All Forum Posts by: Mark Munson

Hi @Maurizio Nardi

You can utilize a website like InvestorLift to connect with wholesalers. I am in Central FL as well, I can give you some recommendations of reputable wholesalers. Feel free to reach out.  

I would echo this, it is a great REIA and the best place to find local, like-minded individuals and resources.

With 20% down and your credit, as others have stated there is no need for a co-signor. DSCR loans look at nothing else beyond the DSCR, credit, and in some cases whether or not you own another property. Your income, tax returns, etc have no bearing. As others have suggested, you are dealing with someone very inexperienced. If a loan officer/account executive couldn't answer that with no ambiguity and full certainty, I would seek another lender or, at the very least, another loan officer within the company. 

Hi @Tyler Tomas

An appraiser can do a Subject To appraisal where they give you the AIV (As Is Value) and the ARV (After Repair Value). You just need to supply them with a scope of work that outlines what you will be doing to the property. In your case, if you are borrowing the rehab money, I would reach out to lenders on here through the Lenders tab up top and get quotes on refinancing the property into a rehab loan. You can get the rehab funds and you can get cash against the As Is value to put in your pocket. If you don't need the additional cash, then I suggest just getting a bridge loan where the lender gives you funds against the As Is Value. It all depends on the figures, but you have options. Feel free to reach out and connect on here, happy to explain further and help out if needed.

 Sure, I sent you a request. Happy to connect and help. 

Welcome @Bree Jimenez

I suggest looking into the North Carolina Real Estate Investors Association (NCREIA). It is maybe a couple hundred dollars to join and you can attend numerous classes and meetings. I always suggest that for new investors, as their is a wealth of information and resources there. 

As far as credit, you would want a score above 680 ideally to get the highest loan to value on a cash out refinance, but I would aim higher at 720+ as that comes with a significant rate drop. I'd be happy to connect further and see how I can help, feel free to message me. 

 What sort of partnership are you seeking?

Hi @Dave Green

If you sell the rentals, or even just one, you can use the funds to cover the down payment on a DSCR loan. You only need 20% to qualify, along with a credit score typically north of 660. There are obviously other metrics that have to be met, such as the gross monthly rent has to be equal to greater than the total principal, interest, taxes, and insurance; that is the debt service coverage ratio (DSCR). You are in a fine spot financially, at least from what you shared. I am happy to walk you through it if you need advice.

Welcome @Seth Gordon

I'll say this until I am blue in the face, but get involved in any local real estate groups you can. You have this experience on the rehab side, you just need a competent team around you: title company, insurance agent, realtor, etc. Understanding how to source and underwrite deals is essential to BRRRR properly. The key to a BRRRR is buying deeply discounted properties and/or adding significant value through renovation. You ideally don't want you purchase price + rehab budget to exceed 60-65% of the ARV to properly BRRRR, as most of the time you'll only be able to refinance at 75% of the ARV. Feel free to reach out if you need any advice, happy to help. Best of luck!

Hi @Stephanie Lopez

Wholesalers run campaigns called "Agent Outreach" to get access to your sphere of influence and, ultimately, any pocket listings/distressed properties you may have. Everyone has cash buyers, you can buy the data and skip trace it and call cash buyers all day long. He needs properties and connecting with agents is a very low cost way to get properties, as Realtors are trusted sources for motivated sellers and naturally get deals brought to them. So if he can form a relationship with you, it may pay off when you get a distressed property that isn't suitable for a traditional sale, you'll call him. This is neither good nor bad; and many times can be profitable if they are a legitimate wholesaler with a real track record of wholesaling. However, the bar to be a wholesaler can be hurdled by an ant, so tread lightly and certainly don't think he has the best interest for your clients looking to sell their homes at heart.