All Forum Posts by: Lyndsay Zwirlein

@Brandon Warren you would have to check with the lender/servicer who holds your mortgage to see if you can move the property into an LLC. You likely signed mortgage docs that contained a due on sale clause. Also even if you move it to an LLC, that debt will still be counted since you are a guarantor.

Once your STR income is reported on your tax returns, that can be used to offset the mortgage.

I would recommend having a broker review your situation because more info is needed.  Also you will want to speak with your current lender who is helping you on the new home that is being finished soon. If you have your credit pulled for an investment home, you will want to understand if that causes issues for them.

We have been using Relay for several years for business bank accounts for our rentals. However we have had several issues with the move to 2.0. What business accounts do you like? Priorities are being able to transfer between accounts with same day funds availability, minimal fees, and ease of operating online (not having to go to a branch). Thanks!!

This is awesome! Nice job. I've always purchased turnkey but interested in trying a BRRRR to turn into an STR, so appreciate your sharing!

Hey @Jeff Harrington! Happy to help on the lending side if you ever have any questions. We also own in AL, FL, and TN so happy to share our experiences too if you ever want to connect! So excited for you guys! 

I think it depends if you're working with the buyer or seller. It's probably easiest for the buyer to start fresh. But maybe if you close in the slow season, the buyer might want a few quick bookings so they can help ramp up their listing quicker. 

As a seller, we recently went through this and it was kind of a pain to be honest! I was happy to help the new buyer so the transaction would go smoothly but it was herding cats trying to get her the guest's info, pricing, respond to irritated guests who had to go through extra steps of rebooking with new owner, etc. 

Have you considered a bridge loan? There are 12, 18, 24 month options so it's short term money. No PPP. Then you can refi into a longer term solution like DSCR when rehab is done.

Hey Bud! I work for a large mortgage brokerage so we have access to a lot of DSCR programs depending on your needs. Happy to help if you're still looking!

Great point. I was listening to BP episode 712 yesterday with a VP at Airdna. The research shows people that owned homes are not wanting to sell due to rates in the 3s so they're "repurposing" them into STRs so there is increased supply for sure.