All Forum Posts by: Lyndsay Zwirlein
Lyndsay Zwirlein has started 4 posts and replied 317 times.
Post: capital reserve requirements for underwriting
- Lender
- Posts 331
- Votes 209
Quote from @Reginald Silva:
Quote from @Matthew Crivelli:
@Reginald Silva Your loan broker can't give an an exact number on what you need for reserves? This doesn't sound right to me. They should be able to clearly communicate how much money you need to show in order to close the loan.
the reserves weren't actually an issue the loan product my mortgage broker intended to use was. We had conditional approval with the lender however the UW and mortgage broker didn't agree on how income from engineering consulting work I've done this year in addition to my W-2 should be calculated. My brokers currently looking to process an FHA. Do you have any experience with local lenders ? After this experience I'm reevaluating lenders / mortgage brokers. Thanks
Hey Reginald! Is the income from your engineering consulting needed for you to qualify for the loan? If so, is it on your tax returns? Lastly what loan type were you looking at? I am a loan originator for a large mortgage broker and work solely with investors. We do conventional and non qm loans. I'm happy to help answer questions for you. There are conventional investment home loan options that might be a good fit for you given you're W2 income. But would need more info on your situation to make sure it would work. Feel free to reach out if you have any questions!
Post: Asheville & surrounding area Realtor (pref. specializes in STR)
- Lender
- Posts 331
- Votes 209
@Matt Payne is wonderful! He has worked with several of my clients specifically for STRs!
Post: Airbnb Investing Tips
- Lender
- Posts 331
- Votes 209
Quote from @Account Closed:
I’m looking into a beautifully renovated A-frame house that I’d like to invest in. However, I’d like to sublet it and use it as an airbnb. If anyone has done this before could you suggest any tips?
Hey Coralie! When you say invest, do you mean purchase the property?
Post: Duplex lending standards
- Lender
- Posts 331
- Votes 209
Quote from @Tim Parker:
I am financing a duplex. The lender wants top of market rates and will only lend to 60% of appraised value. Is this common?
Is it owner occupied or fully investment?
Post: SELLING 2 PRO TICKETS to BPCON 2022 in San Diego
- Lender
- Posts 331
- Votes 209
Quote from @Ashley Owens:
Please reach out to me if you want to go to BPCON but you missed out on getting tickets. We've had to cancel our trip last minute and I'd love to sell these to someone who can use them. I'm a Pro member so each ticket was $805. Just looking to recoup my money and have the tickets used, so price for 2 is $1610. Please let me know if you're interested and we can do Venmo or I can send a Quickbooks Invoice. BP has made it super easy to transfer tickets this year so that's a quick change. Thanks, Ashley
Post: Calculating rental income
- Lender
- Posts 331
- Votes 209
Quote from @Carlyle Gianni:
Hi BP Family - I'm trying to get clarification on something as I seem to get conflicting information from different lenders. How is rental income calculated for your DTI? I had one lender say they took 70% of the rental income from the last two years (as an average of 2 years), and someone else say they only look at the income on the tax return for the rentals (which is negative because of the bonus depreciation we took). Is there a standard way of calculating income for long term rentals?
On conventional loans, there is a calculation that’s done using the #s on your schedule E. You can google “conventional rental income Fannie mae” to see the calculation. In general it’s gross income less total expenses plus non cash add backs (ex interest, depreciation, etc). This number is used as rental income. You only need 1 year of history.
For new properties that are not yet reporting to your schedule E, you get credit for 75% of the lease amount if you have a long term lease in place. If it's an STR, you have to wait until the income is on your tax returns to get credit for any income.
Quote from @Dawit Regassa:
Anyone that does DSCR on rural properties for STR?
Can you provide more info on the scenario? Did you already have an appraisal done and it came back rural? If so, yes we have several lenders who will work with this!
Post: I'm Starting a STR Mastermind - Want to Join?
- Lender
- Posts 331
- Votes 209
Quote from @Jason Knight:
Hey everyone, we just had a couple of people drop. Please reply if you are still interested in joining. Meeting is at 9 am PST Thursdays for one hour via zoom.
Quote from @Alvin Roehr:
For newer investors what would be the recommended way to go about financing? I know every investor likes doing their own thing, but for first timers whats the best recommended type of loan?
Thanks!
Post: HELOC or REFI for Down on STR
- Lender
- Posts 331
- Votes 209
Quote from @Paul Aguilar:
Hello,
My wife and I are looking to get into our first STR. We own a condo and have equity in the property. We want to use some of that for a down payment on a STR. We have discussed either doing a REFI and pulling some cash out and yes, get a higher rate OR get a HELOC and use the LOC as needed.
Does anyone have any insight they can share on which would be better to use? I like the notion of having cash from a REFI in the bank and although we would get a higher rate, if we stick to a new MTG amount we can pay, I'm good with it. My wife likes the HELOC idea since we can pull money as we need and not touch the rate on the current loan. Both can work and have pros' and cons'.
Any info or advice would be greatly appreciated BP fam.
Thanks!
Hey Paul! The HELOC can be a nice option if you have a desire to work on more than one project. The cash out refi is one and done. Another consideration is it is harder to get HELOCs on non-owner occupied properties. Second homes are easier but LOCs on investment homes are getting harder to find. So again if you would like to have a revolving line established for future endeavors, a primary is an easier way to accomplish that. Good luck!