All Forum Posts by: Matthew Aubert

I work in UAE and they provide employment verification letter and payslips. Lender requires employment verification form to show my income increasing each month. I found out at last minute as I’m leaving UAE to come to USA which makes things more difficult.

Anyone else experience this or know a way around it? Closing needs to be quick since I travel back October 21. Maybe another lender. Thanks

Matt,

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@Steven Schulman. I would go with either stained cement or wood planks. Stained cement is cheaper but planks look better.

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@Ben Clark. I would think if you guys started an LLC then you should be good.

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@Kevin Klaas. Bro as long as you do your analysis and understand your Cashflow there’s a 98% chance you’ll be just fine. Entrepreneurs take risk for profits but they’re calculated risks. You’ll do great but you gotta start. 💪💪💪

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@Rebecca Salazar. Great job on licensing. I was going to but didn’t. You can save commissions on personal purchasing plus check out Tax Strategies for Savvy Real Estate Investing. There are pluses for having your license as an investor. I have the audio but you can get book.

Nothing like having a plan that you’re passionate about. Trump always talks about loving what you do relative to your success. Sounds like you. 😄

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@Mo Muigai

I’m seeing 5-6% in Texas. But for $4k I can buy a point which equates to $100 lower in mortgage payments per month.

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Originally posted by @Andrew Postell:

@Matthew Aubert I think it might be good to set some correct expectations here. Putting 20% down on a duplex and getting 3.875% on your PRIMARY HOME would be pretty good. Getting this type of a loan on an investment property will cost you TONS in points. I only mean this in a helpful way but this is the main reason why we preach the BRRRR method. Putting 20%-25% down on a property is not sustainable...well, maybe if you are a millionaire or something. But even if you have $100,000 in the bank...and you put 20% down on each property of $200k....how many properties can you really buy? Two? Two properties is not changing my life. It's not creating generational wealth for me and my family.

But with the BRRRR method, you can buy 10 properties with ZERO money out of pocket. Maybe I should say by getting all of your money back on the REFI step. Or 20 properties with this strategy if you are married...well, if you are using Fannie/Freddie types of money. Assuming you qualify, etc. But there's other money too but a little harder to get the BRRRR to click just right on.

Anyway, I hope this helps in some way at least. Feel free to ask anything additional if you need.

@Alex Bekeza thanks for the mention.

Thank

Thanks, Andrew. Yeah, it's costly on the points but in the long run, my cashflow is much better. The payback on the point buying I've calculated and the time to get that back. My goal is probably what I didn't mention and purchasing a couple of investments or one bigger apartment building per year is my goal and cashflow is my ultimate goal.

I'm overseas so the BRRR isn't feasible but I know there's huge money in that sector. I'd rather be there for the BRRR method. Trying to find 20% down is tough but I've run into a couple of lenders that can make it happen. I'm also having the seller absorb some of my costs. Plus the cashflows are well worth it so that's why I'm going through with the deal. My next purchase will ultimately be on something larger, basically doubling my doors and repeat afterwards.

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Originally posted by @Alex Bekeza:

@Matthew Aubert That rate range at high LTV would only be possible on a full doc conventional loan. You'll want to get on the horn to track down a local broker/lender. Perhaps @Andrew Postell?

Otherwise, if you're looking for a mortgage that would not require any type of personal income requirements (no tax returns/w2s), allow LLC vesting, and base the loan mainly on FICO and subject property DSCR then rates on a 30 year fixed at 80% LTV would likely be in the mid 5% range at PAR if you have strong FICO.

Best of luck in your hunt!

Thanks Alex, appreciate your assistance.

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If this is inappropriate for the forum please delete it.

In the very near future, I'm purchasing two new duplexes around Waco/Killeen. I have a couple of offers from banks and seeing what other banks are offering concerning down payments and interest rates.

I know there are loan officers here. What can someone offer in terms of the above? Any info would be greatly appreciated.

I'd like to do 20% down (yes investment properties) with 3.875-4% rate @30yrs.

Thanks and if anything even a bank name would suffice.

Best regards,

Matt,

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Originally posted by @Ronald Rohde:

Sounds like a plan, i think cash offers can gain good traction and discount off list. What contract are you using?

Hey Ronald. I ended up going a different route. I'm purchasing 2 duplexes instead. Couldn't pass it up, great cash flow. But for that particular house I was using a realtor which she probably would have used their contract I'm assuming. I told her I was going a different path but to stay in touch for future properties.

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All Forum Posts by: Matthew Aubert

Matthew Aubert has started 10 posts and replied 49 times.

Post: About to close on duplex and employment verification may prevent

Post: Best flooring for a long-term rental?

Post: Using someone else's money for a down payment

Post: Newbie real estate investor looking to get involved

Post: Is there a “best” real estate company or is Redfin the move?

Post: Interest rate of 5.75% on investment property???

Post: Duplex Purchasing Lenders Needed

Post: Duplex Purchasing Lenders Needed

Post: Duplex Purchasing Lenders Needed

Post: Purchasing all cash question