All Forum Posts by: Lyndsay Zwirlein

Quote from @Timothy Stoops:

My partner already owns 1 5 unit and is trying to aquire a 2nd one. But the lender cannot touch them because of being considered commercial.

Hey Tim! We have several programs that can fund 5-8 unit deals. I actually live right down the road from you in Lake County :) I'll send you a note!

Happy to help, as well! I own 3 STRs and work as a Loan Originator exclusively with investors for conventional and non-conventional loans. Feel free to reach out if you're still looking!

Quote from @Ben Cogdell:

Any recommendations for cleaners in the Orange Beach/Gulf Shores AL area? Looking to list first STR in the coming weeks.

Thanks in advance,

Ben

Sheree at Houskeeping Squad if you’re still looking! She’s amazing to work with! 

Quote from @January Johnson:

Quote from @Lyndsay Zwirlein:

Quote from @Elise Hazzard:

Lyndsay, hope it all works out..this is truly a nightmare in FL!

Truly!! It’s scary to think what rates will look like in 1-2 years! 

Hey, Lyndsay!

Hopefully the legislative work in FL will help ease our insurance pain.  I know the gov. is working on it!  

That’s great to hear. Thank you for sharing. Let me know if you have any recommendations for carriers/agents!! Hope you’re doing well 😊

Depends on your goals! What would be the purpose? Cash flow, appreciation, leaving a legacy?  If you want to leave a legacy for family, I've had clients purchase a property for each child and leave it to them for estate planning. The kid can choose to sell it for college $, keep it as an investment or use it to learn RE investing. Or if you're looking for cash flow, perhaps you purchase a property and utilize a property manager so you don't have the headaches of self management and you aggressively pay down the mortgage to limit your risk as you get into retirement age. I think it depends on your end game and where you want to be in 5-10 years! 

Read a bunch of books and consume as much info as you can (with a caveat of focusing on people who have been through cycles!!). I really like Kathy Fettke's "Retire Rich with Rentals", David Green "Long Distance Real Estate Investing" and go crazy on Bigger Pockets! There are so many amazing stories on there and you can start to learn about the strategies and figure out what suits your goals best. Good luck! 

Quote from @William Coet:

Hello,

Are existing leases enough for a bank to lend on multifamily, or do they require tax returns?  Does it depend on the bank?

Thank you

Yes you can do this with a Debt Service Coverage ratio loan. They underwrite based on the ratio = gross rental income / PITI. 

You can do a conventional loan up to 4 units, but that will require tax returns.

From a lending perspective, make sure your lender vets the property if you are getting financing. Sometimes there are limitations with 2 homes on one lot. 

Hey Jake! There are a lot of loan programs that can work with this. Depends on whether you hold or sell, LTV requirements, level of experience, how long you've owned the property (or have you purchased it yet?), etc. Happy to walk through ideas with you! Based on the limited info on here, it seems like your options would be:

- Bridge - 12 or 24 month

- Fix & Flip 

- DSCR

Have you looked at a bank statement loan? This loan program is specific to self employed individuals and property type can be owner occupied, second home or investment.