Looking for STR Advice!!

[Scott Davis]

I’m about to put in an offer on a beach property in Galveston and I have a few questions for the group and would love some feedback based on your experience.

1) What loan product should I look into? Is a DSCR loan something that works for a STR?

2) What type of insurance should I look into? Are there multiple types I should have on the home?

3) Should I buy the home in my LLC or personal name…and why?

4) Other than making sure it pencils out, anything else you feel is important for me to know before offering and finalizing the deal?

Please feel free to answer all or just the ones you feel comfortable answering.

I appreciate your help and assistance.

[John Underwood]

I agree with what everyone else has said.

Don't get a DSCR loan if you have the downpayment and good credit.

Don't worry about an LLC on a mortgaged property. Attorneys go after low hanging fruit. A house that the bank owns most of is not low hanging fruit.