Survey: Short Term Rental Income to Help You Qualify For a Loan?

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Scott TrenchPro Member
Rental Property Investor · Denver, CO · Member since 2014 · 2k+ posts · 6k+ votes
8y

Yes it is! @Stephanie Medellin

This feedback may be really helpful in helping a new product form around mortgages. Can't say more right now, but this could be really cool! The more responses, the better. 

Podcast Guest on Show #223
BiggerPockets
4Reply
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  • Stephanie MedellinBusiness Member
    Mortgage Broker · CA · Member since 2014 · 1k+ posts · 644 votes
    8y

    Is this an official biggerpockets account?

    [email protected]
    Stephanie Medellin, Loan Factory58 Reviews
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    3Reply
  • Scott TrenchPro Member
    Rental Property Investor · Denver, CO · Member since 2014 · 2k+ posts · 6k+ votes
    8y

    Yes it is! @Stephanie Medellin

    This feedback may be really helpful in helping a new product form around mortgages. Can't say more right now, but this could be really cool! The more responses, the better. 

    Podcast Guest on Show #223
    BiggerPockets
    4Reply
  • Jonathan PfluegerPro Member
    Ben Lomond, CA · Member since 2016 · 338 posts · 337 votes
    8y

    Interesting concept, something I am definitely interested in. 

    Survey completed!

    1Reply
  • Jack Bobeck
    Rental Property Investor · Jacksonville, FL · Member since 2008 · 784 posts · 528 votes
    8y

    Cool survey! I just finished. 

    0Reply
  • Bryant Weber
    Springfield, OH · Member since 2017 · 9 posts · 4 votes
    8y
    Survey completed!
    0Reply
  • Jeff WhiteBusiness Member
    Realtor · Denver, CO · Member since 2016 · 278 posts · 371 votes
    8y
    Survey done.
    0Reply
  • JD MartinBusiness Member
    Moderator
    Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 17k+ votes
    8y

    Ok, done.

    Podcast Guest on Show #243
    Skyline Properties
    View Page
    1Reply
  • Megan S.
    Saugerties, NY · Member since 2017 · 81 posts · 33 votes
    8y

    Curious why the focus is only on short-term rental income for help qualifying for a loan. Why not long-term rental income, too? 

    Completed the survey for you.

    1Reply
  • Joshua Tobin
    Ballston Spa, NY · Member since 2014 · 84 posts · 36 votes
    8y

    Survey completed. Looking forward to hearing more. 

    1Reply
  • Shanna Huslig
    Investor · Phoenix, AZ · Member since 2017 · 5 posts · 0 votes
    8y
    Yes! Definitely interested in taking the survey. My lender is discussing doing this exact thing to help me qualify for my first multi-family property.
    0Reply
  • Jordan B.
    Winona, MN · Member since 2016 · 26 posts · 20 votes
    8y

    Done.

    I'm interested in seeing what's coming down the pipeline.

    0Reply
  • Daniel Bihari
    Granite Bay, CA · Member since 2017 · 7 posts · 0 votes
    8y
    yes what's this deal about
    0Reply
  • Alan DeRossett
    Investor · Thousand Oaks, CA · Member since 2017 · 306 posts · 123 votes
    8y

    what is considered a short term? I have a owned property with many of the same Tenants for last 10 years. if I transfer property into a LLC would I need to start over with short term income if I refinanced paid off property?

    0Reply
  • Dave Van HornPro Member
    Fund Manager · Wayne, PA · Member since 2009 · 1k+ posts · 1k+ votes
    8y

    Survey complete!

    Love this idea about getting creative to obtain better financing or have more buying power.

    Podcast Guest on Show #273
    0Reply
  • Julie McCoy
    Real Estate Agent · Sevierville, TN · Member since 2015 · 1k+ posts · 1k+ votes
    8y
    Completed! I admit the survey wasn’t what I thought it would be - I’m currently trying to buy a house that I WON’T live in to use as a short term rental investment property. I would love a loan product designed for those types of investments. What’s proposed in the survey is definitely interesting and I think there’s a market for it, but it doesn’t fulfill the needs I️ have for a mortgage that considers STR income.
    0Reply
  • Josh Kellman
    brooklyn, NY · Member since 2017 · 3 posts · 1 vote
    8y
    Interesting... survey completed.
    0Reply
  • Elsie Q.
    Real Estate Investor · Cypress, CA · Member since 2017 · 14 posts · 15 votes
    8y
    Completed survey:)
    0Reply
  • Roy Gutierrez
    Investor · Oak Park, MI · Member since 2014 · 299 posts · 47 votes
    8y

    I own short term rentas, done.

    0Reply
  • Carlin E Simmons
    Investor · Lehi, UT · Member since 2017 · 3 posts · 1 vote
    8y

    Done. 

    The idea of a bank which generally has more flexibility with regards to what it counts as income against someone's debt/income ratio would do very well here. I did my first deal six months ago and am hesitant to do another one anytime soon for this reason.

    0Reply
  • Carlene Fowlkes
    Real Estate Agent · Detroit, MI · Member since 2017 · 6 posts · 5 votes
    8y

    Survey completed.

    0Reply
  • Robert S.
    Contractor · Milltown, NJ · Member since 2016 · 297 posts · 213 votes
    8y
    Survey was not what I thought... Especially the part about bringing a stranger into my primary residence to help qualify for a mortgage. I already own a cash flow positive vacation rental. Now if the survey asked questions that applied to the vacation rental market like, if you wanted to purchase a cash flow positive vacation rental, would you be interested in a product that used the average of the prior three years verified annual rental income on that property to qualify for the loan, then I would be extremely enthusiastic towards learning about that.
    0Reply
  • Joshua Ferrey
    Real Estate Investor · San Francisco, CA · Member since 2016 · 42 posts · 12 votes
    8y
    The survey was great! Definitely hope to be able to use short term rental income on my refi apps one day! Keep us posted!
    0Reply
  • Shawn Q.
    Rental Property Investor · Champaign, IL · Member since 2015 · 146 posts · 80 votes
    8y

    Done - I currently house hack, and I'd love to find a lender that's more flexible in recognizing income from various sources. 

    0Reply
  • Stephanie MedellinBusiness Member
    Mortgage Broker · CA · Member since 2014 · 1k+ posts · 644 votes
    8y
    Originally posted by @Megan S.:

    Curious why the focus is only on short-term rental income for help qualifying for a loan. Why not long-term rental income, too? 

    Completed the survey for you.

     I imagine it's because conventional lending guidelines, and even most portfolio loans, will not consider short term rental income for lending purposes because it is not considered stable income.  Most lenders require a lease for tenant occupied rental property.

    [email protected]
    Stephanie Medellin, Loan Factory58 Reviews
    WebsiteView Page
    1Reply
  • David Nelson
    Minneapolis, MN · Member since 2017 · 2 posts · 1 vote
    8y
    Survey completed
    0Reply
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