All Forum Posts by: Lyndsay Zwirlein

I'm looking to purchase my first STR in the Smoky Mountain area. I understand that most visitors seek the cabin style vacation experience. However, is purchasing a condo in the area a good option as well. My family went there earlier this year for the first time and really enjoyed ourselves. We did stay as a condo that was a block from the main strip, which was just two blocks from the main strip. I understand the HOA fees will apply, as well as other fees will apply. Does anyone own a condo STR in that area, and what are your experiences?

Thank you. 

Hi BP friends! I am looking at purchasing a home in Vermont to use as a STR/Airbnb/Vrbo and vacation home for my family. My DTI is too high to qualify for any conventional financing.

I am looking at DSCR loans, but don't see anything specific for STR rehab projects. I do see LTR rehab loans and DSCR Airbnb purchase loans. I have a HELOC for about $200k for any down payment/other expenses, but the whole project including purchase ($280-300k), rehab ($80-100k), and furnishing ($30-40k) will cost about $390-440k.

I am reaching out to lenders right now, but are there any products I should be aware of or creative lending solutions that may work for my circumstance? I’d appreciate any input. Thanks in advance! 

FYI: The house tried to sell previously and during the appraisal process, the appraiser stopped and the bank cancelled the appraisal since the property had not been close to being completed in its renovation. I’d rather avoid buying the house and refinancing it because of this incident.  

Has anyone succesfully gotten a DSCR loan on a SFR in an appreciating market (high cost of living), i.e. Bay Area, Los Angeles?

The DSCR loan is predicated on the cash flow covering the debt service, but that seems very unlikely in areas with low or no cash flow.

I can see DSCR loans working in the midwest, but not on the west coast. Am I wrong or?

Hi, I have an offer on a property that is $700k, projecting 15% COC $2-3k/mo cashflow (conservatively). Strategy STR.

Problem is I don't qualify for conventional lending due to my DTI ratio and current DSCR quotes are at 25% 7.5-8.5% rate which would use all of my working capital none left for reserves.

Wondering if anyone has ideas on how to get this property financed? I would do a 20% DSCR if I was given the option but has to use Airbnb/Airdna rental income projections.

My DTI is high because of student loans and I bought a STR property in 2022 that hasn't filed taxes on it yet.

Thanks!

I'm looking for a service/platform/forum where I can express interest in market(s) and can potentially match up with other buyers that are interested in being a co-owner (likely of an LLC) on a higher end property.

I'm not interested in Pacaso where I'm shelling out a premium for 1/8 share of a $4MM+ house - restricted from any rental income and basically paying hefty fees for calendaring and interior design services.

I'm interested in filling out a form that says I'm interested in Vail, CO (for example), open to 1/2 to 1/4 ownership of a Condo/SFH, have a budget of $500K (cash/finance) and generally need at least 3bedrooms. Yes/No on STR, we can figure out the calendar, rules on selling, etc. Basically do all the Pacaso stuff, but for just a few parties and simplify the whole thing. In a nutshell, I'm able to get my family into a much nicer home for our vacations and in exchange, may not have all our preferred dates every year, but all expenses are split. This seems like a bigger market than Pacaso's, but what do I know.

Obviously establishing the LLC and purchasing homes prime for joint ownership is Pacaso/Ember's "bread and butter" and allows them to already have the home so timing isn't as critical on closing, etc. And they don't have to have all the share's spoken for so they are essentially floating the debt until shares are sold.

Any ideas? This feels like something a Zillow could spin up relatively quickly given the data they have.

I am using the Brrrr strategy and I'm looking for an none traditional banking  to refinance. Do anyone know of a lender that refinances?

Hi everyone,

I purchased a large 4 bedroom Home in Panama City. It was used as a short term rental and I wanted to continue that trend. For the last 6 months its been rented once. I hired the property management that it was under when I purchased it. I made a few updates but nothing is really happening. Is there anything else I need to do? At this point i'm not sure what to do. Sell or rent long term etc.  Thanks