All Forum Posts by: Lyndsay Zwirlein
Lyndsay Zwirlein has started 4 posts and replied 317 times.
Post: USING ALL OF OUR SAVINGS TO BUY STR
- Lender
- Posts 331
- Votes 209
Quote from @Shannon Smith:
We have $100,000 savings in the bank. We found an amazing and unique $500,000 house with 5,000 taxes. We can put 10% down and with closing costs spend about $75,000. We will easily spend the remaining $25,000 in misc furnishings, paint, etc. We will have to live off of our checking account and the income from this house for one year until we get a bonus check from work. This house is already generating $3,000 per month on just 1 of the bedrooms in a 5 bedroom house. I feel like it’s such a great investment cash flow wise so we shouldn’t pass it up…but I’m super nervous given we’d be spending all of our savings right now. What would you do?
Can you chip away at the furnishings/paint/etc over time versus doing it all up front? On our first property, we went live and then used cash flow to update things. I would consider finding a way to save the $25k as others have said. Or a lot of people on here have said they used a 0% interest credit card for furnishings.
Post: Loans for FHA house hack
- Lender
- Posts 331
- Votes 209
Quote from @Dan Bowersock:
Looking for some advice here, any and all ideas is appreciated.
I am nearing my 2nd year as 1099 out of college and would like to qualify for FHA ASAP so I can house hack a multi unit property. I own 1 STR now with a 50/50 partner.
I keep getting told by lenders I need to first file my 2nd year 1099 before we can start a convo.
Any advice on how to speed up this process? I would like to move into a multi family ASAP!
Thanks!
Check out a Bank Statement Loan. It's specifically for self employed individuals. It is underwritten from 12 or 24 months of bank statements versus 1099 or tax returns. It typically requires more money down than FHA though (usually 10-15%).
Post: DSCR loan product recommendation
- Lender
- Posts 331
- Votes 209
Quote from @Jason Bobby:
Please everyone here share your contact information.
I'm still in search of a good broker that has national lenders and is well versed in different types of loans and doesn't just represent one or two national lenders but has DSCR,Conventional,etc. lenders they can leverage.
Hey Jason! I am a loan originator for a mortgage brokerage that operates in 49 states. Over 70 wholesale lenders. Conventional, non-qm, etc. Happy to help if you're still looking. I'll send you a message.
Post: Out of state investor looking for investor agent in San Antonio
- Lender
- Posts 331
- Votes 209
Quote from @Jennifer McPherson:
We are interested in the San Antonio, TX market and are looking for an investor friendly agent. We are looking at STR and/or Multi-family.
Robert Finn is an agent on BP. He assisted us in this area with STRs. He owns them personally too!
Post: What are you all using to collect rent, manage properties?
- Lender
- Posts 331
- Votes 209
Quote from @Devon Yates:
Hello all,
I'm about to close on my first house hack in a couple of days. Woohoo! As a first time landlord, what software do you recommend? So far I've looked at PayRent and Apartments.com. What are you all using?
Tenantcloud for LTR. automates everything and only $9/mo!
Post: Ask a loan professional anything
- Lender
- Posts 331
- Votes 209
Quote from @Carissa Avery:
Help! How do I access the equity in my 3 paid off single family rental homes?
Quote from @Justin Corpolongo:
I am starting up my first Airbnb and I am incredibly excited. The unit will be located near Madeira Beach in St. Petersburg and I am looking to do a beachy theme inside the apartment. Being that this is my first Airbnb I am not looking to break the bank with furniture. Is it alright for me to buy my furniture mainly off of IKEA and Amazon? I would love some recommendations!
Listen to BP podcast #665. Someone recommended it in a different forum today, so I listened because we're in the same boat as you! From my own personal experience, mattresses, couches and bed frames are worth extra money. You don't want to have to keep replacing them if you buy cheap in the beginning. For bedding, we order Utopia from Amazon. My cleaner has been working in the Smokies for 20 years and swears by it. Good luck!!! You'll do great!
Post: DSCR loan product recommendation
- Lender
- Posts 331
- Votes 209
Quote from @Jay Soriano:
Any recommendation of a lender that takes 15% DP and 85% LTV with DSCR loan product???
Yep! We have a few programs that allow for 15% down. Rates are higher than 80% LTV though!!
A couple programs require RE investing experience but one in particular does not. Happy to provide more info if it's helpful!
Post: Short Term Rental Design Consultants
- Lender
- Posts 331
- Votes 209
Quote from @Anna Ohmes:
Hi -
Has anyone worked with any short term rental design consultants they can recommend in the Denver area. We are looking for help with both furnishings and bedroom/living room design for a few properties.
Thanks!
I’ve done ours on our own but have had clients use Awning (their head of Design is from Airbnb) and Guested.
Post: STR Single Family or Multi-Family
- Lender
- Posts 331
- Votes 209
Quote from @Luka Jozic:
Hello everyone,
STR has peaked my interest and I am doing some research on it. I have searched the forum but was unable to find an answer. In general for STR, is it better to do SFH or MFH? I would assume SFH for the reason that guests would prefer more privacy and to avoid disturbance between guests? What do you guys think?