All Forum Posts by: Nick DiFinzio

How's the cashflow going?

Hello,

Any advice on what platforms to list rental properties? I've been using apartments.com but thinking of branching out to other websites. Criteria below:

- Website should be free to list property. I'm fine with creating individual listings on multiple Sites. 

- Looking to get my property on multiple websites so I have better reach (without paying premium)

Also, is Zillow Rental Manager free to list/advertise your property for rent if you do not upgrade to premium? I'm seeing that it is $29.99 for 3 months for premium but wondering if I can list my property for rent for free without the benefits of premium.

Feel free to list what you use and why you like/dislike it.

Thanks in advance :)

Hey can anyone help me compile a list of banks/lenders that do not have a 12-month seasoning period?  Trying to cash-out refinance a property that I own to roll into another deal. Property is located in Binghamton, NY. Thanks in advance!

To add on to the advice that was already given there are 3 different types of lenders 

1. Traditional - this is the 1st you will use and generally has the best rates/leverage - use them until you can't 

2. Local banks - these lenders typically have their own money and so aren't governed as much by the broader market. If you are consistently doing business in an area it is worth looking them up and starting relationship. They usually don't have as much money so you will eventually run into lending limits 

3. DSCR lenders - Because most of them sell their loans the pricing (especially 30 year) fluctuates a lot. The loan level pricing adjustments can really mess with things as well. The trick here is finding a rep that understands your business and can structure the loans so that they align well with your goals and limitations.

Reaching out and developing relationships with all 3 types will be important. The lists can be compiled pretty quickly with a Google search.

Hi Nick, 

I grew up in Rochester NY. If there was work done to the property then there is no seasoning. Otherwise you are looking at 3-6 months. 

Feel free to send me a PM with more information about the property. 

@Nick DiFinzio

I contacted a mortgage broker, Mortgage Pros LLC located in Troy, Michigan.

https://mtgpros.com/

The person I was working with said there is no seasoning. He said I could refinance immediately after the renovation. I wound up not doing a BRRRR though so I don't have first hand experience with a cash out refinance with them. I did a conventional loan purchase on a move in ready SFH in Indianapolis. I'm not sure if they do business in NY but you could ask.

Hi @Nick DiFinzio we only need 90 days of title seasoning in NY for 1-4 unit DSCR based scenarios.