All Forum Posts by: Dalton O'Donnell

I agree with the lenders in here. Better off going with a lender that focuses on STR DSCR loans. But here is some feedback based on my experience with STR DSCR loans.

1) Using Air DNA is typically a safe play in these scenarios (if the lender will allow it). At that point the appraisal 1007 doesnt really matter if they are using STR comps or LTR comps.

2) Another option is trying to convince appraiser or find an appraiser that will put STR comps on the 1007.

3) Last option is to find a way to show the 12 month history via Air BNB report. Although it doesnt show the address and it will show the LLC name of the owner, you can cross reference the address with the air bnb link. And if they need further evidence you can try to see if the seller will provide an operating agreement to show he owns that LLC.

I have successfully closed STR DSCR loans using all of the above. I have also gotten them closed in 10-14 days. If you want me to look it over, I'd be happy to. Or if you'd like to reach out to just pick my brain, that is fine as well. Happy to help in anyway I can. I know how frustrating it can be trying to convince an appraiser to do what makes logical sense yet they still wont...

Thanks, @Erik Estrada, do you have a rep you like that you can connect me with?

Hey!

I am a Mortgage Broker that is looking to increase our STR DSCR business. We are looking to add 1-2 more lenders that we can broker with that specialize in STR properties. Ideally, they use AIR DNA/Similar data or have an in house committee that decide the income used for the DSCR ratio. We currently use Visio and Easy Street for our STR deals. We love Visio because their underwriting is efficient and simple. Hoping to find another lender similar to them. Any recommendations?

 Peter, I am a local hard money lender with direct decision making, underwriting, in house valuations, and soft pull on credit. We have out own cash. We like KC area the most but can venture out, even into other states. Would be more than happy to help. @Caleb Brown can vouch for me.

Done! My contact information is in my signature line if you want to hop on a call and discuss more details. It's a very smooth and easy program that specializes in STR. But we also have conventional loan options as well.

Jeremy, we have a really cool co-marketing program that could put money back into your bottom line for any referrals if you'd like another go to lender to send any referrals you get! I do a lot of BRSTRR and BRRR loans. Both the bridge loan and long term loan!

Hey, Nicole! I have a really easy and streamlined product for STR refi's. They use Air DNA to qualify the DSCR ratio regardless what the fair market rental value comes back at on the appraisal. Also, can help with the Rehab bridge loan if you'd like to borrower funds to do the rehab. Can go up to 100% of purchase and 100% of rehab. Would love to be a resource for you!

Let's chat. I need 1-2 more investor friendly realtors to send referrals to. Just sent you a message to connect. If you are in Raymore then I am not too far away from you!

We are headquartered in Lees Summit. We have our own in house cash we lend out locally and it's pretty easy/streamlined. I am open to chatting to see if we are a good match!

 I agree with Erik, although their are some investors out there that will help fund the down payment/entry fees that you mention, they typically are friends and family that trust you and believe in you. I have a buddy that has been doing flips for a few years and he now has investors approach him asking to get in on his flips so he lets them cover the down payment/entry fee's for 30% return on their money. But that is because he has a proven track record and people trust he knows what he's doing because he has done it so many times. 

Starting out, I would try to take equity from your primary/another property using a HELOC, borrower against a 401k/retirement account, or partner with someone that has cash.