All Forum Posts by: Matthew Wolk

Hi all,

I recently purchased an STR in Western North Carolina and am looking at potentially purchasing another. My understanding of the second home loan is that you cannot purchase more than one "second home" in the same region. Is my understanding of this correct, and are there any ways around this? Or is an investment loan the way to go? Thanks in advance.

Hi all - I am planning to leave my W-2 to go out on my own, and do a combination of (1) rental properties and (2) entitle and flip land deals. 

I have enough liquidity that I am comfortable doing this for a couple years, but am wondering (1) if I should secure some sort of credit line while I have the W-2, and if so (2) what's the best setup / type of credit line that is best from a debt to income ratio perspective? I would rather not secure it with properties, but I have $250k equity in my primary house, and another 500-600k in equity in other rental properties - if helpful. I am wondering if there's a way to get a credit line in case of a rainy day / if liquidity is needed to close on something. I very likely will draw very little on it unless its really needed. My understanding is most HELOCs and credit lines will look at, and affect, your debt to income. Is there an alternative approach? I am only looking for maybe $100-200k that I can draw on. Is the best bet to just do the HELOC and take a hit on your debt to income?

I know there's some nuances, so recommendations on groups to talk or specific financial products to evaluate would be helpful as well.

Hello my is Andre Houston I have 2 rentals and a primary home I'm ready to purchase another home but I don't have a w2 job anymore  I have about 60 to 70k saved up I wanted to try an do a brrrr basically put 20 or 15 percent on the purchase an get a loan for the remodel but how do I go about refinancing it when it's all done if I don't have a job I have a 765 credit score but no prove of income I worked for the last 9 years but I haven't been employed since June 2022 my debt to income is also high because of the 3 homes i already own at this point im kind of stuck any suggestions I should do thanks in advance 

Hi BP!

Hope everyone is doing really well. I am buying a new construction primary in May and hoping for some advice prior.

I have a relatively high DTI due to 7 other other conventional loans and my broker advised that a new investment prior to closing might impact my ability to close.

Our goal is to do an MTR on the new property and I understand we can’t count the income towards my ratios (since it won’t be on a tax return) which is my main concern.

I am wondering if buying the property in an LLC will help with the DTI issue. I know the load through the LLC will still have a personal guarantee since it's a SFH but wondering if this will show up when we go to close on the new primary.

Thanks a ton for the help and advice.

-stefan

Hi guys,

I finished grad school last January '22 and am sitting on top of student loan debt.  I hope to get pre-approved for my first conventional loan in the St. Louis, MO, area as an out of state investor in the next 6 months ($50k-$200k loan,  $20k down).  With payments paused, I have not paid a dime of student loans yet. I'm gainfully employed but do have a gap in employment history due to schooling.    I can't be the only one in this boat --- Can I still get pre-approved?

If you know of any strong STL area lenders, please drop them here too..
 

Hi. I need to do a cash out refinance on an investment property I just finished rehabbing. I'd like to get 80% LTV, but the best I can find so far is 75% LTV. I am in North Carolina.

Does anyone know if an 80% LTV is possible, and if so, where I might be able to find one?

Thanks so much.

Does anyone know of a lender who will do a DSCR loan in Missouri, specifically in lake of the Ozarks? We are looking at STR'S in the ares.

Thank you

Hi BP, 

Over the past year me and my business partner built 3 new homes in the ATL area. My business partner works in real estate full time and I bring most of the money to the table through my high W2 income. 

There are 3 properties (single family homes) that will be hitting the rental market for us in the next few weeks and I wanted to figure out a few financing options given our position. My goal is to try and get the lowest interest + principal payment right now so that we can refinance in 2-5 years once rates come down to a better level. 

None of the properties are rented out right now but we've owned all for almost year as we were completely renovating & building additional units on the land. We work with Kiavi right now but find their long term rental products aren't as competitive as their short term loans. 

Does anyone have any advice on using conventional lender for investment properties, packaging all the properties up together in a portfolio, etc? . All and any advice would be great!

Thanks you in advance for the help! 

BP Fam - can someone please point me in the direction of any lenders that are offering HELOCs on rental properties in the Indianapolis area? I've got a SFH there that has about $125k in equity (50% of home's value) and I am struggling to access that capital. Any ideas or leads would be greatly appreciated. Thanks!