All Forum Posts by: Tim Hemmersmeier

@Robin Simon

Thanks for the reply! That could make a lot of sense! How do you find a list of some of these DSCR lenders?

Hi,

As I am thinking about pursuing my first deal, I have a few questions on some pros/cons of starting with a residential (1-4 units) vs a multifamily (5+ unit) property, specifically in regards to financing. 

I am aware of some of the differences with regards to LTVs, length of financing, etc, my question is do lenders truly own look at the property for multifamily & LTVs & debt coverage ratios & not the borrowers ability to qualify? Does the bank pull personal credit & will that loan affect your DTI when you try to get future mortgages? I would like to use the BRRRR strategy to build a single family portfolio, but am concerned about the ability to continue to qualify for additional mortgages. Obviously terms & conditions will vary greatly from lender to lender but I am looking forward to hearing everyone's thoughts & any other pros/cons for doing a commercial property for a first deal vs a residential!

Thanks,
Tim

@Cherie Orellana Thanks for the response! I agree with your assessment of the SLC market. 

As for the 3 or 4 unit formula, can you show me where this formula is? My understanding is that you have to stay within loan limits by county on purchase & within debt to income limits as part of the approval process (and I believe you can count rent as income in DTI?).

I want to make sure I am properly evaluating properties & I appreciate you reaching out!

-Tim

@Will Fraser. Just so can you my reply above

Thanks @Will Fraser for the response! I will reach out to Grant & look into that group. Do they have a website or another way of getting in touch with them?

Hi all,

I am looking to buy my first investment property in Salt Lake County as a 2-4 unit, FHA, owner occupied loan. I would love to talk with like-minded investors, agents, sellers, mortgage brokers, contractors, etc to learn more about your businesses & discuss my goals. If anyone has any recommendations on people to reach out to or wants to connect, reach me here & I would love to connect!

Thanks,

Tim

Thanks @Jerel Davis! Looking forward to using some of these strategies.

I am trying to make a list of properties that fit certain criteria (property type, location, units) for the purposes of cold-calling or other off-market acquisition strategies. 

I wanted to see what strategies people are using to 1) create this list & 2) finding contact information for these property owners. 

I am looking forward to hearing all the different strategies that have been succesful for people!

Thanks @Cedric Marlow. Great advice. Best of luck to you!

Thanks for the reply Steve! For title, do you mean the County recorder's office or a title company? I am not following the DIY version 100%. Can you provide a little more guidance? Happy to connect off the forum as well.

Thanks,

Tim