All Forum Posts by: Staci Rogers

Hi Collyn,

Being self-employed is definitely not a deal breaker. Since your most recent tax return is from 2022, it would be helpful to provide your lender with 2023 balance sheet and P&L statement until you can get your 2023 tax return complete. Feel free to reach out if you have any questions.

Staci Rogers

@Harshal Hiray I have not encountered this with the investors I have assisted. Please feel free to reach out to me if you have any questions.

Thank you,

Staci

@Zachary Chaudoir @Wes Ingram @Ron Avellan

I've been assisting a lot of members with investment properties in Terre Haute, so I am happy to assist and/or make connections.

Staci

Thanks @Kerry Noble Jr!

Hi Jesse,

I am happy to connect. We have a great program for investment real estate and lend throughout Indiana.

Thanks!

Staci

Hi Ashley,

I am happy to hear you are considering Indianapolis. I am happy to connect.

Thanks,

Staci

Several areas in Indiana are still doing well with cash flow. Indianapolis and the counties immediately surrounding Indy, as well as Terre Haute are areas where I am seeing the most activity with investors. I've also seen some investors do well in the Columbus and Evansville markets in Indiana. 

Staci

As a lender, we would include the HOA in the DSCR calculation, regardless of whether the tenant paid the expense or not. If the property is vacant, you will be responsible for the HOA fee.

Staci

Hi Michael,

Some lenders will do lines of credit on investment properties, so it's not impossible to find.

A couple things to consider:

Advantages to a line of credit: You can reuse it as you pay down the balance and payments are typically interest only. 

Disadvantage to a line of credit: They are almost always a variable rate.

I would also suggest checking with your local lenders to see if they will allow an equity take-out second mortgage. It would allow you to keep the first mortgage on the properties intact as they likely have lower rates than the current market rate. This will allow you to only pay today's higher rate on the additional funds you are borrowing instead of doing a complete refinance.

Staci

Hi Jill,

Search Facebook for properties for rent groups in your area. I also see a lot of investors post in general Facebook groups designated for a specific city or county and have success finding renters. Good luck!

Staci