All Forum Posts by: Zach Edelman

There should be lenders that can execute with 20% down as well. Not sure if that's of interest. 

 I am echoing these points.

Also things to consider will be the purchase price, rehab amount, and the purchase to rehab ratio, and how your experience compares to those figures. Your FICO score will also be considered. 

Could go the Jersey Shore route: Atlantic City, Cape May, etc. Or could go the LI route: West-Hampton, Fire Island, etc. Would also recommend college cities: New Haven - Yale, New Brunswick - Rutgers.  

Lot's of lenders don't have seasoning requirements for rate-term refinances. Would look into BP's list of recommended DSCR lenders for this.

This is an investment property for you, correct?

Happy to connect as well! 8.500% sounds high currently. 

This is sick!!! Thanks for sharing. 

Love it. Dude's a legend!

There are definitely DSCR lenders that can execute at 20% down as well. Especially if they can use AirDNA and do so at 80% LTV, cash-flow should likely check out.

DSCR loan is qualified primarily on the cashflow of the asset. For an STR, the lender, assuming they are STR friendly, would likely use AirDNA projections, historicals from the seller (if they exist), or an STR 1007 market rent schedule to qualify the rents. They are purely for investment purpose and will require you to sign a non-owner occupancy affidavit at closing stating you don't plan to occupy the property for more than 14 days out of the year.

A second home loan is as it sounds, a loan for a property that you will use as a second home, and live in. Rules for this loan product require that the property is rented no ore than 180 days per year or generally half the time. This loan will be qualified on DTI/Tax Returns.