Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Ryan Muska

Ryan Muska has started 10 posts and replied 372 times.

Post: Commercial Lender Needed

Ryan MuskaPosted
  • Lender
  • Saddle Brook, NJ
  • Posts 391
  • Votes 217
Quote from @Nathan Harden:
Quote from @Caroline Gerardo:

CMBS/commercial does not touch those low dollar amounts.

Any lender is going to report on your name, even hard money does when you late pay. Anonymous is a fallacy. 

Without 2021 2022 returns demonstrating they cash flow... DSCR or Bank statement loans are your options. Rents for each are $900? You also need some reserve cash in checking and good to great FICO score.

Cost to do small loans is going to make your blood pressure rise. Minimum 2 points $1600, title/escrow $1890/+ impounds/$500 appraisal/ tax recording... we are talking $4000 minimum for each. 


 That high of fees? Wow. No way of getting around all of those fees? Even if I were to blanket them in to one loan? 

Fico is great, right around 770. Rents are Between $1000-$1100.

So you're thinking DSCR is the best/only option?


 Commercial loans have high fees, it's the nature of the business. That being said, even the residential loans you could look into won't be much better on fees (if at all). 

Also, almost no DSCR lender will go under 75K/loan.

It looks like you will most likely have to go with a blanket loan considering all the info you've supplied us with. Even those could be hard if they aren't in the same area/general vicinity. 

Next bet is to go to a community bank and see if they will lend out for you. 

Post: Looking to learn and network!!

Ryan MuskaPosted
  • Lender
  • Saddle Brook, NJ
  • Posts 391
  • Votes 217

Welcome to the REI Industry, Elias!

If you are interested in wholesaling, I'd recommend Jamil Damji's recent book, "How to Wholesale Real Estate"

It is incredibly insightful and a good read (or audio book which is how I got through it)!

Post: HELOC from Investment Property

Ryan MuskaPosted
  • Lender
  • Saddle Brook, NJ
  • Posts 391
  • Votes 217

@Brayden Hrycko is right.

Make sure you speak with a mortgage professional and have them explain the different options and the pros and cons of each option. 

The DTI is going to be a pivotal factor in a HELOC, whereas a cash-out refi into a non-income based loan (like a DSCR) will not take the DTI into account, at all! So just make sure you know what to expect!

Post: Advice request on next steps in a unique situation.

Ryan MuskaPosted
  • Lender
  • Saddle Brook, NJ
  • Posts 391
  • Votes 217

Largely dependent on how much equity you have in the property, you may be able to do a loan in the LLC.

For instance, you could refinance the VA loan into an investment type loan with as little as 15% or 20% down (depending on what type of loan program you will qualify for). If you don't have 15% or 20% in equity in the property, you can also put more money into that (the same money you would use for the down payment on the new primary can be used, instead, as helping with getting you to that 15% or 20% equity threshold to qualify for a DSCR or Conventional investment loan).

I would recommend purchasing the new home in a VA loan as well because you can get the home for 0% down payment, then when you move in a few years do this same process again and have gotten a new investment property for less down payment than you would normally need. For this reason, VA loans are heavily beneficial for investing.

Since this next primary residence you will only be residing in for 6 months, you may have some difficulty with getting a primary residence loan IF you do not disclose to your mortgage professional the nature of your job. If they have all the information, they can more likely help you out.

Never rent just with the purpose of trying to save money. If you plan on saving up for a down payment and it takes you a year to do so, the same property you could have bought a year earlier can then cost 5% more a year later, effectively making your savings amount worth a substantial amount less.

Post: Best ways to market your property

Ryan MuskaPosted
  • Lender
  • Saddle Brook, NJ
  • Posts 391
  • Votes 217

Try Craigslist. This is good for MTR and LTR, so maybe it would work for STR. It is also free, which is a plus.

You could also try social media for your properties.

Post: My Cpa Retired in 2021 and i am doing my own taxes

Ryan MuskaPosted
  • Lender
  • Saddle Brook, NJ
  • Posts 391
  • Votes 217

If you are not confident in your own abilities, why not get a new CPA? 

Paying for taxes because of a misfiling will be more expensive than just getting another CPA.

Post: Low Down payment financing options

Ryan MuskaPosted
  • Lender
  • Saddle Brook, NJ
  • Posts 391
  • Votes 217
Quote from @Joe Snyder:

Thanks for the info. So 20-25% is the boat I would be in. What's the best way you have found to find other partners to raise capital for down payments?


 Some lenders allow for 15% down payment on investment properties.

Investor meetups or private money is a good way to build capital

Post: Trying to get Sec 8 FMR

Ryan MuskaPosted
  • Lender
  • Saddle Brook, NJ
  • Posts 391
  • Votes 217

FMR is going to be the most that a Sec 8 tenant will receive from the government per month. It also represents the cap for all expenses that the tenant can pay (if utilities come out to more than the estimated amount per month, the tenant will still have to pay the utilities).

That includes rent and utilities. So if you plan on getting a rent for 2,000/month and then having the tenant paying utilities, this will not happen. If the tenant pays utilities, you will have to account for the money from that 2k that the government is giving the tenants to pay for utilities. This may look like: 50 for water, 75 for sewer, 50 for trash, 100 for heating, 200 for electric, etc. Subtract those costs and you still may be getting more than 1400/month, but the trade offs for the higher rents are going to be much stricter regulations, more inspections, and required maintenance to the property. 

The way you can figure out these utility costs is by contacting the local Public Housing Authority and requesting the breakdown of utility expenses for Sec 8 tenants

Post: National Home Prices are on the rise. . . . . . Again.

Ryan MuskaPosted
  • Lender
  • Saddle Brook, NJ
  • Posts 391
  • Votes 217

Reaffirms the saying: "Now is always the best time to buy"