All Forum Posts by: Steven Goldman

Investor and Commercial Loan Consultant

Brent their are a large variety of specialized lenders who lend on credit score, cash reserve and debts service coverage only. Your D.T.I. is not a issue. We represent 25 lenders who have products that would get you where you want to go. Keep in mind the market is in a state of flux so that the product guidelines are evolving in the new reality of lending in a pandemic.  We suggest that as you come across properties you are interested in, that you run the scenario past a mortgage consultant to insure it will qualify. Each company has their own matrix and qualifications. Debt service coverage ratios, fees and charges vary widely.  

Good luck, Steven Goldman, G2 Loans/Goldman Mortgage Lending LLC

Columbus,Cleveland, Canton and Akron, Ohio are very undervalued as is all of Ohio. Your dollar can go along way in these markets. Rents are stable obviously well below Cali., but the properties satisfy Debt Service Coverage requirements for most lenders. If you are going to fund these purchases with hard money, or funding company money, and you will need to cash out refi, or refi., I suggest you have a investor mortgage specialist look at the deal prior to contract to insure you will be able to exit if it is a BRRR type transaction. The financial markets are unstable at the moment and you must pre-plan your exit strategy. Especially, if it is a fix,hold and refinance deal. (BRRR)

Steve Goldman 

G2Loans

Investor and Commercial Mortgage Specialist

If the seller is providing a clear Certificate of Occupancy then the property is turn key and not in need of major rehab. If the seller is not providing a certificate of occupancy, you may be able to close, but you will have to bring the property to code before renting it. Any major rehab. will not be warranted with a certificate of occupancy. If you are Brrrring, then you will by necessity have to buy properties that can not be occupied at the time of closing. I hope this helps you. You should make sure you or your contractor are familiar with the city, town or townships building codes to insure you do not underestimate the rehab. I wish you good luck!