All Forum Posts by: Julia Bykhovskaia

@Alex NA Did your extensive research tell you that STRs are banned in NYC? Except for rare exceptions? 

The event will be held at the lounge area of Ilili restaurant on 5th and 28th. The exact address is 236 5th Ave, New York, NY 10001. Looking forward to seeing y'all!

Such an odd way to present the info. 17.5% is crazy high for a stabilized property. Tell us more please - what's the area like (average or median household income?) how many units and why is he assuming occupancy drops to 62.5% this year (from a 100%) and STAYS there the whole year?

Friends! Come joins us on March 5th to network, make new friends and talk real estate. This new meetup will be happening on a monthly basis and is for everyone who wants to learn more about apartment investing and network with both aspiring and experienced multifamily investors. 

Please RSVP here:

https://www.meetup.com/Apartment-Investing-Mastery-NYC-Meetup/events/259067923/

@Parker Borofsky

I have less than 2 years of self-employment, I want to finance out of LLC and I want to finance based on STR - not LTR. Conventional lenders won't do it. I have spoken to many. But I was able to connect with more entrepreneurial-minded lenders in NYC who are, indeed, finance based on STR if you have a decent FICO score.

@Lucas Carl LLC is not a problem. Not having W2 is, for conventional lenders - and I work for myself.

I enjoyed the event, it was very entertaining, there were some excellent speakers but I felt it was more of a distraction to me personally from my ultimate goals (building a multifamily business) than something that would help propel me to the next level. Was great to learn more about sales and marketing (something I know very little about as a finance chick) and get some ideas on where to go when I decide to really focus on marketing (I also realized that you could really sell any BS product with the right marketing strategy. Like that lady who had millions in sales selling $39 ebook on how to lose weight. And I would not even call her slender! :). I also met some very cool entrepreneurs and we had dinner one day discussing Tony Robbins, Brian Tracy and John Maxwell, was very insightful conversation. I don't regret going. My #1 focus today is deal sourcing though so...I want to keep it this way (for now). Top takeaway - I need more focus and less noise! :)

@Lucas Carl very few lenders do long term 30 yr financing on SFR out of LLC and without W2. For those who do, 80% is rare. The min DSCR is 1x from what I've seen (using LTR rates) and my property won't meet that 1x. It would be a great vacation rental though. I can just put a higher down payment of course but looking for options.

Hi everyone, happy Monday. Has anyone had any luck finding a lender who would finance 80% of the PP, out of LLC, based on projected STR income? Or using existing properties as comps? TIA.

@Julie McCoy Hi Julie! Did you increased prices - what was the result? I don’t mind the turnover - I don’t do it myself and I actually make decent money on the cleaning fee. Something else to consider...:)