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All Forum Posts by: Scott Starrett

Scott Starrett has started 10 posts and replied 45 times.

Post: Maximum LTV? 85% LTV? In Ohio

Scott StarrettPosted
  • Rental Property Investor
  • New York City, NY
  • Posts 49
  • Votes 36

@Nick Belsky

Thanks so much for weighing in!

Well I do like to know what all the options are, I can enter the rate (at 85% LTV) into my economic model to see which option would be most attractive. It might be that 80% LTV is the way to go, but still would like to see what the 85% looks like.

Post: Maximum LTV? 85% LTV? In Ohio

Scott StarrettPosted
  • Rental Property Investor
  • New York City, NY
  • Posts 49
  • Votes 36

@jameswray Yes, I already have a bunch of quotes at 80% LTV, and the quotes are quite good. I was just wondering if 85% is possible—but it sounds like it's actually impossible right now

Post: Maximum LTV? 85% LTV? In Ohio

Scott StarrettPosted
  • Rental Property Investor
  • New York City, NY
  • Posts 49
  • Votes 36

Does anyone know of a lender that is offering 85%+ LTV on rental properties in Ohio? This would be for a 4-unit building.

Looking for 30-year fixed interest, asset-based/DSCR underwriting (non-owner occupied investment property financing)

Post: Investing in Cleveland and Columbus OH

Scott StarrettPosted
  • Rental Property Investor
  • New York City, NY
  • Posts 49
  • Votes 36

@markvazquez

I don’t yet invest in Columbus, tho I hope too in the coming year! I still have more learning to do, I like to build a strong investment thesis before deploying capital. 


(My first investments were in Cincinnati.)

Post: Investing in Cleveland and Columbus OH

Scott StarrettPosted
  • Rental Property Investor
  • New York City, NY
  • Posts 49
  • Votes 36

@Mark Vazquez

Yes I agree with @jameswise the population trends in Columbus are more attractive (increasing population)

An older article but interesting perspective —

https://www.forbes.com/sites/adammillsap/2018/08/06/columbus-ohio-is-booming-but-will-it-last/

In Columbus, I recommend learning about potential growth neighborhoods: Southern Orchards, Milo-Grogan, Franklinton.

Post: Newbie based out of Brooklyn, NY. Looking in NY, but also in Ohio

Scott StarrettPosted
  • Rental Property Investor
  • New York City, NY
  • Posts 49
  • Votes 36

@Junix Alcayaga Welcome! I’m also from Ohio and now living in NYC. Happy to help however I can.

Post: Got the EIDL money. How are RE investors using it as “operating”

Scott StarrettPosted
  • Rental Property Investor
  • New York City, NY
  • Posts 49
  • Votes 36

@Angela Yan

Ok thank you so much! And yes, I understand that it is for operating expenses, not for purchasing other assets or real estate. The EIDL might be used for payroll expenses or maintenance expenses, especially if rents collapse after unemployment runs out.

If you do accept the EIDL, I’m concerned that (outside of this loan), it may be difficult or impossible to obtain financing while there is a UCC lien on your business.

Let me know what else you find out.

Post: Got the EIDL money. How are RE investors using it as “operating”

Scott StarrettPosted
  • Rental Property Investor
  • New York City, NY
  • Posts 49
  • Votes 36

Has anyone seen guidance on EIDL collateral and the ability to sell?

  1. 1 — Would SBA prevent you from selling any of the properties if you accept the EIDL? Apparently SBA has to approve the sale of any property, but not sure if that includes real estate.
  2. 2 — Could a UCC lien on this business prevent you from obtaining future any mortgages on additional investment properties? Apparently the SBA places a UCC lien on your property as collateral for an EIDL >$25K, but not certain if that includes lien(s) on real estate.

Post: BEST LOC LOWEST RATE ??

Scott StarrettPosted
  • Rental Property Investor
  • New York City, NY
  • Posts 49
  • Votes 36

@Mohammad Byayyari

One thought is to reach out to mortgage brokers who work with a bunch of different lenders, since they might know how to match you with an appropriate lender. One broker that comes to mind for $1MM+ is:

Blake Janover

https://get.multifamily.loans/

If you message me I can give you his contact info.

Best of luck, sounds like a really nice project.

Post: Analyzing a deal a day after exhausting your criteria in a market

Scott StarrettPosted
  • Rental Property Investor
  • New York City, NY
  • Posts 49
  • Votes 36

@James Morrissey Why only Cincinnati? You could practice deal analysis for Columbus or Indianapolis as well. Definitely generally attractive cities also.