Hey everyone, I just bought a couple of airbnb properties in December and want to purchase one more but my debt to income ratio is pretty low because of the acquisition of the new properties. Since the properties are Airbnb and the one I want to purchase is a Airbnb the few conventional lenders I spoke too said I wouldn’t qualify. Does any know of other creative options to obtain a loan for a short term rental?
I guess I could do a hard money loan if the numbers make sense. All opinions appreciated. Thanks!
@Tony Pastore if you haven't purchased one with a 2nd home loan for a vacation home that could be an option if you get your DTI in check. You would just need to personally use the property.
Secondly if you could find a property with an owner carry for a period that could work or a lease option, but in a hot market with low rates, these could be difficult to pull off and hard money might be easier.
@Tony Pastore Where are the properties? I know of a program that allows Air BnB right now that you could basically think of as hard money on 30 year fixed terms (7s and 8s interest wise) and they'll allow cash out up to 75% LTV with no tax returns or personal income verification of any kind.