All Forum Posts by: Reid Chauvin

Properties can be in LLC for DSCR loans, but they do not have to be.

If you are house hacking, then I imagine you are planning to live in the property. If this is the case, then you can either go FHA and put 3.5% down, regardless of whether there are multiple units, or you can put down 25% and go conventional. The FHA loan limits in Tampa are as Zack listed above.

You do have the option to pay more than 3.5% out of pocket to make up the difference between the purchase price and the max loan limit, which might make sense if it's not a huge difference You also may have the option to use a piggyback loan to cover the difference between between the FHA loan limit and the purchase price. I haven't personally done one of these on an FHA, so I'm not entirely sure if they are allowed.

'Unusual' properties are risky because they are hard to resell, especially in a pinch. Surely you can find someone who can perform an appraisal on it, but would recommend thinking hard about the risk vs reward of this property. 

You would still be able to qualify for non-qm loans like DSCR products which are based solely on the appraised cashflow of the subject property, (and having > 600 credit score). The rates are generally going to be higher than conventional loans, but a great alternative.

Welcome @Matthew Morgan - firstly, thank you for your service. I can't speak to whether or not a coach is worth the money, I'd imagine it very much depends on the coach. I'd echo what was said above about seeking out a local networking organization for real estate investors. I'm actually from Baton Rouge as well, though I don't know of any organizations personally, I'm sure there has to be one. I feel like you'd be more likely to get solid recs on a good coach at something like that rather than online.

If you haven't used your VA eligibility to buy a property yet then you are in a great position to jumpstart your new career - you can get 100% financing on a multi-unit property! You'll have to live in 1 unit of the property, but that's a pretty great start. Biggest challenge will just be finding the right property, as VA appraisers can be tough. Feel free to shoot me a message as I'm more than happy to talk through how you can finance your properties.

Hi @Jordan Fitzsimmons - Your typical loan cap is going to be the conforming loan limit ($586,500 in Dickson County). Your Dad can be your contractor, as long as he's a licensed contractor and you don't work for him (these are my company's rules at least). 

May I ask why you are opting for the FHA OTC instead of a Conventional OTC product?

Welcome @Brad Crye! The Real Estate Investors of Nashville (REIN) has a lot of meetups around middle TN. I joined a couple months ago and have really enjoyed it - highly recommend! 

Hi @Nick Ysidron - I'm from BR originally and have a property there I rent out. I can refer you to the people I use if you want to shoot me a message. I also do a good amount of my lending in BR, so happy to help out on that end as well. 

Hi @Audrey Parzyk - I'm not sure of specific areas, as much of that will depend upon your price range. I'm sure there are some realtors on here who will be able to provide specifics though. Fortunately there's a lot of great areas to live that are within a 30 minute commute to downtown. Good luck with your move and feel free to reach out if you're looking to connect with others in the industry in Nashville! 

I personally just use zillow to see what other comparable rentals are listed for. I know there are far more sophisticated, (and likely much better), ways to price rent. I will stay tuned to see what others do.