DSCR for acquisition of existing PadSplit

[Bob Willis]

I am interested in talking to someone about the process of funding via DSCR the acquisition of a property currently being run as a PadSplit. The plan is to keep operating the property as a PadSplit post-acquisition. What kind of seasoning is generally required as it relates to the rents/revenue as it relates to servicing the note, etc...

I currently own one PadSplit (acquired via Subject-to) that has been up just over a month. And the plan is to convert an existing Airbnb I own (and have run as an Airbnb since 2019) to PadSplit. This conversion will begin at the end of the month.

I am just sharing the above to give context to my level of experience with this type of investment.

I look forward to hearing from you all.

[Josh Bowser]

Bob - I have five occupied padsplits under contract right now with Fernando Corona and have closed several with him this year.

Normal DSCR brokers have issues getting this through underwriting - it's important to work with a broker / lender that fully understands how to get these to CTC.

I'll PM you