All Forum Posts by: Sasha Mohammed

TransUnion has a service, all online, you can either pay yourself or send the cost to the tenant. Will run both credit and background checks for you. i think its called SmartMove? something along those lines, this is what I use. 

welcome! in my experience, most people on here would be happy to chat with you.

this avenue is great for learning and asking questions in a public forum, but don't be afraid to reach out/ DM people if you see their post and would like to learn more. 

this community is wonderful :) BOL!

I would also play with AirDNA. i think they have some version of a free trial you can noodle with

on the first Q - call up your 401k custodian and ask for "terms of withdrawal" - this should outline all the do's and dont's. disclaimer if you do end up a with a consumer loan on your purchase, lender will include the repayment of this 401k LOAN on your DTI.

on the 2nd Q - theoretically yes, but im not sure in what context or perspective you're asking the question. will a lender allow for it? likely, depending on the lender and loan type. even more likely if it seasons for 2 months first. If you're asking about the tax implications, you'd have to ask a CPA.

you might find them here or there, but tbh each lender is going to do things very differently, even on the freddie SBL. margins will be slightly different, how they interpret/ underwrite could be different...

i always suggest reaching out to a commercial mortgage broker who can give you accurate info based on your specific scenario/ needs/ goals, etc.

i agree that it may not make any sense just yet to refi out of FHA just for the sake of getting out of FHA. FHA has some cool features that are often overlooked: FHA streamlines for example are amazing refi opportunities with really limited hoops to jump through.

The caveat to this being if you now have a ton of equity, it may make sense to go conventional just to drop the hefty monthly MI bill... but the gap between FHA rates (lower) and conventional rates (higher) may eat a lot of that savings.

The only way to know for sure is to have a loan pro see where the real rates are shaking out for your specific scenario (not an online calculator with teaser info to get you to call them, a real loan professional)... and then weigh things like your cost of the transaction, re-amortizing potentially back out to 30 years, appraisal fee.. etc. 

BOL

we did have a lender that was doing up to 90 CLTV (10% down and would allow for seller carryback)... I would have to find out if they are still doing it, though. For educational purposes: these loans do exist.

this is a toughie, @Cory St. Esprit

Just to help you narrow down your search, you're one foot in the residential bucket (apartments) and one foot in the commercial bucket (commercial space). you'll need a loan that allows for mixed-use, but who can do this for you likely will depend on the square footage allocation (usually by percentage) of the space. 

Before you start calling around, it would be beneficial for you to have these answers. 

Best of Luck!

while this typically is not enough to give you solid answers, i do believe it will be too small for most, if not all, real estate lenders. 

You'd likely be best served looking for a private money lender, or possibly even using HELOC funds if you have access to a HELOC... maybe even a personal loan.

typically RE lenders will want a $100k minimum loan amount. there are a few that will go lower, but $50k all-in i think just simply is too small. and your fees would be so outrageous on that scenario it likely wouldn't even make sense if you found it. 

Mortgage broker here, I to do a ton of these loans. 10% down for rehab is totally do-able for acquisition, PLUS lender will lend up to 100% of reno. The reno part is in the form of a draw, so you would need some liquidity to get the project started, but yes, sub-20% initial capital investment is do-able. Most will cash-out refi to 75% of the new value once the project is done using DSCR lending and often can pull out their initial investment as well.