All Forum Posts by: Mark Munson

Hi @Andrew Galloway

        I'm in Orlando as well, in Winter Park. I'd be happy to connect, sent you a message. 

Hey @LaShanti Penn

      I would suggest connecting with more local investors and maybe joining the local Charlotte chapter on the North Carolina Real Estate Investor Association. I am a member and you'll get a good education there as well as more connections. As far as deal vetting goes, you have to determine what your goal is or what metric you are looking for. Feel free to reach out, I'd be happy to connect you to the network there and help you review anything. 

Hi @Antoine Gagne

      I'm in Orlando as well, happy to connect you into this market. 

There are options with 10% down on the purchase price, as others have stated. You will likely need either verifiable experience or at least a 720+ FICO. Go through the Find a Lender tab up top of BP and call around, you'll find lenders on this platform doing it. Best of luck!

BRRRR method isn't a loan type. You have to separate loans here. The first loan would be a fix to rent where the lender lends you up to 90% of the purchase price + 100% of the renovation cost, so long as that amount never exceeds 75% of the ARV. The second loan would be when the rehab is completed, like a DSCR loan. Then you can cash-out up to 75% of the value.

Hey @Ryan Jacques

If your intention is to refinance after year 3 when your prepayment penalty is up, then I would go with the lower rate. I assume there is no lender origination fee in this scenario, which isn't abnormal as most DSCR lenders face brokers at 0% origination. I would want to know the debt service coverage ratio the lender looks for to ensure the loan amount won't change in the future. Lastly, I would ask them what their rate lock policy is, as you want it locked immediately upon the credit pull for at least 30-45 days.

Hey @Kevin Michel

       Welcome to BP! Feel free to connect if you need advice. 

Hi @Andrew Marino

      Welcome to BP!

What sort of loan are you looking for?

Hey @Dillon Eversole

       I can answer some of this for you and we are local as well. Feel free to message me.