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Survey: Short Term Rental Income to Help You Qualify For a Loan?

40 Replies

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  • Posts 1
  • Votes 10

BiggerPockets .com
from Denver, Colorado

posted over 3 years ago

Hey there, BiggerPocketeers!

I'm looking for feedback about the ability to use short term rental income to help qualify for a mortgage. Would you be interested in taking this short survey ?

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  • Posts 1.0K
  • Votes 513

Stephanie Medellin
Mortgage Broker from California

replied over 3 years ago

Is this an official biggerpockets account?

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Check Rosette Top Subjects:
Tenants, Analyze Deals, and Team
  • Posts 1.6K
  • Votes 2.6K

Scott Trench
President of BiggerPockets from Denver, CO

replied over 3 years ago

Yes it is! @Stephanie Irto

This feedback may be really helpful in helping a new product form around mortgages. Can't say more right now, but this could be really cool! The more responses, the better. 

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Check Rosette Top Subjects:
Team, Traditional Financing, and Analyze Deals
  • Posts 286
  • Votes 272

Jonathan Pflueger
Rental Property Investor from Ben Lomond, CA

replied over 3 years ago

Interesting concept, something I am definitely interested in. 

Survey completed!

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Check Rosette Top Subjects:
Tenants, Finding & Screening Tenants, and Analyze Deals
  • Posts 738
  • Votes 488

Jack Bobeck
Rental Property Investor from Jacksonville, FL

replied over 3 years ago

Cool survey! I just finished. 

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  • Posts 9
  • Votes 4

Bryant Weber
from Springfield, Ohio

replied over 3 years ago

Survey completed!

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  • Posts 180
  • Votes 200

Jeff White
Realtor from Denver, CO

replied over 3 years ago
Survey done.
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Check Rosette Top Subjects:
Team, Maintenance, and Taxes & Accounting
  • Posts 6.9K
  • Votes 10K

JD Martin (Moderator) -
Rock Star Extraordinaire from Northeast, TN

replied over 3 years ago

Ok, done.

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  • Posts 81
  • Votes 32

Megan S.
from Saugerties, NY

replied over 3 years ago

Curious why the focus is only on short-term rental income for help qualifying for a loan. Why not long-term rental income, too? 

Completed the survey for you.

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  • Posts 84
  • Votes 36

Joshua Tobin
from Ballston Spa, NY

replied over 3 years ago

Survey completed. Looking forward to hearing more. 

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  • Posts 5
  • Votes 0

Shanna Huslig
from Phoenix, Arizona

replied over 3 years ago

Yes! Definitely interested in taking the survey. My lender is discussing doing this exact thing to help me qualify for my first multi-family property.

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  • Posts 26
  • Votes 20

Jordan B.
from Winona, Minnesota

replied over 3 years ago

Done.

I'm interested in seeing what's coming down the pipeline.

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  • Posts 10
  • Votes 6

Daniel Bihari
from Granite Bay, California

replied over 3 years ago
yes what's this deal about
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Check Rosette Top Subjects:
Rentals, Managing Tenants, and Taxes & Accounting
  • Posts 136
  • Votes 51

Alan DeRossett
Investor from Thousand Oaks, CA

replied over 3 years ago

what is considered a short term? I have a owned property with many of the same Tenants for last 10 years. if I transfer property into a LLC would I need to start over with short term income if I refinanced paid off property?

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Check Rosette Top Subjects:
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  • Posts 1.4K
  • Votes 1.5K

Dave Van Horn
Fund Manager from Berwyn, PA

replied over 3 years ago

Survey complete!

Love this idea about getting creative to obtain better financing or have more buying power.

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Check Rosette Top Subjects:
Rentals, Traditional Financing, and Real Estate Finance
  • Posts 1.1K
  • Votes 1.5K

Julie McCoy
Real Estate Agent from Sevierville, Tennessee

replied over 3 years ago

Completed!

I admit the survey wasn’t what I thought it would be - I’m currently trying to buy a house that I WON’T live in to use as a short term rental investment property. I would love a loan product designed for those types of investments.

What’s proposed in the survey is definitely interesting and I think there’s a market for it, but it doesn’t fulfill the needs I️ have for a mortgage that considers STR income.

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  • Posts 3
  • Votes 1

Josh Kellman
from brooklyn, NY

replied over 3 years ago

Interesting... survey completed.

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  • Posts 11
  • Votes 12

Elsie Q.
Real Estate Investor from Cypress, California

replied over 3 years ago

Completed survey:)

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Check Rosette Top Subject:
Real Estate Finance
  • Posts 297
  • Votes 46

Roy Gutierrez
Investor from Oak Park, Michigan

replied over 3 years ago

I own short term rentas, done.

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  • Posts 3
  • Votes 1

Carlin E Simmons
Investor from Lehi, UT

replied over 3 years ago

Done. 

The idea of a bank which generally has more flexibility with regards to what it counts as income against someone's debt/income ratio would do very well here. I did my first deal six months ago and am hesitant to do another one anytime soon for this reason.

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  • Posts 6
  • Votes 5

Carlene Fowlkes
Real Estate Agent from Detroit, Michigan

replied over 3 years ago

Survey completed.

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  • Posts 297
  • Votes 212

Robert S.
Contractor from Milltown, New Jersey

replied over 3 years ago

Survey was not what I thought... Especially the part about bringing a stranger into my primary residence to help qualify for a mortgage. I already own a cash flow positive vacation rental. Now if the survey asked questions that applied to the vacation rental market like, if you wanted to purchase a cash flow positive vacation rental, would you be interested in a product that used the average of the prior three years verified annual rental income on that property to qualify for the loan, then I would be extremely enthusiastic towards learning about that.

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  • Posts 38
  • Votes 10

Joshua Ferrey
Real Estate Investor from San Francisco, California

replied over 3 years ago

The survey was great! Definitely hope to be able to use short term rental income on my refi apps one day! Keep us posted!

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Check Rosette Top Subjects:
Team, Rentals, and Traditional Financing
  • Posts 142
  • Votes 77

Shawn Q.
Rental Property Investor from Champaign, IL

replied over 3 years ago

Done - I currently house hack, and I'd love to find a lender that's more flexible in recognizing income from various sources. 

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