All Forum Posts by: Joseph Bafia

Have you considered a Second home loan and doing 10% down?  We did that through a traditional bank on a home for $88k.

My son and I were just in Boston over MLK weekend.  Great city and a great time.  We invest primarily in Western NC.  Submarkets we chase are 1 hour in any direction of Asheville.  Great year round rentals and we've not paid over $300k for any of ours in that area.  At the same time, we'll pursue any market based on connections and relationships we've built in those other markets.  We're actually considering some stuff up in VT.

I believe many good options in your price points.  Those numbers are exactly the range we've been in here in NC.  I've got several in western NC and our first one at beach.  Most came furnished, but all under $400k.    I've also got one in CA, and just as everyone talks about strict regulations, our community went to a "no NEW STRs" rule as of 1/1/2022. ... we closed in November 2021....grandfathered in baby!

Bets of luck and happy to answer any questions.

We used Visio for a DSCR loan on one of our properties. 20% down and higher than 2nd home rates, but easy to work with. We have been able to get more than 1 STR with traditional financing , but we had a solid DTI to allow that.

Hope that helps!

My time commitment and challenge was different than yours, but still a challenge.  I have a full time W2 job that is very demanding and time consuming, but I wanted to pursue my goals of real estate investing.  There are ways to get it done and it may be a matter of holding yourself accountable (or even getting someone to hold you accountable).  I primarily got started with STRs and happy to share any thoughts as this can be done from a distance and once systems are in place, the work is not overwhelming.

Feel free to reach out if you want more insight on how we jumped into it!

Stay focused and you'll find a way!

Got it on the calendar!  Looking forward to meeting others. 

We've bought several STRs within the same year. All done through various forms of financing. Second home loan, DSCR & owner financed all done this year. Are you getting denied for some reason or just asking the general question?

We also use Schlage Encode.  Works great, programs remotely and no issues.  Also ties into RemoteLock if you go that path.  Agree that they've been hard to find, so we've grabbed a few as we see them even if we don't have a property yet.

We ran into this as well. Everything we ran into was that conventional lenders were only counting STR income once it hit a Schedule E tax return. I was fortunate enough to be able to but a couple with my own DTI , but after that I had to go the route of one DSCR and one owner-financed deal. Now I have 6 in total and hope that every year with taxes being done, each one bought the year before frees up some DTI. In the meantime, I'm not letting it stop me and using non-conventional financing to fuel the in between purchases. Hope that helps!

Congrats "Neighbor"!  (neighboring beach that is).

Best of luck and hope to share ideas, stories and strategies with you going forward!