All Forum Posts by: Ty Downing
Ty Downing has started 4 posts and replied 28 times.
Post: New to Jacksonville Florida
- Lender
- Ponte Vedra, FL
- Posts 28
- Votes 5
Welcome to Jacksonville Artem!
Post: In search of VA loan with delayed occupancy
- Lender
- Ponte Vedra, FL
- Posts 28
- Votes 5
Joe,
I think you nailed this one. A DSCR "investor loan" may be the best route for this particular situation.
Post: Thoughts for my first property?
- Lender
- Ponte Vedra, FL
- Posts 28
- Votes 5
*This link comes directly from our calculators, based on information input by the member who posted.
Post: Would you take a 7 year ARM?
- Lender
- Ponte Vedra, FL
- Posts 28
- Votes 5
I agree with Brian, you will just have to weigh the options of are you willing to risk a rising interest rate in 7 years or do you want to play it safe and keep the same rate for the life of the loan. I suppose you could refi out of the ARM but it costs money. Find what works best for your investing goals but I think ARM's are risky and can be costly.
Post: Would you take a 7 year ARM?
- Lender
- Ponte Vedra, FL
- Posts 28
- Votes 5
@David J. Whats the down payment requirement and would you still need to pay mortgage insurance?
Post: New to Jacksonville, FL
- Lender
- Ponte Vedra, FL
- Posts 28
- Votes 5
Post: Hello Bigger Pockets
- Lender
- Ponte Vedra, FL
- Posts 28
- Votes 5
@James Floyd Welcome! Being a newer guy in Jacksonville I can tell you we have an awesome support system here. These guys have been nothing but helpful so don't be afraid to reach out.
Post: Cash vs. Loans - How to get started without ton of spendable cash?
- Lender
- Ponte Vedra, FL
- Posts 28
- Votes 5
@Chris Kennedy That garage sale tip is a golden tip, never even thought about that.
-Ty
Post: 50,000 line of credit
- Lender
- Ponte Vedra, FL
- Posts 28
- Votes 5
Originally posted by @John Ching:
Ty D,
I like your approach of using your LOC and CC in conjunction to buy and fix/flip/rent properties. Just be sure to keep your lines of credit and payments straight! Hahaha...But seriously, keep in mind how you would utilize that CC with regards to paying for things.
Will your contractor take CC for payment? Or, will you utilize convenience checks to access the amount available? Keep those extra fees in mind as they will add up.
As a mortgage banker, I'll tell you it's easier to refinance a traditional investment property (NOO or Non-Owner Occupied) with at least 50% equity. 75% is doable, but at 50%, restrictions and guidelines become more favorable. Lenders usually allow rental income to be used in qualifying at the 50% mark, although 2 years of rental/lease income history are usually required.
Of course I'm referring to conventional lending, whereas private money will come at a higher rate albeit with more flexible terms.
Good luck! Hit me up if you have any further questions with regards to lending.
Cheers,
John
John thats awesome to hear about the 50%, instead of buying 4 properties with 25% down maybe start with one or two with over 50% down. I will talk to my bank that im working the LOC through and see what they think, nothing ever hurts to ask. Thanks for the input and extending the invite to contact you.
Post: 50,000 line of credit
- Lender
- Ponte Vedra, FL
- Posts 28
- Votes 5
I love the reality check man. Thats what I was looking for was a little more word about the Jacksonville lay down. I certainly have some research and networking to do in Jacksonville and in no rush to jump into a deal for the sake of a deal. We do have some personal cash we can use if need be, but just looking for some creative solution to start this crazy ride in Real Estate and have been talking to William. You guys both have been a wealth of help. Hope we can meet up sometime in Jacksonville and do some more talking, maybe even partner up on a deal.