Hi Lenders, currently in the market for a cash flow management tool to help organize payoffs and broker commissions to get a better understanding of how many more loans I can fund on a given month.

I would pull a FHA loan for $665,000 and live in one side and rent the other side out to a family member for $2,000 a month.

Quote from @Jarrod Ochsenbein: I purchased an existing Padsplit with a DSCR loan. 

If scaling quickly is your goal, DSCR loans are a great tool for the refi portion since there’s no 12 month seasoning requirement like conventional loans, and DTI isn’t a factor. 

If you are going to be an owner-occupant, want a low down payment, and are planning to do a renovation, the FHA 203k and Fannie May Homestyle loans are your best optionsHow do you know the property is currently upside down on the mortgage? 

I see people without capital no experience or capital being taught to “help” desperate homeowners by tying up their property in a contract they have no way to successfully close without finding someone to pay more; costing the homeowner behind on their mortgage payments to lose valuable time that can easily lead to foreclosure; I see a program taught to students to take over a property ‘subject to”, leaving the seller unable to qualify for further mortgage financing, responsible for a loan secured by a property he no longer owns, and all held together by someone with 0 experience, limited or no capital, and no liability.  

@Alejandro Martinez we have done loans for several Canadian clients that purchased in the US.

The DSCR loan would allow you to qualify based on the rent you are collecting and get up to 75% of the value (175 x 0.75 = 131.25k, minus 20k payoff and closing costs.You could get a line of credit or a bridge loan against it to borrow money, but it would be higher interest.

.- Do you have 200-250k cash, or is that what you can get with your loan amount?

You can talk to the bank about a loan; however, my bet is they will want some form of contract and scope of work and will only pay him at set milestones.