All Forum Posts by: Upen Patel

 Todd,

What are you asking for? Can you elaborate? Are you putting this up for sale?

 First of all, keep asking questions!!! What direction do you want to go now? What is your experience level with the first property? Are you managing yourself or do you have a property manager? 

There are two directions you can go.

1. Slowly build a solid portfolio via Single Family Rentals ie one a year until you can buy two. 

2. Save up for a multi-family in an area where they are more affordable or just affordable. 

I watched @Johnny Quilenderino house hack, cashout refinance and buy his way to 29 units. Maybe reach out to him on some strategies he used. 

 What is their risk tolerance? Right now, not to bad to scale if you are potentially careful. Need a few more tibits of information to really help. Can you elaborate?

 Another thing to consider, are they managed by you or by a PM. With lenders, that does matter. Reach out if you have any questions. I do have a couple of very season investors that I write loans for. Let me know if you would like me to connect me to them. 

Danny,

Recommend you reach out to @Johnny Quilenderino he has been investing in that area for years now (2016). I think he has about 30 units now. He did house hack, then used VA, then commercial. I have been his lender since 2017, it has been fund to watch him grow. He is retired and living in LA, but has a ton of connections back in Hampton Roads.

Condo loans are always tricky. Lots of factors to consider to make sure condo is warrantable. I have a great condo team and am a direct lender. Happy to help.

 Min down payment for Bank Statement (or Non-QM in general) is 10% for Owner occupied and 20% for investment.

Call me now!

• Direct Lender
• In house processing and underwriting
• VA 0% down, NO loan limit
• NO DTI Max - Based on AUS approval (just closed one at 65% DTI)
• 1-4 unit residential
  

I Lend in ALL 50 states!

You can submit your loan application at - http://apply.thefederalsavings...

If you would like to have a discussion, then please grab time on my calendar - https://calendly.com/upatel

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There is no wait period to be able to use rental income. You need to have the income to meet DTI (using the rental incomes) and you have the assets to meet down payment and reserves. If you have that, you can buy up to 10 conventionally financed properties. You can even buy multiple properties at one go.

If you have DTI issues OR you have maxed out the 10 conventionally financed properties, then you would have to go DSCR.

@Chris Seveney Thanks for the tag.

@Kay Kim Yes, you can get a construction loan, it depends on the specifics of the transaction. You don't want to indicate that its a 2nd home loan for the construction and then refi into an investment loan. We would do the construction and end loan, so I will cause a lot of issues with underwriting and you can potentially get in trouble for misstating on the initial construction loan. LTV on a 2nd home construction is not going to be any lower than an investment loan.

Keep in mind that you will have to qualify for the construction loan, even if it is an investment construction, without any rental income.

Hope this is helpful.