All Forum Posts by: Ted Schirm Jr

HI Jonathan. I actually a lender with a great DSCR product. Have been closing loans with our program using either long and short term income for qualifying. Knock on wood, we haven't really run into any hiccups with our closings and I wanted to see if anyone had any problems which came up that I should look for. It's all pretty straightforward as long as you do your research ahead of time.

I use the free portion of AIRDNA to get the basic income and occupancy rate. you can even change how many people will stay which gives you an indication as to what is the most profitable. 

WIth an LLC you are limited to where you can get financing as conventional financing won't allow it. Some people switch the title over to an LLC after getting financing but there have been cases that the investor will find out and call the note due (does not happen with any great frequency but has been known to happen) There are options, like a DSCR loan, without going to a full commerical lender and closing the property in an LLC and save on a lot of the costs (environmental study for one). If you are intersted in having a chat shoot me a message.

I have worked with a number of people who BRRRR and we have come up with long term plans to make sure not only the first deal has gone well but everything is set up for the next one.

 yes. send me a message for details. 

Hi Jason

Thank you for the feedback. We are using several investors who gave us delegated authority on these loans and have had success with closings (and no failures!)

I am a bit of a guideline geek and have a really good understanding of the nature of these loans...what I wanted to see was people's experience with them...the good, the bad and the ugly...to help service my customers better. 

On the recommendation of a friend/client I recently joined the Bigger Pockets Community and am working on expanding my network. I have 20 years' experience in lending and love to chat with people about experiences they’ve had...good and bad (and yes Ugly) ...which helps me do a better job for my clients. One thing I have learned is to be ready for anything when working in real estate and the more you talk with people the more you understand!

Occasionally I may post a topic on here to strike up a conversation. I hope you don't mind.

Over the past 6 months I have been deep diving into the world of DSCR financing, utilizing either short- or long-term rental income. What is the biggest problem or concern you have (or had) with this type of financing?

Nice to meet all of you!

On the recommendation of a friend/client I recently joined the Bigger Pockets Community and am working on expanding my network. I have 20 years' experience in lending and love to chat with people about experiences they’ve had...good and bad (and yes Ugly) ...which helps me do a better job for my clients. One thing I have learned is to be ready for anything when working in real estate and the more you talk with people the more you understand!

Occasionally I may post a topic on here to strike up a conversation. I hope you don't mind.

Nice to meet all of you!

On the recommendation of a friend/client I recently joined the Bigger Pockets Community and am working on expanding my network. I have 20 years' experience in lending and love to chat with people about experiences they’ve had...good and bad (and yes Ugly) ...which helps me do a better job for my clients. One thing I have learned is to be ready for anything when working in real estate and the more you talk with people the more you understand!

Occasionally I may post a topic on here to strike up a conversation. I hope you don't mind.

Over the past 6 months I have been deep diving into the world of DSCR financing, utilizing either short- or long-term rental income. What is the biggest problem or concern you have (or had) with this type of financing?

Nice to meet all of you!