Survey: Short Term Rental Income to Help You Qualify For a Loan?
40 Replies
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 ?
Stephanie Medellin
Mortgage Broker from California
replied over 3 years ago
Is this an official biggerpockets account?
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.
Jonathan Pflueger
Rental Property Investor from Ben Lomond, CA
replied over 3 years ago
Interesting concept, something I am definitely interested in.
Survey completed!
Jack Bobeck
Rental Property Investor from Jacksonville, FL
replied over 3 years ago
Cool survey! I just finished.
Bryant Weber
from Springfield, Ohio
replied over 3 years ago
Survey completed!
Jeff White
Realtor from Denver, CO
replied over 3 years ago
JD Martin
(Moderator) -
Rock Star Extraordinaire from Northeast, TN
replied over 3 years ago
Ok, done.
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.
Joshua Tobin
from Ballston Spa, NY
replied over 3 years ago
Survey completed. Looking forward to hearing more.
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.
Jordan B.
from Winona, Minnesota
replied over 3 years ago
Done.
I'm interested in seeing what's coming down the pipeline.
Daniel Bihari
from Granite Bay, California
replied over 3 years ago
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?
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.
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.
Josh Kellman
from brooklyn, NY
replied over 3 years ago
Interesting... survey completed.
Elsie Q.
Real Estate Investor from Cypress, California
replied over 3 years ago
Completed survey:)
Roy Gutierrez
Investor from Oak Park, Michigan
replied over 3 years ago
I own short term rentas, done.
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.
Carlene Fowlkes
Real Estate Agent from Detroit, Michigan
replied over 3 years ago
Survey completed.
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.
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!
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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