What Is a DSCR Loan - Understanding Real Estate Loans

[@yeshunee]

You explained it so well! Thank you!❤🇺🇲

[@ParisPaidInFull]

Thank you, Mike! This video is so underrated. 🔥I look forward to sharing your channel with all of my friends and family who are looking to get started in RE investing.

[@HardMoneyMikeHMM]

Thank you for the kind words

[@chmada]

This was Awsome!!...thank you!!

[@jamestoland5176]

Great explanation and video, thanks!

[@TheCashFlowCompany]

Your welcome

[@dnasixenterprisellc84]

Great content

[@olgaramirez1447]

Thank u for ur information.❤

[@HardMoneyMikeHMM]

You are welcome. Have a great day

[@derekwhite2602]

Hello, Is it possible to aquire 7 rental properties in 1 year if you get hard money loans first, then refinance to a dscr loan for each property?

[@HardMoneyMikeHMM]

Yes that is very possible. Let me know if we can help with setting it up correctly. Thanks and have a great day

[@joyad911]

I would really like to learn more ...i want to have rental properties

[@HardMoneyMikeHMM]

Awesome! We have an entire playlist dedicated to DSCR loans (kzbin.info/aero/PLb47oHIJnLkIIoh6mXmUzK0-5-3eIa8E9&si=_zx87pSboRFO4-dc). If you ever want to chat, feel free to email me ([e-mail]). Thanks for watching!

[@tameikarafington7129]

Hey Mike so I have a question can I occupy one of the units for DSCR mortgage by buying it into my LLC, rent it to myself? Also can I use a hard money to get the property and refinance it into a DSCR and live in the units and pay back the hard money

[@tameikarafington7129]

And yes if I can I would like to know what does that process looks like, or can I get with you for you to explain that to me

[@thenoteshop9019]

@@tameikarafington7129 Yes lets schedule a time

[@bigbrotherinlife1654]

I wonder if I can use Hard Money for the Aquisition of the property and Refi into a D S R C. .

[@HardMoneyMikeHMM]

Yes you can. Depends on the DSCR lender when you can use the appraised value for the refinance. Have a great day.

[@dnasixenterprisellc84]

Can you use this on larger MF properties, let's say 20+ units

[@HardMoneyMikeHMM]

There are loan products that go up to 24 units

[@ADUSEI6111]

Wait, are they looking at a property u already have or a property you are about to purchase?

[@2pretty4yuhh]

Hi yes, i have this same question? How can we buy a new home with this loan and approximate monthly expnesive? Were you ablo to figure this out?

[@dnasixenterprisellc84]

Are you able to use the seller to hold the 20%-25% to meet the down payment requirement?

[@HardMoneyMikeHMM]

Sorry, not on a DSCR loan.

[@dnasixenterprisellc84]

@@HardMoneyMikeHMM thanks for the response

[@nicholasides4877]

Do I need to have good or bad credit to qualify for Dscr loan

[@HardMoneyMikeHMM]

Sorry I did not get back to you sooner. You need at least a 660 score and the better the credit the better the rate and terms.

[@williamhartman679]

Is there a DSCR loan for new construction?

[@HardMoneyMikeHMM]

Not that I know of. Are you looking for a stated income construction loan or just a one time close loan that converts to a perm DSCR?

[@yamiynyisrael7341]

Hello Mike, What if the property is vacant marketed to be rented?

[@HardMoneyMikeHMM]

That is not a problem. If it is not rented by closing they will go off of average rents in the area (the appraiser estimated this number). Hope this helps. Have a great day.

[@yamiynyisrael7341]

It does! Thanks man!!😎

[@roderickwilliams2408]

What if the home need rehab

[@HardMoneyMikeHMM]

DSCR is for rental ready properties. If it is light rehab you can pay that out of pocket. If it a larger rehab project you may need to use the BRRRR method.

[@andremckenzie7338]

My question is how are they gonna know how much rent you collecting when you trying to use this loan to purchase so you can start renting the property. So what I'm basically saying is being in the initial stages how would they determine what the rent would be?

[@HardMoneyMikeHMM]

Very similar to comping out a properties value you comp out the properties potential rents. Typically people research rents on Zillow, rent.com, craigslist. apartments.com, local property manager sites and others in your area. Another easy way is call a property management company and ask them to calc what the rents would be. Hope this help. Mike

[@gabriellegwen7365]

How do I contact your company regarding this type of loan?

[@HardMoneyMikeHMM]

You can call us at 720.504.1263 Thanks and have a great day

[@viennasicard]

Is it possible and does it affect dscr loan eligibility if I get a business loan to pay for the down payment?

[@HardMoneyMikeHMM]

Would it be a lien on the property? If it was a lien on this property most lenders would not allow it. Hope this helps. Have a great day.

[@ciudadazul8947]

The 20 percent downpayment is killing this "easy loan"

[@HardMoneyMikeHMM]

Yes on purchases that is a hurdle. Refinances and BRRRRR you get to use the equity in the house.

[@jaygray8218]

Hello, Could you buy a single family home with a DCCR loan with intent of renting it out? Or can you only purchase an established multi-family property with rental history?

[@HardMoneyMikeHMM]

You can use a DSCR loan to buy a single family rental and or a multifamily. Either can be currently rented or vacant.

[@charmainmorrison8615]

Can you do a DSCR loan if you have a past foreclosure 4 years ago?

[@HardMoneyMikeHMM]

@@charmainmorrison8615 Yes you can. Three years on most programs. Hope this helps and have a great weekend

[@sarabjitm28]

Can first time home buyer use DSCR loan? With good credit and more than 20% down

[@TheCashFlowCompany]

Sorry to say it is only for investment properties.

[@ljaaraica3372]

So, there really is no difference between an investment real estate loan than a DSCR loan.

[@HardMoneyMikeHMM]

A DSCR loan is an investment loan. It is just one of many investment loans It's an investment loan based on rents and not the individuals income. Thanks and have a great day.

[@3000impact]

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