All Forum Posts by: Lyndsay Zwirlein

If it's owner occupied 1-4 units, lowest down payment amount is 3.5% for FHA. If it's non-owner occupied/investment, lowest down payment amount is 15% down for a conventional investment home loan (Fannie/Freddie). You might be able to find a local lender offering more aggressive terms. However after 2008, financial institutions have moved away from these low money down loans. It was one of the primary drivers of the crash because people got into properties they weren't qualified for and didn't have equity and were left holding the bag when the market shifted.

Check out Kathy Fettke's book "Retire Rich with Rentals".  I've owned LTRs and STRs and her book inspired me to get back to basic blocking and tackling.

STRs are hot right now, but it really depends what your long term goals and are your time horizon. 

Agree with everyone above. Also once you dial in on a few markets, reach out to several agents in the area. Focus on those that are investors themselves. They will have great insights on specific neighborhoods, must have features, etc. 

Quote from @Yehoshua S.:

Hi, can anyone help me out with this? I'm currently in the process of syndicating my first multi-family (portfolio of several properties 2-4 units) deal with private equity investors. Can I apply for investment bank loans if my personal income is low? Will it be easier to first purchase with cash and then get financing after or the other way around?

Agree with everyone that DSCR could be a good fit. When you say private equity investors, make sure you understand the program's requirements for how that would need to be structured. For example, will the funds they put in be a loan or cash. Are there seasoning requirements? Then from my experience some investors who bring money to the table prefer to have a more silent role. If that's the case for your situation, work with the lender to understand ownership requirements. Will they need their credit pulled, will it report to their credit bureau, etc. Just make sure to ask all of these questions up front, so you don't have surprises!

It depends how your income is being reported as a travel nurse. I've seen some travel nurses have a W2 through a placement/staffing agency whereas others are 1099. If you're 1099, you can also look at a bank statement program which is specific to self employed individuals (once you have 2 years experience). Typically requires 10% down. A DSCR loan won't work in this scenario because it has to be non-owner occupied. The alternative is waiting 6 more months to get 2 years of nursing experience and you might qualify for conventional. Again it's going to depend on how your income is paid out through your current travel nursing role.

Quote from @Carrie Ariniello:

Looking forward to connecting and learning from everyone.

Hey Carrie! Happy to help! Im an STR investor myself and as a lender assist primarily STR investors. we can do conventional and non conventional loans. Feel free to reach out if you have specific questions! 

Quote from @Joel Case:

Quote from @Marc Dube:

you can use the rental income from your current property as long as you have a signed and dated lease. Lenders will use 75% of your gross lease amount, then look at what your mortgage payment is. If your lease income is greater than the monthly payment you will have a positive dti...if your mortgage payment is more than the rental income then you will be hit with the negative difference

What about for an STR where there is no leases, is that where the 2 years comes into play?

If it’s STR income, the Fannie Mae guidelines are that you can use the rental income from the tax return. Only 1 year is needed. 

Quote from @Dave Tov:

Bought my first vacation rental home in Solterra Resort, Davenport.  Looking to find a cleaner only.  I will property manage myself.  Anyone have an idea where I could look or have any recommendations?  Thank you!

 Facebook and turnoverbnb.

Check out Pace Morbys content on YouTube. He also has a Facebook group. This is exactly what he teaches!

Quote from @Kenzie McIlvoy:

Quote from @Matthew Wolk:

Yes, that would be fine!

 Even if they did not live in the property? (One side rented, one side vacant).

Nope! I misread the post.  So sorry for the confusion. I thought he said LIVE in one side and other is vacant. 

It's what I said the first time -- you have to owner occupy one side. My apologies.