All Forum Posts by: Nicholas Ruscio

Hi LaToya,
Finding approval for smaller loans can be tough. Your renovation budget should help you. Would you be able to raise the rehab budget to get you up to 100K total loan value? If you have experience you should qualify for a "Heavy Flip"  

Feel free to connect. 

Hi Arjit, 

There should be DSCR loan options available for you. Always here to help answer any specific questions.

Hey Joel, 

Heres a list of some towns ive noticed clients investing in. 

Over-the-Rhine
Walnut Hills
Oakley
Clifton
Mt. Adams:

Please let me know if you have any questions or would like to connect.

Hello,

Congratulations on your decision to dive into the world of real estate investing and pursue a house hacking strategy in Houston. Here are some answers to your questions below. Please feel free to reach out if you would like to chat further. I am very diverse with financing and flood insurance and can provide some further insight. 

Neighborhoods: For house hacking in Houston, consider neighborhoods like Midtown, Montrose, the Heights, and the Museum District. These areas have strong rental demand, proximity to amenities, and potential for future growth due to urban development.

Property Search: Online platforms like Zillow, Redfin, and LoopNet are great for searching multifamily properties. Networking with local real estate agents who specialize in investment properties can also provide valuable insights and off-market opportunities.

Market Analysis: Keep an eye on factors like job growth, population trends, infrastructure development, and economic diversification. Areas with expanding industries and urban revitalization tend to have good appreciation potential.

Financing: FHA and VA loans are excellent options for first-time investors. They typically offer lower down payments and competitive interest rates. Reach out to mortgage brokers / lenders to explore your best financing options.

Property Management: Handling property management yourself while living on-site is manageable, especially for a small multifamily property. As you grow, you might consider outsourcing to a property management company if the workload becomes challenging.

Due Diligence: During due diligence, scrutinize the property's financials, condition, and rental history. Look for any maintenance issues, legal disputes, or deferred maintenance that could impact your investment.

Lessons Learned: Make sure to do tenant screening, setting clear rental policies, and have a contingency fund for unexpected expenses.

Local Networking: Explore local meetups like the Houston Real Estate Networking Club and the Real Estate Investors of Houston (REIoH). Attending these events can help you connect with experienced investors and gain insights into the local market.

Tips for Negotiation: When negotiating, be prepared to walk away if the deal doesn't align with your financial goals. Research comparable properties, understand the seller's motivations, and be open to creative financing solutions.

Thanks, 

Hi Aaron, 

I wish! Right now the average timeframe is 3-6 months 75-80% LTV. Is there a reason you are looking for 90% LTV? Looking to fund another project? Please feel free to reach out with any questions.

Hey Eric, 

For a general estimate, lenders typically consider your income, DTI, and credit score when determining your loan amount. With your current financial profile, you may be eligible for a substantial loan amount. However, to get a more accurate estimate tailored to your goals and the specific real estate market you're targeting in Ohio or Florida, it's advisable to engage in the pre-approval process. Please let me know if you would like to discuss further.

Hey Brad, 

There are plenty of lenders who would fund a project like this. Feel free to send me a PM with more information and I can try to connect you. 

Thanks, 

Hi Jared, 

Like Erik mentioned it makes more sense to refi them individually. If you do decide to blanket them make sure the lender you work with will allow for an individual property sale break. Feel free to reach out with any questions!

Thanks, 

Hey Joel, 

House hacking is a great way to start your real estate journey. There are plenty of brokers who would help you find the best loan. FHA would be preferred due to the loan interest rate. Feel free to PM me with any questions. Have you considered if this property is in a Special Flood Hazard Zone?

Best, 

Pennsylvania: Where the past shakes hands with the present, and cheesesteaks meet rolling hills.

I have not heard of this law but like others have mentioned I have seen DSCR loans without pre-pay penalties. Feel free to send me your information and we can take a look together.

Best,