All Forum Posts by: Brandon Beaudoin

@Justin Anderson shot you a message!

@Melody Everett-Neddo

Melody, definitely built the relationship. Turns out the loan officer plays hockey with my agent's (aunt) husband! It's a small world :)

@Mark Stark

Thanks for reaching out, Mark. The deal fell through but if it should pop back up I'll keep you in mind! Thanks again!

@Melody Everett-Neddo

Thanks! I reached out and spoke with Brent. Getting someone to use our short term rental income from this year has not worked out so well.

@Paul Meyer

On top of that you could do a short term lease in off-season to offset vacancy costs.

All depends what you want to do.

@Paul Meyer

Depends on what you can stomach for a STR. If seasonality is a problem then it wouldn't be a market for you because, as you mentioned, TC is highly seasonal.

But yes, you can crush it during those months. At least in the unit and price point I found. My aunt lives there, is an agent, and would help manage (if we needed it, we self-manage now). I'm also from the UP so we would use it in off-peak seasons, as well.

Good morning, BP!

In a bit of a bind here and looking for VERY fast feedback/recommendations from the community. And FAST!

We have purchased 2x short term rental properties 2nd half of this year in great overnight markets (Destin, FL area and Smoky Mountains) that have done very well. We are on contract for another great condo property in a great STR market in Traverse City, MI and I've run into a financing wall.

I can not for the life of me find a lender that will consider our current rents for our 2x short term rentals so our DTI is too high to be considered despite great credit, high income, proof of rental income success, and the fact this is a portfolio loan.

I desperately need recommendations on portfolio lenders that will:

- accept 20% down payment for a condotel/portfolio loan (or any loan product, really )

- lend to Out of State investors

- consider STR income not on W-2 or properties with long term leases

- can close in 30-40 days (absolute max)

I've tried at least 10 different lenders in Traverse City and around in MI as far as Detroit. All no go. I do NOT want this property to slip away (already fell out of contract once)

Any recommendations or thoughts?

Thanks in advance!

Good morning, BP!

In a bit of a bind here and looking for VERY fast feedback/recommendations from the community.  And FAST!

We have purchased 2x short term rental properties 2nd half of this year in great overnight markets (Destin, FL area and Smoky Mountains) that have done very well. We are on contract for another great condo property in a great STR market in Traverse City, MI and I've run into a financing wall.

I can not for the life of me find a lender that will consider our current rents for our 2x short term rentals so our DTI is too high to be considered despite great credit, high income, proof of rental income success, and the fact this is a portfolio loan.

I desperately need recommendations on portfolio lenders that will:

- accept 20% down payment for a condotel/portfolio loan (or any loan product, really )

- lend to Out of State investors

- consider STR income not on W-2 or properties with long term leases

- can close in 30-40 days (absolute max)

I've tried at least 10 different lenders in Traverse City and around in MI as far as Detroit.  All no go.  I do NOT want this property to slip away (already fell out of contract once)

Any recommendations or thoughts?

Thanks in advance!

Hi BP!

I'm getting mixed feedback on VA underwriting rules for using STR rental income on AirBNB properties held for less than 2 years. I've heard/read that it needs to be held 2 years, or it needs to be on at least last years tax returns and also that it can be averaged out at 75%.

Anybody go through this recently that can shed some light on the actual guidelines? I'll do some scouring on the nets in the meantime.

Thanks!

Hi all!

Looking for lending options for 10% down vacation/2nd home mortgage products in NW Michigan (Traverse City and Manistee, specifically).

Would also consider investment lenders.

Goal is to secure another STR.

Thanks in advance!