All Forum Posts by: Matthew Wolk

Recently unemployed, long term want to create a rental property business. Can I qualify for a mortgage while currently not working? If I owe a property?

My personal credit score is an 840.  Was run last month.

Hey BP community! My employer just relocated my family and I to Charlotte Metro NC. We are Canadians (eh!) and have lived there our whole lives so obviously do not have any credit history in the great US of A! I have spoken with 7 lenders so far and not one is willing to work with me to purchase a home because of the lack of US credit. We are currently on a lease that is up in March and I would like to purchase a residence by then. I am working on building credit however have been told I will not have enough by end of March. Anyone have any advice? Are there any lenders that will work with a foreign national? I am making 90k/year, have a perfect credit score in Canada and a rental property there. I'm specifically looking for small multifamily and/or a fixer upper here in the Charlotte Metro!

Appreciate y'all! (I really like this new word "y'all", its very convenient)

Just got a DSCR rate quote of 8.875% today as well. I don't think there is a pre-payment penalty. 20% down on a SFR. Rate sucks. Origination fees of $4101.

The deal is still a winner from a cash flow and cash on cash return, but damn.  Expensive loan.

I am unsure if the rate is good. I am concerned about the prepayment penalty of 11k if refinanced before 5 years ( would have paid 120k but 10 to principal) on a 220 cash loan

I am currently searching for my first investment property. I plan to live in this house for a year and then rent it out long term after that. I found a property where the numbers work, but it turns out that it has an HOA. It appears in the covenant that they do allow leases as long as they are 6 months or longer. Is this a property that you would even consider due to the HOA? / If you have a rental property with an HOA, what has your experience been like. I want to know what to expect!

Thank you!

Listing price for the property is 1,499,900 and it contains 4 duplexes and 2 quads. I am trying to figure out how to get financing for this property and how to get creative to obtain deposit. I am almost done remodeling my primary residence. It should be done by the end of this month or mid February at the latest. We owe 334K on the home but right now after remodel it should be work 850K-900K. I was thinking of  Heloc $225- 250k with the rest of our cash to make the deposit $300k.  Pls let me know your thoughts. We make over 200K a year and  currently own 5 investment properties. The properties also also have equity in them too. One of my duplex that I own should have 100K in equity.  I have 65K saved and trying to figure out how to take the next step. 

Hi experts,

I'm a beginner investor looking to purchase properties under an LLC. Is it even possible for me to get a DSCR loan? Or is my only option a conventional loan?

Anyone can recommend a lender for DSCR or even conventional loan who will be willing for the property's title to be under an LLC?

Looking for properties in the Lansing - Detroit areas. Loan will be for ~80% LTV of ~$100k property.

Thanks!