All Forum Posts by: Matthew Tyson

The lender I have been working with does as long as some work has been put in and there is a tenant in place. Otherwise you are looking at a delayed financing product which is up to 80% purchase plus renovation costs. 

yes, it is tougher but very do-able. have to be strict with the purchase and rehab. Can't really afford any mistakes. Also have to nail down the rental and ARV. They are thin but I have had success over the last 12 months. Just have to cook everything in and hammer away at the sales price. It is tough with wholesalers who obviously are trying to wholesale for retail like prices and MLS sellers selling properties, that can only be bought cash becuase of the condition they are in, for delusional prices. Just start throwing offers at the wall, stick to it, and don't get emotianlly attached.

Not interested in blowing out my personal DTI. But, thanks.

All my properties are purchased and refi'd in an LLC. Not doing conventional. I closed a DSCR at 7.25% about a month ago. I don't do anything that I can't get to 1.15 minimum and aim for 1.25+. The goal is to purchase cash, rehab, rent, then refi pulling all my money out. Conventional is not an option as the goal is not to leave money sunk in the deal.

Thanks everyone. Assume experienced investor, no buy down, 1.25 DSCR, 75% LTV, Texas.

Thanks Noah!

Just trying to get a gauge on current DSCR loan rates. Curious what those who are looking at BRRRR refi's are getting quoted at, all things being equal.

Send 3 day notice certified mail and tape to door. Retain proof of that notice and make sure you include the new tenants right forms required by the city now. If not paid by then, go to courthouse in that precint and iniate an eviction suit. Usually schedules about 14 days or so out. Paperwork isn't that difficult. Go to court, judge will hear them out and then ask; "did you pay the rent." No, ok, rule in your favor. They have 7 days to appeal. If no appeal and they havent moved out, go back to court to get a writ of possession. They will have 48 hours to vacate and if not gone, constables come a knocking. Unfortunantely I have become very familiar with the process. It is very easy and doesn't have to be contentious. just follow the steps.

Fire damage is tricky. City has to inspect if I'm not mistaken to determine if threshold is met to where it is a tear down or rehabable. Permiting will be stricter I imagine. 

Get a personal loan from SOFI for $100k. Finish remodel. Deed to LLC. Get tenant in place. DSCR refi out (maybe put both properties on in one portfolio loan). Pay off personal loan. Do it again. Or talk to a private lender about delayed financing. Then refi out when done.