Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
Results (10,000+)
Andrina Maximin Has anyone used a DSCR Loan, what are your experiences with loan product?
18 September 2024 | 15 replies
Below are some general notes on DSCR loans:* usually used for single family or 2-8 multi family unit properties (fits your scenario)* must be for investment, non owner occupied (if looking for a product for alternative qualifying solutions for owner occupied there are other products)* can close in a personal name or LLC* usually 80% LTV for a purchase (20% down payment) & usually 75-80% LTV for cash out refis* prepayment penalties vary and are optional, but the higher the prepayment penalty, the lower the rate / options typical range from no prepay all the way up to 5 year prepay and structures vary for how those penalties work (3 year is my most popular by far)* appraisal most likely required and paid out of pocket during transaction* can be used for long term, mid term, or short term rental properties * generally 1%+ is the desired DSCR ratio but you get better rates if the ratio is higher (usually rate breaks kick in at 1.15%+ or 1.25%+) and you can still get the loan done if ratio is lower than 1% but the rate will reflect that (DM me if you wand help learning how to calculate the ratio)* the average time to close is 21-30 days* fees vary lender to lender and product to product, but $1595 underwriting plus title fees is pretty standard* 700+ credit is preferred to get max LTV, but plenty of options if credit falls below that* a typical loan minimum is $75k (have limited options for $50k+) and typical loan maximum is $3-4m (have limited options for $4m+)* 3 months reserves usually required, having 6+ months will usually result in better loan terms, 0 reserves can still get the job done if you go with a program that allows you to use the cash flow as reserves* 30 year fixed, IO, and ARMS available
Ray Slack Question about Lien on Upset tax sale Purchase
14 September 2024 | 11 replies
Contact the Tax Claim Bureau and ask if the Pa lien is on their title search, if not provide them with the evidence so they can pay it off.  
Rachel Leonard Buying a house to rent to my in-laws
14 September 2024 | 6 replies
If it is you and your husband buying the house, then only your names should be on title
Anthony Prilo How to refinance property out of residential loan into LLC
14 September 2024 | 2 replies
Then transfer the title to the LLC. but I would consult with someone who has done this process.
Thomas Johnson OK to negotiate with Closing Attorney/Title Agency when doing multiple flips?
10 September 2024 | 0 replies
When we purchase a property, we have CA fees (title search, owners title insurance, lender's title insurance, attorney fees, etc.) and when we close/sell a property we again have CA fees. 
Dustin M. Title loans on mobile homes
9 September 2024 | 9 replies
Title loans on mobile homes (you see them all the time for cars why not mobile homes).
Billy Knox Why use a Real Estate Agent?
20 September 2024 | 73 replies
Had you ever heard of title agents and escrow agents before selling?
Ryan Dunn Best way to sell a portfolio
13 September 2024 | 7 replies
A reverse exchange is where the intermediary creates an entity to take title of  your replacement property before you close on your relinquished property.
Saulo Dias What Matters Most for Vacation Rental Success?
14 September 2024 | 26 replies
I have seen identical properties next to each other with one producing $63k and the other $140k and the only difference is who is managing it (including self managers).
Michael Lynch Help with background check information
11 September 2024 | 2 replies
You want a service that provides a full credit report, full criminal, identity verification, etc.Then it would help if you had clear screening criteria.