All Forum Posts by: Derek Brickley
Derek Brickley has started 11 posts and replied 497 times.
Post: Need cash out refi but don't have a good balance in bank acc, what should I do?
- Lender
- Ann Arbor, MI
- Posts 519
- Votes 189
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.
Post: Looking for Financing
- Lender
- Ann Arbor, MI
- Posts 519
- Votes 189
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.
Post: Who has House-hacking experience? I need to talk with you.
- Lender
- Ann Arbor, MI
- Posts 519
- Votes 189
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.
Post: Who has House-hacking experience? I need to talk with you.
- Lender
- Ann Arbor, MI
- Posts 519
- Votes 189
Quote from @Jack Carrozzi:
Quote from @Derek Brickley:
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.
Hey Derek, I do not need much assistance on the financing end of things. When you say you are in the process of a househack do you mean that you are in the midst of financing one or that your current living situation is a househack?
Living situation! What is it that you are looking for?
Post: Who has House-hacking experience? I need to talk with you.
- Lender
- Ann Arbor, MI
- Posts 519
- Votes 189
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.
Post: Any lenders for a HELOC for 3 fam investment property in Worcester MA?
- Lender
- Ann Arbor, MI
- Posts 519
- Votes 189
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
Post: Looking for a lender for cash out Refi
- Lender
- Ann Arbor, MI
- Posts 519
- Votes 189
Hey Remi! Do you know if you are looking for a DSCR investment loan or a conventional?
Post: Why prices are not falling and why they probably won't (Colorado Springs edition)
- Lender
- Ann Arbor, MI
- Posts 519
- Votes 189
Yep!! Not every market but we are seeing a lot of the same.
Post: First responder down payment assistance program?
- Lender
- Ann Arbor, MI
- Posts 519
- Votes 189
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?
Post: Removing ex wife from title - she was never a borrower
- Lender
- Ann Arbor, MI
- Posts 519
- Votes 189
If she's not on title or anything, then she wouldn't need to sign. Joint property in Florida is only on a primary residence. Reviewing the divorce decree might say more though. If she isn't on a loan, but IS on title then a quit claim deed would remove her.