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All Forum Posts by: Jeff Chisum

Jeff Chisum has started 7 posts and replied 201 times.

Post: Tips and tricks for getting a second conventional mortgage?

Jeff Chisum
Posted
  • Lender
  • All 50 States
  • Posts 219
  • Votes 124

If you run into debt to income challenges you can get a lease in place prior to closing in order to offset the debt.  That would be identified through the pre approval process if done properly.  We do 90% of the work up front so there are no issues once a contract is executed.

Post: Don't use The Mortgage Shop

Jeff Chisum
Posted
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  • All 50 States
  • Posts 219
  • Votes 124

I did a few podcast episodes on what to ask and beware of when working with DSCR lenders. First red flag is if they say that they will shop your deal with a few different investors. Relationships matter. Losing control of the process matters.

Post: Electronic Lock Recommendations

Jeff Chisum
Posted
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  • All 50 States
  • Posts 219
  • Votes 124
We are in the Ozarks on a lake so a lot of humidity.  We fried a couple of them before we figured out the problem.

Quote from @Christina B.:

@Jeff Chisum That's such a smart idea! I have tons of those moisture absorber packets (from supplements, etc.) and will bring different sizes to see what works next time we swap out batteries. Hopefully, someone else can chime in if there's been a redesign.

FWIW, we have a physical back-up in place in case of smart lock failure (maybe at -44F?) so our guests have options. (No joke: on Jan. 21, a low of -44F was recorded in our same county, Grand County, for a nearby town called Fraser Flats. The weather service noted it might end up being the coldest temperature nationwide for Jan. 21, including interior Alaska!)


Post: Electronic Lock Recommendations

Jeff Chisum
Posted
  • Lender
  • All 50 States
  • Posts 219
  • Votes 124

Schlage Encode with a moisture absorber in the battery compartment.  Anyone know if they have made a redesign to seal off that area?

Post: How should I vet a small lending company

Jeff Chisum
Posted
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  • All 50 States
  • Posts 219
  • Votes 124

NMLS

Google review

Zillow Reviews

Post: First STR Advice

Jeff Chisum
Posted
  • Lender
  • All 50 States
  • Posts 219
  • Votes 124

Are you using the 10% down second home occupancy loan?

Post: Using Agent Commission towards down payment for my own Investment Property

Jeff Chisum
Posted
  • Lender
  • All 50 States
  • Posts 219
  • Votes 124

You can use your commission for down and closing. Sounds like you are going with a Fannie/Freddie type loan based on the cap of 2%. That would have been known up front if that was the original loan product being used. Did you look at DSCR? Potentially lower down needed of 15% with better rate and 6% cap in IPC's

Post: A possible first STR property?

Jeff Chisum
Posted
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  • All 50 States
  • Posts 219
  • Votes 124

Don’t overlook the 10% down second home occupancy loan for financing a property like this.  Happy to help with any questions.  

Post: Searching for a good dscr lender

Jeff Chisum
Posted
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  • All 50 States
  • Posts 219
  • Votes 124

I don’t think I’m allowed to post here but I will send as a DM

Post: DSCR Loan for Florida investment

Jeff Chisum
Posted
  • Lender
  • All 50 States
  • Posts 219
  • Votes 124

This is my specialty.  Everything in house.