All Forum Posts by: Amanda Long

Thank you both! 

Brittany- That is a great question! The appraisal was the longest hold up but the junior loan officer we were assigned seems to have zero idea what he is doing and zero sense of urgency... For example the (first) 1007 comes back and he shares with me he is going to review it with his team and call me... He calls and tells me "the income to mortgage isn't 1:1 and he is going to have to let the lender know." To which I reply, 1. The income amounts look to be long-term rental (which they are and came in 30% lower than what the STR average did) and 2. why did the appraiser look at homes 20 miles away to compare to when there are PLENTY of rentals in town... Response "Oh, yeah.. these are long-term rentals and yeah, why did they go 20 miles out..."

I shouldn't be catching these things... He should!! We are just so far in now I am trying to get this across the finish line... I looped in the owner of the company but things are still pretty rough. 

Hello!

Looking for some guidance… My partners and I (LLC set up) are first time investors in STR. We decided to go with a DSCR in the LLC name to help protect our personal assets… We are near closing which has taken WAY too long in my opinion… (we are on month 3 with 3 extensions)…Regardless, at this point 2 of the 4 of us in the partnership are being asked to sign as guarantors of the loan…

1. 1 Is this normal? To me it kind of defeats the purpose of protecting personal assets and standing up the LLC.
2. 2. It is my understanding that the LLC and DSCR loan being in the LLC still protect us if we were to get into any type of litigation with renters but wanted to open it up and see if there are any watch outs I am not aware of?
3. 3. What is the normal timeline for a DSCR loan? We have provided everything needed from us when asked but we keep getting one off requests from our lenders vs just ask in for what is need upfront.

Thanks in advance!