All Forum Posts by: Natalya Whitaker

I was literally days away from getting a cash-out refinance loan from them on two of my short term rental properties. It was in final underwriting when they emailed me saying my loan was on hold because they were short term rentals. This really sucks because I had to pay $1,500 for an appraisal that probably will be no good by the time we get through all this. 

Sounds like a bad deal to me. Is there a reason you want this particular home so badly? Knowinf this area fairly well, I'm pretty confident you will be able to find a house hack for yourself with much better terms. 

You should also consider doing a short term rental in the second unit. Here in Louisville most of the restrictions do not apply to owner occupied short term rentals.

Actually, Nicholas, that is super helpful. We will be meeting with the state later this year. And if I can figure out exactly what to ask them that would be great.

Several of the cottages do have mortgages on them but the most recent mortgage was created in 2012 from what I can see. So I know a mortgage is possible.

Knowing that I've been doing some research on this situation, this is what I've figured out.

These cottages are considered leasehold property. 

All of the cottages are up on blocks of some sort and while not easy, could be moved off of the resort if worse came to worse. (which I honestly don't think would happen). So in that sense, the cottages are sort of like a mobile homes, where they could be moved if necessary. Having said that I know that mobile homes are considered personal property, and not real estate. And the only loan I know of that will lend on those is FHA and since theses are strictly vacation rentals that is not going to happen. But if I could find someone to lend on those types of terms that could work.

Thanks for you help!

I've gotten the best prices from C&L Heating and Air conditioning. 

I posted this several months ago and still haven't found anyone who can finance our properties. Please read my entire post before reaching out to me. I've had a few people tell me they could finance my properties and then after I've filled out long applications tell me my properties don't meet their criteria, which they would have know if they read this post.  I've also created links to relevant documents.

I am looking to finance two short term rental properties that I currently own. Both I paid cash for and are currently producing great income. These cottages are located inside a resort with lakefront property, however, we have been unable to pursue traditional financing due to a few restrictions that we have with our properties.

Here is what is important to know:

1. Our properties are located on Taylorsville Lake in KY, and are leased from the State who has a lease with the corps of engineers until 2052. This is the most important issue. I've had a few lenders say they could finance us but then get to this lease and tell us no, so please make sure you can lend to a property that is leased under these terms!

2. At one point other owners were able to find financing with local lenders, however, 3 years ago the company that ran the resort went into bankruptcy and several of the properties were foreclosed on. This has made the local lenders leery of lending on these properties again. Since that time, the owners have taken over and created an LLC that runs the resort. Most of the owners are now savy investors and we have cut costs and changed the business strategies and I'm happy to say that the resort is now thriving.

3. As of yet none of the newer owners (myself included) have been able to obtain financing for the properties. This has caused the value of each cottage to go way down. Currently, my two properties are worth $75k and $85K. This presents a problem as most lenders have a minimum and unless I can combine the two into one loan they do not meet the requirement. I believe that once financing is found the property values with go up substantially. 

Update: One of the 2 bedroom cottages sold for $132k in November. I think this is much closer to the actual value, but it is the only comp at that price range. 

4. Last year our two-bedroom cottage grossed $35k. We had a few very large capital expenses that we needed to take care of $12k worth, but even with that our profit was $6k last year. We just purchased or the second cottage a few months ago but it is proving to be just as profitable. I also manage quite a few other cottages so I have access to the financials if needed.

5. Once a lender is found, there will be several more cottage owners who would like to refinance. I am on the board that runs the resort multiple owners have requested information in regards to financing. So if you can make this loan happen for me you will be able to get several more clients to provide loans for.

6. Since I am on the board I am able to make changes to our operations agreement, and I may possibly be able to make changes to the lease with the state/Corpse also. 

7. I own both of these properties with my husband and parents. We are very qualified buyers and all of our credit scores are over 650. 

Helpful links

Two bedroom cottage Seabiscuit
https://www.airbnb.com/rooms/2...

Three bedroom cottage Southern lights
https://www.airbnb.com/rooms/3...

List of real estate currently owned

Link to operating agreements 

Link to Lease With Cottages of Taylorsville Lake 

Link to Lease with Corps of Engineers to the state

Original Lease with the state

Thanks in advance! 

Alex unfortunately my credit is not over 720 at the moment. Ironically once we refinance and I'm able to pay off some other debts it will go up to over 720. 

I'm looking to finance two short term rental properties both are currently owned free and clear.

Both properties are located inside a resort with lakefront property, however, we cannot pursue tradition financing due to a few restrictions that we have with our properties.

Here is what is important to know:

1. Our property is leased from the corps of engineers until 2052. 

2. At one point other owners were able to find financing with local lenders, however, 3 years ago the company that ran the resort went into bankruptcy and several of the properties were foreclosed on. This has made the local lenders leery of lending on these properties again. Since that time, the owners have taken over and created an LLC that runs the resort. Most of the owners are now savy investors and we have cut costs and changed the business strategies and I'm happy to say that the resort is now thriving.

3. As of yet none of the newer owners (myself included) have been able to obtain financing for the properties. This has caused the value of each cottage to go way down. Currently, my two properties are worth $65k and $85K. This presents a problem as most lenders have a minimum and unless I can combine the two into one loan they do not meet the requirement. I believe that once financing is found the property values with go up substantially.

4. Last year our two-bedroom cottage grossed $35k. We had a few very large capital expenses that we needed to take care of $12k worth, but even with that our profit was $6k last year. We just purchased or the second cottage a few months ago but it is proving to be just as profitable. I also manage quite a few other cottages so I have access to the financials if needed.

Here is a link to our properties


https://www.airbnb.com/rooms/20067871?s=67&shared_item_type=1&virality_entry_point=1&sharer_id=80708294


https://www.airbnb.com/rooms/36357192?s=67&shared_item_type=1&virality_entry_point=1&sharer_id=80708294

I haven't read through all of the comments so please forgive me if someone else has said this already. But I've had a lot of success making super lowball offers on MLS properties. I have been mega surprised by what people have accepted. Make a whole ton of offers and then only go see the ones you get responses to.

Due to nothing I did, the home has been transferred into a relatives name.

Great fix to rent opportunity in Louisville. ARV is $175k. Newer roof, HVAC, and water heater. Needs new flooring and kitchen counter tops. Does need some foundation work. Estimated repairs including foundation $20k.

Estimated rent is $1,550 a month. See pictures here

This property is not listed on the MLS, but I am a licensed realtor in the state of KY, and have ownership interest in the property.

Natalya Whitaker 502-208-9202

Keller Williams Louisville East