Wishing great success to you entering into the world of apartment renting! I come from decades of working at the large, national and statewide Property Management organizations (overseeing the 300 unit / 500 unit apartment communities)…I teach small landlords all the tips and business practices that we train our leasing agents on over at that side of the industry. Class topics include fair housing, marketing and leasing, application processing procedures, leasing safety protocol, proper documentation practices to minimize fair housing issues, resident retention ideas, and more.
@@mbekka1 I hope you come check out my landlord Training courses. I come from decades of working at the large, national and statewide Property Management organizations. I teach small landlords all the business practices that we train our leasing and management staff on , such as proper documentation to avert fair housing allegations, thorough application processing procedures, safety protocol when showing apartments, marketing and advertising dos and donts, resident retention ideas, and more. Now if you are in the mindset of planning to hire a management firm operate your property, these classes will also help in this sense-👉Once you learn these things, it will be much easier for you to interview potential management companies and better determine whether they have it together or not.
If you pay off a loan that has a prepayment penalty during the prepayment period, this would trigger the penalty. Regardless if you get a new dscr or nor.
I'm trying to get information on something for a 3 unit property with potential subdivision for 7 more . I have people in line to rent but the property is over priced and has been sitting for over 200 days . My plan is to get the property and put 3 more affordable homes for rent .
Any work around on down payments for DSCR in a rural area? A broker recently told me a property classified as rural results in 65% LTV. This specific property is 27 miles from a city with almost 200k population.
Hey Jeff, I scheduled a conversation. Looks like the earliest you have is the 16th. What's a chance to make it sooner? Have a few deals needing financing asap
So as a real estate investor, I could get a DSCR loan for multiple properties? As long as the rent covers the mortgage, I can afford the down payment and I have enough reserve for maybe 6-12 months for the properties?
Thanks Jeff I'm working with a client and they want to close a 5 unit multi family based in CA in LLC that two friends have setup. How does that works?
This would work. Most lenders will want them to have some experience in RE investing, but there are lenders who will do it without the experience as long as it's a good deal. Happy to take a look if you'd like?
In order to qualify for a dscr loan what is not clear is that you actually need to have collateral in another property that they can leverage against in order to qualify you for the dscr loan. Is that not correct?
If you're getting into investing in more units, let's chat: calendly.com/jeff-trevarthen/15-min-call
I’m working on getting something your way that Tallahassee property the numbers didn’t work thanks for the video keep them going
Thanks Brian!
Great information !!
Thank you. :)
Are these commercial loans assumable??
Great question. They are not unfortunately.
I love my multifamily properties. Great passive income.
The best!
Wishing great success to you entering into the world of apartment renting! I come from decades of working at the large, national and statewide Property Management organizations (overseeing the 300 unit / 500 unit apartment communities)…I teach small landlords all the tips and business practices that we train our leasing agents on over at that side of the industry. Class topics include fair housing, marketing and leasing, application processing procedures, leasing safety protocol, proper documentation practices to minimize fair housing issues, resident retention ideas, and more.
how did u start >?
@mbekka1 one day at a time. 👍
@@mbekka1 I hope you come check out my landlord Training courses. I come from decades of working at the large, national and statewide Property Management organizations. I teach small landlords all the business practices that we train our leasing and management staff on , such as proper documentation to avert fair housing allegations, thorough application processing procedures, safety protocol when showing apartments, marketing and advertising dos and donts, resident retention ideas, and more. Now if you are in the mindset of planning to hire a management firm operate your property, these classes will also help in this sense-👉Once you learn these things, it will be much easier for you to interview potential management companies and better determine whether they have it together or not.
If u refi to get cash out and use the same dscr product is this a prepayment
If you pay off a loan that has a prepayment penalty during the prepayment period, this would trigger the penalty. Regardless if you get a new dscr or nor.
@@JefftheMortgagePro Thanks.
Jeff can we set something up asap. Have a 10 unit that’s priced well and will not last long
Sure, give me a call 408.761.6849
I'm trying to get information on something for a 3 unit property with potential subdivision for 7 more . I have people in line to rent but the property is over priced and has been sitting for over 200 days . My plan is to get the property and put 3 more affordable homes for rent .
You could use DSCR to buy it.
Any work around on down payments for DSCR in a rural area? A broker recently told me a property classified as rural results in 65% LTV. This specific property is 27 miles from a city with almost 200k population.
For 5-10 units, there's a few that you can still do 25% down on even if it's rural. If it's got great cash-flow, we can make it work.
@@JefftheMortgagePro sounds good I sent you a calendar invite, we can discuss more soon.
Hey Jeff, I scheduled a conversation. Looks like the earliest you have is the 16th. What's a chance to make it sooner? Have a few deals needing financing asap
I'll try to give you a call Friday.
How will this loan be underwrite for apraiser by NOI like a comercial loan or comps like residential
Comps like residential
So as a real estate investor, I could get a DSCR loan for multiple properties? As long as the rent covers the mortgage, I can afford the down payment and I have enough reserve for maybe 6-12 months for the properties?
This loan is for one property only, consisting of 5-10 units. Like a 5-plex up to 10-plex.
@@JefftheMortgagePro ok thank you!
Thanks Jeff I'm working with a client and they want to close a 5 unit multi family based in CA in LLC that two friends have setup. How does that works?
This would work. Most lenders will want them to have some experience in RE investing, but there are lenders who will do it without the experience as long as it's a good deal. Happy to take a look if you'd like?
What’s the interest rate on a DSCR loan (range)?
@@JefftheMortgagePro whats your email? let me send out the scenario
In order to qualify for a dscr loan what is not clear is that you actually need to have collateral in another property that they can leverage against in order to qualify you for the dscr loan. Is that not correct?
You do not need collateral in a different property. If purchasing, need cash for down payment. If refinancing, use that property for collateral.
Any suggestions on lenders or investors? I am a mortgage broker working on setting up good lending options for my clients.
Name of the lender
There's a couple...Oaktree Funding and Ameritrust to name a few.
You should sharpen the focus on your face.
Will do. I'll talk to my editor.
@@JefftheMortgagePro audio is sharp thou 💪🏾