All Forum Posts by: John O'Leary

Welcome to BP Baron! It's all about formulating a strategy, and taking action. Best of Luck!

Hey Joshua,

I'm in Orlando. Can you shed more light on the situation, property etc? 

Find a lender. If it's a good deal they can send out to investors with financing attached. 

Hey Matthew,

It really comes down to the type of financing you're aiming for. If you're considering a DSCR loan, most lenders won't assess the property's value using a cap rate. Instead, they typically employ a sales comparison approach to determine the property's worth, using the income to calculate the DSCR, which usually needs to exceed 1.0 for most lenders.

Assuming you have a solid track record with the property and there's enough equity in the deal, leveraging the After Repair Value (ARV) on a sales comparison evaluation could enable you to refinance into a bridge loan until the necessary work is completed.

Maybe a mortgage broker specializing in traditional loans could offer insights into construction-to-permanent loans

Hello Rahul,

When it comes to DSCR loans for STRs, there's a variety of options available. It's crucial to discuss how each lender evaluates income and experience, as their criteria can differ. For instance, some may require prior experience in operating STRs, while others may be open to first-time operators. Additionally, lenders may consider various factors such as past income statements from the subject property or income statements from similar properties nearby, managed by professionals. It's all about finding the right fit for your circumstances. You can explore numerous reputable lenders under the "Find a Lender" tab here on BP. Best of luck!

Hi Danny,

I recommend joining the NCREIA (North Carolina Real Estate Investors Association). They hold a Raleigh meeting every month, and it's one of the best-run REIAs I've been a part of. It's an excellent place for both new and seasoned investors to gather, network, and delve deeper into specific investing topics or strategies.

If you plan to use private or hard money, the barrier of entry is a bit tougher for new investors. Lenders typically want to see 2-3 new builds completed within a 12-36 month period, depending on the lender. Fortunately, there are plenty of lenders here on the BP (BiggerPockets) platform who work with new investors.

Hope this helps!

That's right Allison! It's all about building a team, and taking action. 

Welcome to BP Shameen. I'm in Orlando not far away. Happy to connect.

Hello Abhishek,

Happy to connect, and learn about your buying criteria. 

Welcome to BP Joseph.