All Forum Posts by: Robin Simon

Are you currently occupying the condo? If so, then you can't do DSCR (non-owner occupied only) and HELOC would probably be your best bet

 I'd really recommend the East Austin / Govalle neighborhood, or really anything around Cesar Chavez.  Tons of development and all of the "cool" spots are migrating to this area, especially as downtown and Rainey get the soul drained out of them by generic high-rises.  Not far off from MLK area but this is the best bet in Austin in my opinion 

DSCR is probably your best bet

DSCR loans/lenders should uniformly take the lower of actual or in-place as a pretty firm industry standard underwriting guideline. If you are quoted something else from a lender presenting it as a "DSCR" loan, you should tread carefully, as something fishy is likely going on

 Generally, the only downside of non-QM will be the higher rates/points than conventional

Hi Meredith - sorry to burst your bubble but DSCR loans are strictly for investment properties and you have to sign loan documents / affidavit that you will not live in the property. Good news is that there are a ton of non-DSCR options for your situation, generally look for a non-QM mortgage broker. Also, it will be pretty much impossible to qualify a property that is a 4-bedroom SFR with multi-tenant rental income, you are much better off doing this as a duplex/triplex/quadruplex, living in one and having the tenants actually renting distinct units

@Jaron Walling I think 30% is reasonable, this data from apartmentlist in January had 21.3% and the rent growth acceleration has only continued the last few months.  https://fox17.com/news/local/n...

Also remember rent growth lags general inflation because change in market rents can't just be imposed, need to wait until the lease rolls, so even if inflation is topped, rents should keep increasing over the rest of the year as leases catch up

@Allan Smith Not sure what you are talking about, the 30% increase was included in both 2022 calculations.  The "inflation" in rate was baked in to increase from 4.500% to 6.250% which is a 39% increase...

Hi Aaron - I would love to help, we are right up the road in Austin and specialize in these exact types of loans - quick 3-month cash outs on a 30-year fixed refinancing, we can lend up to 75% LTV / 100% of your basis/equity. Series LLCs are OK as well, we just did a big series LLC deal in Galveston.

This is my house in East Austin to a tee - I am a big fan.  The only downside is the white can get a bit dirty with bugs and debris so need to hose down and clean from time to time