All Forum Posts by: Travis Juntti

@Jay S. Who's your lenders that can provide 15% down on DSCR loan? I know the Mortgage Shop is one.

@Drew Brown I do not currently own any STR or LTR, working towards that now.

@Drew Sygit Yes this does make sense, everything is negotiable.  In reality, I don't see a problem with this regulation.  

@Kurt Heggland did you ever find out who you could use as a "local agent"?  I've been looking into this in Western Michigan and most area's have a similar regulation.  I plan to call a few of them and see satisfies the "local agent" requirement.  As you said, if it's a local property manager, that would make the profits much lower.  Hopefully that could be a handyman of sorts.   

@Jeff Purl, it could be a nice gig for a "resident agent".  I'd be interested if there was one in some of the beach towns on Lake Michigan.  

@Cynthia G. I am looking for a fixer upper, although I'm not ready to take on a major project at this stage.  I'm trying to stay within 45-50 minutes of where I live in Livingston County Howell/Hartland area. 

Thanks @Travis Biziorek I've reached out to some sources and realize I likely will be able to refinance as well.  

@Andrew Postell Thanks for the detailed response!  I do understand conventional and portfolio loans, to a point anyway, I'm an agent not a lender!  As for being prequalified or preapproved, I know at current that isn't a problem, I've actually refinanced twice last year with the rates dropping off a cliff.  

I've been searching for a potential BRRRR property in Metro Detroit. My buy option would be my HELOC which is on our primary residence. Currently it is at roughly 87k and 90% LTV. They offer up to 100% LTV which I'm going for now to have that extra cash available if necessary. If I recall the difference would be 4.25% @ 100% instead of 3.25 @ 90%, interest only.

My question is, will I run into issues trying to do a cash out refinance if I purchased a property with HELOC and I used up most of the 90 or 100% available to me? I'm thinking I would since I have the mortgage on personal and 90-100% used in HELOC. Could be leveraged too high? I suppose this also depends greatly on income coming in. I am a full time Realtor with more than 2 years tax returns.

Any thoughts? Should I not go for the 100% LTV? I do have cash available to use for rehab

@Craig Herring looks like I missed the one in April.  What time is the one on the 3rd Wednesday in May?  (May 15th correct)?

@Craig Herring Looks like I had just missed the January Meetup.  Would like to make the next!