All Forum Posts by: Lyndsay Zwirlein

There are bank statement programs specifically for self employed individuals that calculate your income based on cash flow from bank statements versus 1099s/tax returns/etc. Your DTI will look different with this method. It's worth looking into if you intend to owner occupy. These programs can typically be used for primary, second homes and investment homes.

 For that I have a couple recommendations, as well. will you shoot you a note!

DSCR will have limitations on owner occupancy because they rely on cash flow from the property to repay the loan. Most require you to sign occupancy documents at closing.

Being self employed, have you looked at bank statement loans?

A month or 2 ago, several large insurance carriers in FL went under. Insurance was already pretty expensive in FL but that caused it to go up even more! It is definitely one of the most expensive markets we see.  

I personally just went through the process of getting quotes and Proper had the best rates. I've also had a lot of clients use Kin in FL.  Good luck!

Hey Sessalli! If you're still looking, we might have options for you. I work for a large brokerage and have lots of lenders that work with foreign nationals. A couple will even do 80% LTV. Feel free to shoot me a PM if we can help!

Look at pricing (use a software like Pricelabs, see who you're competing w/ on Airbnb, etc), professional photos, potentially even decor/design to make it more appealing.  If you post your link, happy to take a look and provide more specific recommendations!! 

 I'll PM you!!

Hey Jay!! Our STRs are in TN and we had one in Gulf Shores, AL that we just sold for a 1031x and we are now buying in FL (under contract) and TX I believe. Our TN property went live in April and is doing well. The Gulf Shores property was crushing it! YTD gross was $67k when we sold end of July and I had purchased it for $475k with 10% down. I sold because we didn't like the lack of control w/ HOA, potential for assessments, hurricanes, etc. Plus I wanted to sell that one to turn it into two.

I like the idea of NY because it doesn't seem so saturated. We personally love the Finger Lakes region and part of our strategy is buying in places that we would enjoy long term.  I have a lot of clients that buy in PA. I am not as familiar with the market but there are interesting forum posts on here about some of the challenges. But it's always what you make of it! 

To answer your other question on amount of total debt, from a lender perspective underwriting uses your monthly payments to calculate DTI. The aggregate balance isn't really considered except for reserve requirements (see below). From a personal perspective, the only thing I would be concerned about is having access to cash/HELOC to cover expenses for everything should you ever have a worst case scenario type situation. ie several properties are vacant all at once, lots of costly repairs at the same time, etc.

For conventional loans, you'll be required to have sufficient reserves for all properties. You can google the Fannie Mae matrix to see what is needed given the # of properties you own. With DSCR loans, this isn't an issue. Most DSCR lenders will only consider the subject property during underwriting, meaning you will need reserves for that mortgage but they aren't concerned with mortgage balances or reserves on the other properties. These are questions I would ask as you're working with lenders though so you don't have surprises! Not all programs are the same.