All Forum Posts by: Mark Munson

Hi @Devan Zelenak

I'd be happy to connect with you to see what options you may have. I'd also encourage you to join your local REIA, as I know the NC REIA has events just for new investors. Feel free to message me, happy to see how I can help.

Hi @William Gunther

     If you refinance to borrow the rehab and payoff the current lienholder, that'll put your loan amount around $78,000. Assuming an interest rate of 11% (fairly average hard money rate at the moment), that means your monthly payment would be $715 at most (much less to start because interest is only paid on drawn rehab funds). If you can rehab it within 3 months, you may only make two or three payments on the loan. You will have closing costs and financing costs, but those shouldn't be that high considering the loan size. Hopefully that helps a bit, but feel free to message me if you need further guidance. Best of luck!

Hi @Grey Goodman

     I know a few that target that area, not sure if they have an office there though. I'm fairly well connected to most major wholesalers in FL, so if you need some recommendations, feel free to message me.  

Hi @Sean Dezoysa

Aside from some lenders that offer 100% financing (be very cautious of that) up to 70% of the ARV, you should expect anywhere between 85-90% of the purchase price + 100% of the rehab funds, so long as that collective amount doesn't exceed 75% of the ARV. You are going to be responsible for closing costs, financing costs, and the down payment. Feel free to message me if you want me to walk you through a scenario, I'd be happy to help.

Hi @William Hughes

     We have a number of investors that are targeting Gastonia and the surrounding Charlotte Metro. We funded a handful last month in 28054. We are also seeing some of the larger wholesalers in our market target that area. I have family in Belmont, so we've been looking to personally invest in that area too. As the primary metro areas become saturated, it will only put more pressure on areas like Gastonia to grow. I think it is a good long-term play and a market that is a bit cheaper to enter. Feel free to message me if you want to talk further. 

Hi @Eran Hahn

I don't have any local banks to recommend, but most national DSCR lenders should be able to help you. Floor rates are around 7% across the industry, so I'd expect no lower than that for the most part. Feel free to message me and I can give you some recommendations, best of luck!

Hi @Cosme Escamilla

If you can qualify with a bank, that is going to be the best route for a buy and hold. However, if you don't qualify for whatever reason, then I would pursue a DSCR loan. As for flipping, you are better off in my opinion using a hard money loan, opposed to a 203k. It is vastly easier and the closing time frames are far more appealing to a seller, especially in a competitive market. Feel free to message me if you need some guidance and to see what options may be out there. Best of luck!

Hi @Joshua Brice

       I own a mortgage company and we've been in the hard money lending space for about 15 years, so if you need some feedback, I'd be happy to connect. I'd make sure you have your own, independent RE attorney reviewing everything. For someone to properly give you feedback, they'd need more details. Feel free to message me if you need a bit of guidance. 

Hi @Melissa Deacon

     I assume you are in Central FL, as am I. I'd be happy to connect and tell you what we look for in our rentals, but ultimately every investor has their own strategy. Feel free to message me if you want to connect further. 

Hi @Robert B.

To answer your question: Yes, you can use a DSCR loan which doesn't require any verification of income and doesn't have any Debt-to-Income requirements. With some DSCR programs, you can roll in the cost of buying down the rate into the loan, so you can get the rate into the low 7% range at the moment. Feel free to reach out if you need any guidance and best of luck!