All Forum Posts by: Stephen E.

@Elise Marquette Quite a bit. And I have been showing it for a couple years.

@Mike McCarthy @Andrew Postell I do have access to commercial and portfolio loans. But I don't want to get rid of my loan with a 30 year amortization at 4.15% for a portfolio loan, etc. I'll probably end up taking a second lien or something, but what I want is a 30 year loan cashout refi at 3.5% or less. That's really what I'm asking, if I can still qualify for that kind of a loan. 

@Todd Goedeke I think you meant to respond to the different stephen

@Kirsten Milliken keep me posted!

I have been having a similar problem refinancing my primary residence. I have six properties (9 doors) and 2 of the units are short term rentals. I was told because of new Fannie Mae guidelines they won't count the income from the 2 units that do short term rentals and without that income my debt to income ratio was too high.

It's crazy to me because I have all this income from the STRs on my tax return and even cutting that income in half from what it was last year I would still easily qualify. Plus I have all these bookings already on the books through March.

I'm curious about mortgage brokers I could talk to who wouldn't hold the short term rentals against me?

I'm trying to refinance my primary residence. But Freddie Mac doesn't want to count the income I make from my short term rentals and so the underwriters are refusing to refinance my home. Is there a way to refinance without using Fannie Mae/Freddie Mac? I have good income, with multiple long term rentals and two short term rentals. But without the short term rentals my debt to income ratio isn't attractive.

In addition I make extra money managing other people's short term rentals sometimes. Basically, I easily qualify for refinancing, especially just taking the income from my tax returns, and I've built up tons of equity in my house.

Curious if anyone has any ideas. I want to cash-out refinance and I want to lower my interest rate.

I have no trouble getting loans on my investment properties, but those terms aren't as favorable obviously.

@Brad Kelly how are you getting your money out of these places? Are you doing a refi now?

Sounds like cash-out refi is your best option. Though you could also do a 1031 exchange.

This is great. It speaks to the importance of just starting. There are almost no bad deals if you intend to live in the property, though some deals are significantly better than others. Maybe you saved six months of your journey by just jumping into it, that's worth money. And all the lessons you learned on your first property are also worth money. 

So maybe not the best deal, but a long way from a bad deal. Very inspiring.

For me personally, the deal would have to work without raising the rent. If the deal only works with the rent raised that would be a red flag for me. If the deal works without raising the rent then you can be slow and deliberate.

When I purchase property with current tenants I like to wait a while before raising the rent. Every situation is unique but the property has to work in the worst case scenario, which here sounds like if you are unsuccessful at raising the rents.

If you are able to raise the rents, one unit at a time, that should be bonus, but don't buy property based on best case scenario, in my experience.