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18 September 2024 | 13 replies
Columbus OH for example is a popular choice, with the city experiencing impressive property appreciation surpassing the national average.
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16 September 2024 | 1 reply
Having a good understanding of how to underwrite industrial deals is critical, as there are some major differences between multifamily and industrial underwriting.I built out a custom model for underwriting Industrial deals, has helped a ton.
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15 September 2024 | 10 replies
Sounds like a follower of a recent popular Guru spreading very bad ideas.
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17 September 2024 | 11 replies
After much back and forth with our attorney and their regulators, etc they decided series LLC’s should be a part of their customer base and have rewritten their policies to accept them (and us).
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18 September 2024 | 19 replies
Different platforms are popular in different areas.
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16 September 2024 | 3 replies
I'd start with Vacasa and Evolve customers in your market and unapologetically state that you are new, hungry, and cheap.
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17 September 2024 | 20 replies
I currently live next door to one of the areas most popular restaurants and my vehicle is somewhat distinctive if you notice it simply because no one else in the area has one, not because it’s an expensive sports car or something.
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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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19 September 2024 | 43 replies
The issue I have is that the customer support at FTF is pretty horrendous.