 640+ and it would open up better pricing if you take the DSCR route. DSCR rates will be higher, but you may be paying less points on that rate. We aren't licensed in NY to discuss rates, but definitely contact some lenders in the area and see what they can do!

Hey Mose, I'd say you're better off washing the walls with soap and water and then going with a paint w/ primer.  But following to see what other people have to say.

Local meetups will be a great resource!  Find and expand your network and talk about things you have done/are doing.  I've heard good things about Cody and Christian and their seller finance/private money mentorship but have not been involved in it myself.  They were on the BiggerPockets Real Estate Podcast a few months back I believe and I'm sure it would be valuable.

And if you haven’t noticed yet, the MI companies are not currently pricing below 700 FICO. Could make it very interesting if you aren’t actively working in the space.

And also… since this program isn’t officially available yet I wouldn’t want you to be misled and start that process to find out after you’re under contract on a property that it wasn’t what you were led to believe it was.

Now if you are under the income limits and are using the HomeReady/HomePossible programs you will be able to use potential rental income, but not knowing your situation I can’t say for sure if that options would work for you.

 Correct!  First time or not doesn’t matter, but what will be needed is a 12 month verification of rent and if you are living with no expense then you would not be able to use it.  This program is directly from the GSE’s and since it’s not officially out most people haven’t experienced it yet.  I AM ACTIVELY USING THIS 5% conventional to house hack myself set to close 12/1 and so I have explored that avenue already.

Hi Murat!

Glad to hear you are out looking for a team that can help you through the process.  I’m not sure if it would make sense since you’ve already spoke with a few lenders, but if you’d be open to looking at another perspective and see if we might be able to help we could go through some of the programs that might work.  I do have what’s app, but looks like I need to reverify.  Feel free to reach out on here or wherever is easiest if you’d like to reach me!

I’m normally more on the residential side, but is this a large multifamily, office, or what type of property?