All Forum Posts by: Lyndsay Zwirlein
Lyndsay Zwirlein has started 4 posts and replied 317 times.
Post: Rural Property - What to look out for?
- Lender
- Posts 331
- Votes 209
Quote from @Nicole Masters:
Hi Friends!
My husband and I are partnering with another couple on a large 4,300+ sq ft A-Frame cabin in a verrrry remote area in the woods, near Oakhurst CA. We have ordered the following inspections:
- Whole house
- Pest
- Septic
- Well
- Defensible Space (Cal Fire)
Is there anything else we should be keeping an eye out for a property like this? We're on 8.5 acres and in the middle of nowhere. Thanks in advance!
Beautiful place! If you're using financing, check with your lender. Most programs have acreage limitations and LTV restrictions if the appraisal is marked "rural".
Post: talk to me about vacation rentals - condo style
- Lender
- Posts 331
- Votes 209
Quote from @Katelyn Atcavage Robideaux:
Hey BP fam. We are looking into beachfront (with beach access) condos for our next investment move.... ideally one that needs some love and is a value add. I've heard such mixed reviews from clients and fellow investors on their success with renting out condos. I found a few areas that allow weekly rentals, so, my plan would be to set it up as that and go from there.
1. Do you rent out condos/ have you in the past and how did it go? Successful? Best/Worst of it?
2. How did you know which HOA communities were open to helping with management of the rental? Simply calling? I know they do not put this on blast so my assumption is that is the only way. I have heard that they do help though and take part a %.
3. Any other insight on condo investments is welcome.
Hey Katelyn! We had a beachfront condo in Gulf Shores that we used as an STR. We also have 3 SFH homes as STRs. I just sold the condo to 1031 into one of the homes. In my opinion, there are pros/cons to the condos and probably depends a lot on where it's located. Positives -- it's easier to manage and had great occupancy because it was beachfront. Negatives -- the HOA was so high that it reduced profit margin by ~10%. The thing that made me most uncomfortable was risk of assessment (my friend just had one for $77k!!!!!), HOA can increase fee at any time, HOA can change rules at any time, etc. Also if you are in FL (we own there, as well), I am anticipating insurance to go up a ton in the coming years. This year alone, 3 large insurers went out of business making insurance more expensive due to less supply. Will likely get worse with hurricane Ian.
Hope this helps!! Good luck!
Post: W2 to Self Employment: Creative Financing Options
- Lender
- Posts 331
- Votes 209
Quote from @Mitch Foster:
Hey Bigger Pockets, back in April I switched from a W2 job I had for 5 years to self employment. I've talked to about 30 lenders and get the typical response of "you need 2 years of verifiable self employment income". Did anyone else buy a primary residence while in a similar situation? I'm looking for creative deal ideas, good private lenders for single family, primary residences, and whatever you think may help me achieve my goal in the short term. Are there any good resources for owners offering seller financing or is this something I need to start asking every seller?
Bank statement loan or asset depletion loan if you have $$ saved up.
Quote from @Emilio Pereira:
I have been on a hunt for a lender who lends at 80% cash out refi for an investment rental property in Florida. If anyone could point me in the right direction that would be great! Thank you!
Also how long have you owned the property? If you've owned it greater than 6 months, I have 2 lenders who will do 80% LTV. Let me know if you need more info!
Post: Investment Property Loans without DTI limits
- Lender
- Posts 331
- Votes 209
Quote from @Derrick Wortman:
Hey All,
I am looking to purchase my 6th Rental Property. All my properties are bringing in great returns but I'm hitting a ceiling when it comes to DTI Debt to Income ration. With most lenders only factoring a percentage of my rental income, my DTI ends up being over 50%. Does anyone know of a Lender that will work with me on this in Ohio? Thank you!
Did you acquire all of your properties this year? If you acquire a property in 2022, conventional lenders can use 75% of a long term lease. If they’re acquired pre 2022, income can be used from your 2021 tax returned. I’m sure your lender talked you through this but the reason I mention is that if you’re reporting income on these properties it could/should offset the mortgage so it doesn’t impact dti. Might be worth a second look - sometimes lenders do things differently!
Post: Looking for first house hacking property with a DSCR Loan.
- Lender
- Posts 331
- Votes 209
Quote from @Tim Malico:
Thank you all for the responses. To give a little bit more information on my situation. I don't have enough of a W2 history to be able to apply for a FHA or conventional loan. I have great credit. Close to 800. That's why I asked about DSCR loan.
Are you self employed? If so you can try a bank statement loan. Those allow for owner occupancy. Max LTV 10%.
Post: ISO DSCR Lender. Purchasing a property using BRRR.
- Lender
- Posts 331
- Votes 209
Quote from @Jessica Lamont:
Hello,
I'm purchasing a sfh in kingman, AZ using BRRR and need to get the lowest rate possible when I refinance to make this deal work.
home purchase: 121k
repair: 29k
ARV: 230k
What is the standard DSCR loan rate right now?
Thank you!
How long have you owned it? Lenders will have limitations on that. In terms of rate, several factors will come into play -- FICO, LTV, 30 year fixed versus ARM, etc. As of today, rates are in the 8-9s depending on your situation. Have you considered an Interest Only option? that could help with cash flow.
Post: Medium Term Rental Advice on Data I found in Furnished Finder
- Lender
- Posts 331
- Votes 209
Quote from @Kelly Vandever:
Hi.
I'm a licensed agent in Alpharetta, Georgia (north Atlanta metro area) considering my first investment property and I'm intrigued by the Medium Term Rental market. (Pre-ordered my copy of 30 Day Stay ;0)
Using Furnished Finder, I see the following stats...
Map Searches and Housing Requests for the Alpharetta area (last 12 months):173,738 Map and Property Listing Page Views for the Alpharetta area (last 12 months):960,468There are 2 hospitals near me, 15 miles apart. One with 202 beds, one with 335 beds.
There are other medical offices etc in the surrounding area.
What other questions should I be asking or data should I be seeking to evaluate the viability of medium term rental market for medical professionals?
Thanks!
Check out Airbnb and see who else is offering 30 day stays in the area. Also proximity to military bases seems successful for others. Lastly, some RE investors will reach out to corporate relocation companies and get bookings direct from there.
Post: Info on DSCR Loans for first properties
- Lender
- Posts 331
- Votes 209
Quote from @Chris Leppanen:
Hey there! So we are thinking about DSCR loans to acquire our first investment properties. We do not currently own a home though.. I have heard in some instances that leaders will require you to own a home already to get dscr loans? is this true? Also as far as the speed of getting back to back dscr loans how does that look? is there a waiting period? Is it realistic to get 8-10 dscr loans in a years time span?
Is there a reason you're wanting to do DSCR? I always recommend to clients to try conventional first. Terms are better. There is an investment home loan (conventional). If that's not an option, there are other loan types like a bank statement loan if you're self employed. This allows up to 90% LTV and helps you establish mortgage history like the others have mentioned. Good luck!
Post: need lender who understands cost segregation on taxes
- Lender
- Posts 331
- Votes 209
Quote from @Steve Armstrong:
We are trying to buy a short term rental, and need a good lender. The lender needs to understand cost segregations / accelerated depreciation on our tax returns. I appreciate your help! Steve
Hey Steve! If the deprecation from your cost seg is listed on the schedule E of your tax returns, that can be added back and used in the rental income calculation. Happy to help if you need a set of eyes. I am a loan originator (and STR investor) for conventional and DSCR loans.