All Forum Posts by: Derek Brickley

Agree with @Jay Hurst.

For conventional, it is hard to get under $50,000 with points and fee limits. For DSCR, $75,000 is typically the lowest we see approved with few exceptions. You may be able to do a portfolio loan at some point and refinance multiple properties.

Love Detroit! @Travis Biziorek.  I think it depends for appreciation, as all markets are different.  It may be more difficult to see appreciation in the lower priced markets, but there are certain markets that are actively causing appreciation and those are the best to be in.

Unless there isn't enough equity in the home (from your numbers it sounds like there is) you won't need to show any money in your bank account. With you doing significant repairs you may qualify conventional, but we are seeing that a DSCR Investment Loan might actually give better rates and fees than a conventional investment loan.

Other lenders in the chat, where are you going for 50k loan amount DSCR?? We are stuck at $100k loan amount minimum with some exceptions down to $75k loan amount.

I would strongly recommend you reach out to a real estate agent, a good investor friendly buyer's agent will help you find small multifamily properties.  For your own purposes, you can filter on Zillow, realtor.com, redfin, etc. for multifamily properties.

 Living situation!  What is it that you are looking for?

Hi Jack!

I am currently in the process of a househack, and we have previously helped others through it from the lending side.  If we might be able to help, feel free to reach out.

We probably could do this, but in all transparency you would be much better off going with a smaller local lender who might have more flexibility and better terms. Investment property HELOC will not be great, at least not majority

Hey Remi! Do you know if you are looking for a DSCR investment loan or a conventional?

Yep!!  Not every market but we are seeing a lot of the same.

Hey Maria!

Not fluent in down payment assistance in the state of Virginia, but I want to agree with above and say 3.99% right now is hard to believe from any type of lender. Other than private money lending or some creative finance, I would be weary of anyone promoting that as an interest rate. VA loans are generally the best rates and we are seeing those in the 6's. Are they getting a temporary buydown?