All Forum Posts by: Jason T.

Hi! I am looking to do a 1031 exchange and trying to find a lender that will do a purchase loan at 80% LTV and also use the actual or projected STR income for the DSCR. Any lenders out there that can do this in Georgia and/or North Carolina? Thanks!

Hi. I need to do a cash out refinance on an investment property I just finished rehabbing. I'd like to get 80% LTV, but the best I can find so far is 75% LTV. I am in North Carolina.

Does anyone know if an 80% LTV is possible, and if so, where I might be able to find one?

Thanks so much.

Not necessarily.  Lots of investors said yes when lenders asked if they wanted to skip payments without penalty.  Nobody has to demonstrate hardship to get payments deferred during COVID-19.  For conventional loan applications, the only requirement is 3 months of on-time payments for existing mortgages.  

Does anyone have actual experience with this? Either as a HML borrower or HML underwriter?

Does anyone know if hard money lenders care if an applicant is in a loan forbearance program?  For example, if someone has forbearance program sin affect on existing Fannie Mae or Freddie Mac loans, will a hard money lender deny that applicant for a new fix/flip loan? 

My mortgage broker told me it's nearly impossible to find a traditional lender that will do cash-out refis for investment properties right now. With COVID-19, banks have too much uncertainty around future home values and are worried about home values declining.  So many of them have stopped writing cash-out refi deals on investment properties.

Does anyone have any insight on this?! Tried to do a cash-out refi and denied?  Approved?  Etc?

Thanks, Brett

If the lender can still pursue the borrower, what's the benefit of being in a "non-recourse" state such as NC?  I was under the impression that property secured the loan and there was no ability for the lender to pursue the borrower for deficiency.  What am I missing?

Looking for some help from folks who have been through short sales in non-recourse states.

Here's the scenario:

- The subject property was purchased as a primary residence in North Carolina back in 2008. There's is a first mortgage and a HELOC.

- The home has been underwater ever since 2009 and so the loans have never been refinanced due to negative LTV.

- The proceeds from the sale will cover the entire first mortgage (non confirming), but only portion of the HELOC.

- North Carolina is a non recourse state and the loan agreement on the HELOC makes no mention of full recourse.

- The home was converted to a rental property back in 2013 and has been a rental ever since.

My question is what is the owner's liability during this type of short sale? Is it accurate that there's no recourse or personal liability because NC is a non recourse state? Does it matter that the home has been converted to an investment property?

Thanks in advance for any help, advice, or guidance.

Thanks for the replies.  YTD, my occupancy rate is 71%.  But I find that I lower prices as I get closer to the booking day to help keep them booked. 

Channel managers are software applications like myVR.com and guesty.com (and dozens of others) that make listing on multiple sites a whole lot easier.  

Would love to hear people's experiences and opinions with channel managers.

I currently have 5 Airbnb's in North Carolina and I list them exclusively on Airbnb. I've been researching channel managers and realizing that the good ones are expensive. There also seems to be considerable work in setting things up.

When I researched AirDNA, 85% of reservations in my city come from Airbnb only. And less than 10% of listings are marketed on multiple sites. But I can't tell if that's good or bad.

Has anyone made the jump from Airbnb only to multiple channels? If so, did you see a revenue improvement that justified the effort and cost? Should I be concerned that Airbnb dominates the bookings in my city? Or is that simply because fewer properties are listed on other sites, and so it'll be less competitive for me (which is good)?

Would love to hear from the community on this. Thanks!

Hi fellow BP investors!  

Well, I'm officially stuck and hoping someone can help point me in the right direction...

I recently purchased a primary residence and have spent the last 6 weeks remodeling and rehabbing.  Among other things, I've added over 600sqft of living space to the home.

With the rehab/remodel complete, I now need to tap the equity via a HELOC or Home Equity Loan. But with every lender so far, I'm running into seasoning requirements of +6 months before a new appraisal can be used.

Does anyone know of a lender that doesn't have these seasoning requirements?  I'm located in NC. 

I'm beginning to wonder if I didn't think this through properly and am now learning one of those "very expensive" mistakes. Any suggestions would be wonderful and greatly appreciated :)