All Forum Posts by: Reid Chauvin

@Chad Keilen - I'd think that you can get an Investor Cash Flow Loan somewhere, so you don't even have to provide any of your income info. These are also known as DSCR loans, and they just require your property to cash-flow at or over your mortgage payment (as determined by an appraiser or an executed lease), plus you must have at least a 600 credit score. Max Loan to Value is 80%.

I'm not personally licensed in the state of GA, but if you're unable to find someone who offers this and you are intersted then I can put you in contact with someone from my company who is licensed in GA. 

In a similar situation and also looking for good intel. Eagerly awaiting the replies. 

Congrats on the successful flip @Sheila Smith Oliver!

You can consider projected income from the property, (as determined by an appraiser) as part of your DTI. This should help you to qualify for financing.

I can do renovation loans in VA where the renovation costs are included as part of the loan, with only one closing. Your loan amount will be based on the expected value upon completion, but for an investment property you would only have to put down 15% of that expected value (plus closing costs), instead of paying for reno costs out of pocket or with another loan.

Hi @Tyler Volk - I'm from Baton Rouge originally and still manage a rental property there. More than happy to share any insights that I can offer. 

$1,000 is what I'm currently seeing for appraisals in ATX with a turnaround time of 2-3 weeks. $2,400 would be pretty tough to swallow..

@Ryan Daniels I see that you already have funding secured, but feel free to reach out if you have any questions, want a second opinion, or want to talk through financing strategies. Always happy to share my perspective with fellow investors. Good luck with your first rental! 

Well put, @Chris Mason. I don't know that you're going to find anything better than 15% down on a true investment property, @Adam Roth. At least, not at conventional rates/terms. 

Hi @John Lee - this sounds like a pretty good opportunity to give renting out a property a trial run, if it's something you have interest in. I'd suggest reaching out to a few property mgt companies in the area to get quotes as well as their opinion on whether upgrades are even necessary in that particular market. I'd look at the numbers they provide and see if it still makes financial sense. If renting it out doesn't go well then you can always sell. 

Happy to answer any questions re: refinancing or purchasing. I just moved from DC and am licensed to lend in VA.

Hi @Sreenivasa Munnangi - I am licensed to lend in both VA and TN. Feel free to reach out if you have any questions!