All Forum Posts by: Mark S.

Anyone ever invest with Kingdom Storage Partners (Scott Meyers)?  Interested in learning about others' experiences as I consider them. I searched BP and didn't fund much. Thanks in advance.

@Montez B., most wouldn’t get out of bed for $90/month.  That’s less than a nice dinner.  Give it a try and if you don’t think it’s worth it, at least it was $90 and not $900.  

@Timothy Hero, @Stephanie P.'s comments above seem to differ from yours. While the loans may not technically show on personal credit anymore, if in the process of going through underwriting for a new conventional loan in the future for a new purchase the properties are found on tax returns, then the DSCR loan effectively really didn't improve the remaining loan slot situation.

@Timothy Hero, you're not reading the question. The question isn't about DSCR lenders doing loans. The question is whether or not a DSCR loan helps with new purchases of new properties on conventional loans. Per the above, it sounds like it does not.

@Stephanie P., so essentially if I have 4 loan slots open now, after a new DSCR loan, I still only have 4 slots. And now that they're all (the rentals) under the DSCR loan, it's even more difficult to implement the strategy you're describing with equity repositioning to pay off higher equity/lower LTV properties. I should expect that the 5 rentals covered by the new DSCR loan are now even more "permanent" in terms of not refinancing again later/ever.

So what it seems to come down to is whether or not to do the DSCR loan for other reasons (pull equity out for reinvestment, lower interest rate, etc.), but that re-opening loan slots isn't one of them (even when certain DSCR lenders are quick to tell me that my existing conventional Fannie/Freddie loans will no longer show on my credit report). It sounds like while technically it's true that they may not show on my credit report, that when underwriting for the next new purchase using a conventional Fannie/Freddie backed loan digs deeper, they will still count these 5 properties as financed and the new DSCR loan really didn't help me in that regard.

Am I following what you’re saying?

@Nick Belsky, thanks for the quick response. I get that DSCR loan doesn't count towards Fannie/Freddie. My question is when that DSCR loan pays off 5 Fannie/Freddie backed loans (so homes aren't free and clear, they just no longer have Fannie/Freddie backed loans on them), does this DSCR loan OPEN BACK UP 5 of my Fannie/Freddie loan slots?

I'm considering a few DSCR lenders. I've narrowed it down to about 3. Conventus is one of them. I'm wondering if anyone has any experience working with them. Online reviews seem pretty good for the most part from a customer standpoint. Employee reviews about culture/working there on Glassdoor seem overall very bad having not so great things to say about management/CEO/etc. I did read a few posts on here about someone extremely angry about the servicer they supposedly use, Shellpoint.

They have been extremely communicative and responsive thus far in the early stages of agreeing to terms on the loan and seem very “eager to win this loan” and “win my business.”  While I appreciate their responsiveness on the one hand, the repeated phone call, followed by a text, followed by an email seems a bit much at times.  I even got an email from the CEO last night sort of randomly after speaking with someone at Conventus, telling me he started the firm 6 years ago, and expressing how he really wants to “win this loan.”  Again, I can appreciate it on the one hand but on the other hand, he almost sounds too excited and the whole “win this loan” thing seems a bit cheesy.  

Trying to look beyond the initial sales side of things that I’m experiencing now, I’m wondering what my experience with them might look like going through the process and beyond.  I would imagine it’s very transactional in nature like most loans, and ultimately my satisfaction (or not) will rest not with them, but with the servicer. Should I be looking more closely at the servicer?

Does anyone else find it a little odd how “hungry” they are?  Or should I just appreciate that a lender even picks up the phone in this environment because everyone is so busy?  Just trying to put things in perspective.  Thanks. 

Not sure why this is such a difficult question. I've heard different things from different people. I've spoken with both DSCR lenders and conventional lenders. No one seems 100% sure. I've heard everything from yes, no, I don't know, and here, read these guidelines.

I have 6 conventional Fannie/Freddie backed loans: 1 on primary, 5 on single family rentals. This takes up 6 of the 10 allowed conventional loan slots, leaving me 4 loan slots for Fannie/Freddie backed loans. If I do a DSCR loan for the 5 rentals and in the process the 5 Fannie/Freddie backed rental loans are paid off, how many conventional Fannie/Freddie loan slots do I now have? 9? Still 4?

Some say it is based on loans. Some say it is based of financed properties (does a DSCR loan count then because those properties are technically still financed - only now by a DSCR loan instead?)?

Does anyone have a definitive, absolute answer on how this works?  

@Trey Perdue What are the details on the property (BR/BA, sq fr, original build year, etc.)?   What zipcode are you in?  What are you getting for rent?  I have several with MSHB and curious.  

Good point,@Matt Devincenzo. I thought (and surprisingly was told by at least one DSCR lender) otherwise.