All Forum Posts by: Skylar Mcgee

@Corby Goade Thank you for the advice, I’ll definitely keep it as a rental.

The two lenders I found offer DSCR loans, do you have any experience using these loans?

Hey everyone I recently found an off market As-is deal, the seller is super motivated to sell. The purchase price is $100,000, it needs about $25,000 in rehab cost. ARV is $180,000-$200,000. The quick cash would be nice but it would also cash flow $400-500 a month if I kept it as a rental.

I only have one year of self employment, so traditional financing has been no good. I found some great hard money lenders for fix and flips also for long term buy and holds, I’m just stuck on which path I should take. If you were in my shoes what would you do?

Also does anyone have experience using a long term hard money lender?

@Skylar Mcgee NVM it’s conventional:(

Hey, I was wondering if I should take over my cousins mortgage. Here are the numbers

-Current FHA loan is $104,000 with a 3.125 interest rate

-House appraised for $170,000

-current mortgage payment,insurance,taxes $736

-rent goes for $1,400

Also if I pay him the equity he has left in the house, will the actual equity stay in the house once he turns the mortgage over to me? I’m confused on that part

Also I’m newly self employed so getting financing isn’t easy, so I feel like this could be a great way to get started in real estate investing

@Timothy Hero I have the down payment but not a property picked out. I was waiting to get approved first

Looking for an asset-based loan or hard money lenders in NC. I want to purchase my first buy and hold but I’ve only been self employed for 4 months. I heard my only options would be assets-based loans or a HM lender. Please refer me if you know someone with decent rates

Just started a new job 3 months ago, making a very good income. I want to buy my first investment property ASAP. I have a large savings account also. Can I get financing with only showing 3 months of income?

@Tom S. Thanks for the feedback 👍🏻

Got pre-approved for an asset based mortgage with a 7.5% interest rate. I’m currently unemployed due to Covid but have inherited a large savings account from a passing family member. I’m sick of throwing my money away on rent and want to buy my first home. Also my lender requires a 25% down payment. I will refinance into another loan with better interest rates when I find a new job.

Is this worth doing? I feel like anything is better than renting and wasting money.

My fiancé and I want to buy our first house but she is on a leave and I’m unemployed due to Covid, we have a sizable savings account but no income at the moment. We need help getting approved for a fha loan or any loan with a low down payment.

My moms house is paid off and she has no other mortgages, also her credit is decent. Should I pay her to co-sign for us? I want to buy a undervalue property so I can refinance it into my own loan once we go back to work.

Please let me know if this is a good option or even possible