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All Forum Posts by: Kristen L Garner

Kristen L Garner has started 9 posts and replied 420 times.

Post: Benefit of listing on VRBO in addition to Airbnb

Kristen L Garner
Posted
  • Lender
  • Phoenix, AZ
  • Posts 451
  • Votes 287

I do a lot of income calculation from investor's look back history on both VRBO and Airbnb and most that I work with really increase their revenue once they add VRBO. Many of them say they are able to get higher quality guests and higher booking prices on VRBO, especially for more unique, rural, or larger sized properties.
From the financing side of things - you can use the income equally from any of the accounts to help qualify for loan products.

Post: Looking for Real Estate Agent/Team in Putnam, Illinois

Kristen L Garner
Posted
  • Lender
  • Phoenix, AZ
  • Posts 451
  • Votes 287

Hi Jason! If you'd like to DM me - I'd be happy to chat with you about the financing side of loans and how to use STR rental income to qualify for different loan products. Best of luck and Happy New Year.

Post: Loan products (financing)

Kristen L Garner
Posted
  • Lender
  • Phoenix, AZ
  • Posts 451
  • Votes 287

Hi Angel, yes there are loan products available.  They generally treat modular homes like stick built homes. The subject property must meet Fannie mae or Freddie mac program guidelines for investment properties.  If your scenario doesn't check those boxes there are also non-QM products with guidelines tailored to modular homes. 

Post: Starting to get involved in Columbus!

Kristen L Garner
Posted
  • Lender
  • Phoenix, AZ
  • Posts 451
  • Votes 287

Welcome! I work with quite a few investors having great success in that area. Best of luck and feel free to DM if you'd like to connect. 

Post: DSCR "Rural" lending

Kristen L Garner
Posted
  • Lender
  • Phoenix, AZ
  • Posts 451
  • Votes 287
Quote from @Grailen Archie:
Quote from @Kristen L Garner:

Hi! I used to run into this issue a lot. My company now has two specific programs for rural DSCR though! So there are rural DSCR options available and the rates are not higher than non-rural DSCR.


Hello Kristen, Can you help me with A DSCR In IN Max Cash Out Thanks

 Hi @Grailen Archie I also invest in Indiana for my personal portfolio! I sent you a DM to gather some more info on your scenario. 

Post: Looking for lenders

Kristen L Garner
Posted
  • Lender
  • Phoenix, AZ
  • Posts 451
  • Votes 287

Hey Jose, 75% LT is common but there are also 80% LTV options available...usually at a higher rate of course. If you'd like to DM me the details I'd be happy to take a look.

Post: DSCR Loans / Lender Recommendations

Kristen L Garner
Posted
  • Lender
  • Phoenix, AZ
  • Posts 451
  • Votes 287

Hi Eric! Devin provided some great info here. DSCR is also popular among investors because you are able to close in an LLC and you don't hit a max amount of loans like you do with conventional financing. There are many ways to structure DSCR terms to fit your scenario. There are other products in the non-QM space as well: bank statement loans, P&L loans, asset based loans, etc. Best of luck!

Post: Loan options moving forward

Kristen L Garner
Posted
  • Lender
  • Phoenix, AZ
  • Posts 451
  • Votes 287

The Non-QM product category will allow you to close in your LLC. The most popular products in this category are DSCR, Bank Statement, Asset Based, and P&L. You can use these products to purchase, R/T refi, or cash out refi. The LLC can qualify for commercial financing. However, there are also Non-QM products that allow for upwards of 8 and 10 units - so you have lots of options on the table!

Post: Renovating Investment Property

Kristen L Garner
Posted
  • Lender
  • Phoenix, AZ
  • Posts 451
  • Votes 287

Hi Aaron! Yes there are hard money short term, interest only loans in which your credit/income are not a qualifying factor.  They are typically 6,12,18, or 24 month terms. Is your property in FL? 

Post: Can I qualify for a new mortgage using prospective rental income?

Kristen L Garner
Posted
  • Lender
  • Phoenix, AZ
  • Posts 451
  • Votes 287

Hi! Your mortgage from your departing primary would still count towards your DTI however 75% of either a lease agreement or a 1007 page on an appraisal can be used towards your income. In the future, after that house has been rented long enough to be on taxes, lenders will use what is reported in your taxes. Feel free to DM me if you want to bounce some numbers around.