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All Forum Posts by: Ezra Benjamin Harris

Ezra Benjamin Harris has started 5 posts and replied 15 times.

Post: Airbnb Income for DTI and DTI double counting

Ezra Benjamin HarrisPosted
  • Investor
  • Orlando, FL
  • Posts 15
  • Votes 3
Quote from @Patrick Roberts:
Quote from @Ezra Benjamin Harris:

@Patrick Roberts I am also considering moving primaries, so you would think a traditional loan lender may calculate that income differently?

It's very possible that this will be the case. If you get a conforming loan (Fannie/Freddie), then income calcs will follow the methods spelled out in the guidelines. The fannie and freddie selling guides are very specific in how net rental income is calculated for rental properties. There is a little room for interpretation and discretion, but not much. Since it sounds like you had the property in operation for all of 2024, then Sched E for your 2024 Return will be the starting point. If 24 is on extension, then 2023 will be used. 

If you completed the FNMA rental income calculator correctly, then that should be figure used for a FNMA loan. Freddie has a calculator as well but it's nearly the same thing. Some lenders may have more restricted overlays than this, so you may have to call around to find a lender without overlays. 

Like Jason said, it's definitely worth exploring. 

Just found out the reason they aren't counting back in my HOA and mortgage interest and taxes is because I file under Schedule C instead of E. Those things are still spelled out on my Schedule C worksheet.

In your experience have you had any luck writing an explanation and getting those things added back as if it were on a schedule e?

Thanks

Post: Airbnb Income for DTI and DTI double counting

Ezra Benjamin HarrisPosted
  • Investor
  • Orlando, FL
  • Posts 15
  • Votes 3

@Patrick Roberts I am also considering moving primaries, so you would think a traditional loan lender may calculate that income differently?

Post: Airbnb Income for DTI and DTI double counting

Ezra Benjamin HarrisPosted
  • Investor
  • Orlando, FL
  • Posts 15
  • Votes 3

I have a condo in Florida I use for Airbnb. It was down most of 2023 due to Hurricane Ian in 2022. I had a tax return loss of 21k including all expenses PITI+HOA in 2023. In 2024 I reported 30k profit after all expenses. YTD this year I had made 25k so far after all expenses.

Situation is this:

I applied for a HELOC on my primary home. They calculated the rental income as $1400/mo. But then they added the PITI+HOA to my DTI calculation (which was $3400 a month) causing the Airbnb to be a net negative of $2700 to my DTI (50% of rental income being $700, then them subtracting $3400)

Is this correct? I filled the Fannie Mae Rental worksheet using my 24' data and it had it as $6500 before PITI+HOA, $3200 after, I'm not sure how they came up with this. But it's affecting my ability to open the full line I was looking for. Anyone have advice on this?

Post: Accountant for new STR investor

Ezra Benjamin HarrisPosted
  • Investor
  • Orlando, FL
  • Posts 15
  • Votes 3

Hi team,

I am looking to connect with an accountant who has some knowledge of non-passive vs passive income and how it relates to STRs.

I just purchased one last year and my tax needs will have to change. I live in Orlando, but I don’t think it’s necessary to have someone local. 

If you know someone, or are someone, please drop me a line; I’d love to connect

Also I would pull as much data as you can before selecting a property. I pulled AirDNAs on all my interested markets before making an offer. You'd be surprised how much different the income potential is in one beach community versus another. 

Also don't forget closing costs in Florida tend to be higher than you'd expect. 

Post: Daytona Beach Short Term Rental Update

Ezra Benjamin HarrisPosted
  • Investor
  • Orlando, FL
  • Posts 15
  • Votes 3

I’m in Orlando, and looking more at the other coast, but interested in the group!!

Seems like over in Williamsburg there are a lot of homes that are older that need some roof repair, exterior love that might be a good place to start looking for wholesale opportunities.

Post: Anyone have knowledge, Sanibel STR?

Ezra Benjamin HarrisPosted
  • Investor
  • Orlando, FL
  • Posts 15
  • Votes 3

Hey all,

Just reaching out to see if any of you all invest in the Sanibel Island area. There are many condos that rent weekly here and seem to have strong occupancy figures, but was hoping to get some idea from someone with more intimate knowledge.

I'm absolutely avoiding anything with rental commission/forced property management.

Thanks!

Post: STR Inventory Checklist?

Ezra Benjamin HarrisPosted
  • Investor
  • Orlando, FL
  • Posts 15
  • Votes 3

Hey there! I'm looking to set up a beach condo STR, and was wondering if anyone had any helpful excel docs or checklists for everything you would need to get started on the high end.

Any help is much appreciated!

@Michael Stokes Try Irene Morgan at Market Connect Realty; she's a bit newer but works crazy hard

http://irenemorgan.marketconne...