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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
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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.
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14 September 2024 | 6 replies
If it is you and your husband buying the house, then only your names should be on title.
14 September 2024 | 2 replies
Then transfer the title to the LLC. but I would consult with someone who has done this process.
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.
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9 September 2024 | 9 replies
Title loans on mobile homes (you see them all the time for cars why not mobile homes).
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20 September 2024 | 73 replies
Had you ever heard of title agents and escrow agents before selling?
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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.
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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).
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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.