All Forum Posts by: Rob Schou

Hey all! My normal insurance provider(Erie) said they will not provide coverage on a rental we are about to purchase due to the home having fireplaces. Anyone have suggestions on other insurance companies to reach out to? 

Awesome job! Don't get discouraged if the deal doesn't happen right away. Focus on building a relationship with the owner and the deal will happen organically

I just asked a similar question and the consensus I got is that a HELOC on an investment property is pretty hard to come by. Some lenders will offer bank statement loans or you could possibly look at a HELOC on your primary if you have equity in it.

 Nope, can't prove it's my primary

That's what I would use in MD, BUT not sure if there are specific requirements in Oklahoma City. Hopefully someone from that area will chime in or reach out to the real estate agent that helped you purchase the property for their input/advice

Are you losing money on a monthly basis (cashflow) or are you upside down on your mortgage?

Honestly in this market breaking even is not a horrible thing, especially if you're looking to hold the property long term and it's a market that has seen reliable equity growth

For me, I just dove into Google Reviews and started calling. If they didn't pickup or call me back within a day, I crossed them off my list. After I got a few options I tried to get the best pricing/terms for me by having them bid against each other

Thanks! What's the best source for non-QM second mortgages? I cannot qualify for a traditional HELOC due to being self-employed/real estae agent

SFH Located in Leonardtown, MD. Worth 400k and 240k principal balance. Currently rented for $2550

Hey all!

Long story short, I want to finally refinance a property we bought and rehabbed in 2022. The low interest rate on the property has been holding me back from refinancing but a great opportunity has come up and I want to move the equity to the new project. Any recommendations on who to use for a DSCR cash-out refi? Has anyone ever found a DSCR HELOC product?