All Forum Posts by: Matteo Girlando

5. You will likely need an LLC that will be used to hold the subject property.

If you can check these boxes off you would be able to start buying long term rentals with having owned zero real-estate prior to the first transaction.

Hey Matthew,

thanks for your answer! We check all this boxes.
in which area do you operate? Right now we are looking at Detroit Area

We lend nationwide. Please keep in mind, there is a minimum as-is value and loan amount. The property has to be in livable condition as well.
Feel free to reach-out, I would be happy to chat with you.

Yes please!
I’ll send an email shortly cc my business partner as well. We do have already an LLC

0 Votes

Quote from @Yvonne Gallegos:

@Matteo Girlando definitely once you get into multiple properties it’s the way to go. Where do you plan to acquire most of your investment properties?

Hi @Yvonne Gallegos,

Right now Detroit Area, we are already in contact with agents there are helping us. We are in the process of getting the preapproval and then we proceed. After that, in Cleveland/Columbus and Indianapolis areas.

at this point it seems the easier way its getting the first couple of deals under conventional and then going with dscr.

its just seems weird to me I need to own a primary residence in order to have dscr( I live in LA where prices are crazy), and wondering now how people that dont live in US how they invest in the states.

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Quote from @Matthew Crivelli:

@Matteo Girlando

We have a DSCR product available to first time investors. What do you need for a Non-QM DSCR loan? (Rental property)

1. Subject property that can cashflow above the minimum debt service coverage ratio. In our case this is 1.1

2. Subject property needs to be located in a non-rural area and must be close to recent comparable sales

3. Currently you need GOOD CREDIT (or have a partner who does) - 720+ mid-score is ideal

4. The borrower / partner should have assets to show (25% down payment + closing costs+ reserves)

Hey Matthew,

thanks for your answer! We check all this boxes.
in which area do you operate? Right now we are looking at Detroit Area

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Quote from @Yvonne Gallegos:

Quote from @Matteo Girlando:

Hello gents!

I'm starting my journey into investing in real estate. My idea, together with a partner, is to use the DSCR loans to buy different properties in the midwest.
Talking with a lender he told me its not possible to apply for a DSCR if I don’t already own a piece of real estate..is it true? I’m not finding anything about it, I tough the good credit and good rental mortgage ratio was enough.

that is answer:

Matteo,

I have one last question. I noticed you do not currently have any REO (real estate owned). For a DSCR loan you must own at least one property (primary residence is OK). If you do not own any REO, unfortunately I will not have a lender that will write a DSCR loan. That is a requirement with the DSCR program regardless of the lender.

If this is true I will probably start buying the first one with a normal conventional and using the DSCR after.

Thanks!

Hi Matteo
yes this is true! Or most lenders will say the gap from the last property you sold should be no more than 5 months! Because technically you are always supposed to have a primary residence for dscr. If you’ve never owned then conventional absolutely makes the most sense since interest rate and down payment would be lower!

Thanks! We will probably start with conventional, but it feel easier with dscr loans if we ara aiming on 10+ properties in a short period

1 Vote

Hello gents!

that is answer:

Matteo,

Thanks!

1 Vote

All Forum Posts by: Matteo Girlando

Matteo Girlando has started 1 posts and replied 6 times.

Post: Please Help! looking for recommended lender for starting out!

Post: Do you need to have any REO to apply for a DSCR Loan?

Post: Do you need to have any REO to apply for a DSCR Loan?

Post: Do you need to have any REO to apply for a DSCR Loan?

Post: Do you need to have any REO to apply for a DSCR Loan?

Post: Do you need to have any REO to apply for a DSCR Loan?