Quote from @Jeffrey Guarino:
Quote from @Matthew Wolk:
No Non QM lender would do this, minimum is 75K loan amount.
Hey Matthew, the loan amount I proposed was $92k, above the minimum you've provided. The question I'm asking here is, is there anything I can do to get this property valued based on NOI and not comps? I'm willing to buy more properties cash (SFH or duplex or triplex) and blanket them as a portfolio if necessary. Do you know if this will help me receive an NOI based valuation?
Thank you
Jeff
Jeff,
My apologies for the oversight. I do these DSCR cash outs all the time. Basically you will be able to get up to 75% of your money out of the house so your calculation is correct. Then as long as your mortgage payment is less than your rent ($1,000) you will be good to go. You will not need any income documents for this and you can do a cash out based off the rent you are receiving. An appraiser will not only value the home but also complete a market rent analysis. The lender will use which ever is lower, the market rent analysis or the amount of rent you are currently getting (if you have tenants in there for at least 3 months, I know lenders that will let you use the actual amount on the lease over the market rent analysis. So yes, you can use NOI on this. When did you buy the property? You would just need to wait 6 months from whenever you closed on the home.