All Forum Posts by: Derek Brickley

Hey Ryan! Can't get you to 80 LTV on that, but there would be some options. Feel free to shoot me a message if it would be helpful to look into that!

Hey Susan! Already mentioned above, but for leveraging your current home for the other a HELOC is probably the route that would be best. You would be able to take funds out as needed for the new home and you would only make payments on what you've used (interest-only minimum). Once the new home is finished, then you would probably be better off doing a VA refinance on the new property and paying off the equity line.

Hey Paola, pretty common! There are a few things to note with DSCR, but it largely depends on your overall goal with that. Happy to explain a bit more if that would help, feel free to reach out!

Hey Alvin,

Yes investment HELOCs are an option depending on the details.  Feel free to reach out!

 Got it, in that case pretty standard to do a blanket on that.  Feel free to reach out, happy to give some more detail if that would be helpful.

Hey Zachary!  

Generically, we would run into the same thing with that mixed use property.  Would you be against excluding the mixed use property from the blanket loan or do you need to include it to get the capital you are looking for?

Hey Vishal, yes that is standard.  As mentioned if you're concerned, just keep a close eye on your credit profile during that period!

Hey Abigail!

For my first house hack, it was actually pretty straight forward.  First I got preapproved (I know... another lender saying to get preapproved) of course it was important to my realtor and offer, but more important it gave me insight into what I could expect for cash needed, payments, etc.  It helped I got to work through the options myself, a job benefit maybe haha.  

Then, I had to research a few different areas/markets to see what made sense.  I wanted to find a hybrid market personally (decent cash-flow with appreciation potential).  Once I had a few in mind and was working with a realtor that understood my target market, we could narrow down my search results. 

It took a little while, but when it popped up on the MLS I was well-prepared to submit an offer and even in a multi-offer scenario I was able to make my offer stand out (happy to go into how we did that if that'd be helpful)

Hey Eyal!

I think you're already in the right place for that haha there a ton of us here in the forums and on BP. DSCR is a bit different as you might already know because there is no one set of rules as with conventional so there are a lot more options depending on your situation and investment style. Feel free to reach out if that is something that would be helpful for you!

Hey Hannah!  Good question, I think the biggest question will just be your overall timeframe and how quickly you want to get everything done.  Regardless, rates will taper down next year, so I would anticipate another refinance to be beneficial at that point. With where prime is for HELOCs unless you had a deal you could get off that line quickly, it might make more sense to hold off realistically.  If the numbers work, then that's all that matters, though so hard to say for sure.