All Forum Posts by: David VanWert

Agreed, would rather weather the storm, tap into reserves a bit and not possibly get bit in the butt down the road and not qualify for the next property. 

@Nathan GesnerGreat of them to look out for you! Did they say if there were any negative impacts at all if you took advantage of it? 

To add on to this, has anyone looked into mortgage deferral from their banks at all? Wondering if it will have any negative impact with future loans at all? I know they note it will not be reported to credit agencies but I would think during underwriting for future loans they might see a gap and look at that negatively? Luckily have 5-6 months of reserves but would be nice to not drain those accounts if the payment can be deferred until things get stabilized a bit. I think a deferment along with a loan might be a nice little cushion to keep things going and keep you reserves in tact. 

Yes, that’s good news about the SBA loan. I like cheap money with a potential 30 year term @3.75%. 

I read it as you would have to be infected with the virus or a family member. Will be interesting to see how it works if you don't even have the option to rent your space. 

Very positive news. I wonder if you can file unemployment if the town ceases STR activity? Our STR is in Mammoth Lakes Ca that has restricted nightly rentals to at least May 1st, but it's likely going to be longer.

Thanks for the input gents. @John D.it is nearly a 100% vacation rental market (Mammoth Lakes). I know when we first financed things DTI was fairly high (mid 40%s) as we have a HELOC that we used for partially for this and other commercial properties.

@Luke Carl good point, not sure what my options are if any but definitely not worth the time and hassle if its only a few bucks. 

No not a jumbo, currently conventional and given that I will be adding another property later in the year as a "second home" for a lower down will likely want to use the rental income. 

@John D. on the income, not sure actually, would be nice as the DSCR is over between 2.7-3 monthly. Would ideally like conventional current LTV is right about 75% as it is fairly new. I don't believe cash out is an option but not sure, would be happy to just take advantage of a lower rate but cash out would be nice.

Purchased an STR in Sept 2019 in California. Was financed as an investment property so interest is fairly high at 5.75% given the current low rates looking to see if there are other options (if any) to take advantage of these lower rates. Not sure if there are lenders that take the income into account for STR's at all.

Would love to hear if anyone has successfully re-fi'd their STR's thanks for your input!!