All Forum Posts by: Brandon M.

@Andrew Postell

Thanks, Andrew. I appreciate your help.

@Andrew Postell

Both, I guess.  How do I know I’m getting the best deal? I understand the need to interview several lenders to find the one that fits, but how does a first time investor determine this?  Is there a limit to the conventional loan for a 10% down second home loan?  

Hello everyone,

In the process of finding a STR in Pigeon Forge/Gatlinburg, TN area. Any advice as I interview lenders in the area. I have a DTI of 18%.

Appreciate the help the awesome people of these forums always provide.

Thanks,

Brandon

@John Underwood

John,

Being so new to this, I'm questioning if my comparison to other STR comps in the area is accurate. Sure, I could secure the loan, get the systems in place, then figure out the hard way that my comps were off and now I'm not bringing in the income I expected. This is my fear talking here, but have you ever dealt with that and what did you do to mitigate your concerns?

Thanks

Brandon

@Hal Wilkerson

You’re spot on! Mistakes are opportunities to learn.

Thanks for the advice.

@Collin H.

You’re correct, CO is booming and much higher costing than TN. I’m originally from CO, and have visited the areas I’m researching many times, so there’s a comfort level associated with that. That said, financially it’ll be challenging to pull off, at least for my first property.

Hello Everyone,

New to STR and seem to have been spending nearly every night looking for possible STR properties in the Smokey Mountains (Pidgeon Forge/Gatlinburg) and Colorado (Vail/Dillon/Grand Lake) and analyzing comps using AirDNA. I seemed to have entered the "analysis paralysis" zone and can't seem to get passed it.

We continue to build capital to commit towards a down payment and have reached out to a couple of lenders to secure a 10% DP vacation home loan.

Anyone else face this? How do you get past it? I feel like once I make the first purchase we’ll get more and more comfortable.

Any guidance or advice would be very appreciated.

Brandon

Nick, thanks for the response. According to the company, the only cost us would be about $800 for processing because it's a VA loan. I'm skeptical because we always heard refinancing was bad and generally increased the life of the loan, and therefore, increased the interest paid on it. Learning this may not be the case. I did ask what in it for them to which they answered we currently have a high loan and they wanted o lower it, if qualified, to a lower risk loan. Nothing is ever free and it would seem to me the loan company is losing money. B I'm

Hello, I received a call from our mortgage carrier yesterday stating they could offer me a lower APR on our home loan and lower our monthly payment. Not familiar with the refinancing process and whether or not this is a beneficial thing to do. Here are the numbers: Current Loan: Original loan amount $166000 Left to pay: $143000 APR 5.875 Monthly payment $1178 Proposed rates of: 4.25 lowering our monthly payment by $139.00 for 23 years fixed rate Or Continue paying $1178 a month to pay off loan in 18 years at 4.25 Other APR and terms were mentioned and I assume available. Is refinancing a good idea for us right now? This was a VA loan and we are military so will only live in this house for the next two years then look to rent out. Thanks everyone. Brandon

Thank you. Being that I'm in a contract with the property manager for the term of the lease, they've stated previously that we would still be required to pay the remaining management fees for the months left on original contract. Recommendations on handling this?