Looking for assistance/guidance.

[Carson DuVall]

I am lost and could really use some guidance from someone with more experience. Totally willing to pay someone for their time. I currently have one Airbnb property that is cash flowing about 15k/year and has been doing that for 2 years. The property has about 300k in equity. I am wanting to build another property for STR on a lot that I own free and clear and was just told by my lender she can't make the loan happen. I don't have a W-2 job and am a self-employed contractor. I am hoping to get over this hurdle and learn in the process. Wondering what those with more experience would do in my situation.

[Jim Pellerin]

I wouldn't build. Since you have experience with Airbnb, I would look for another property to do Airbnb on. I  Rent it from the owner and rent it out. You will have to get permission from the owner. You can many STRs using this method. 

[Carson DuVall]

Thanks for your input Jim, I have considered STR arbitrage but I really want to be the owner of the property. I will definitely look into the arbitrage method some more for sure.

[Ricardo Hidalgo]

Quote from @Carson DuVall:

I am lost and could really use some guidance from someone with more experience. Totally willing to pay someone for their time. I currently have one Airbnb property that is cash flowing about 15k/year and has been doing that for 2 years. The property has about 300k in equity. I am wanting to build another property for STR on a lot that I own free and clear and was just told by my lender she can't make the loan happen. I don't have a W-2 job and am a self-employed contractor. I am hoping to get over this hurdle and learn in the process. Wondering what those with more experience would do in my situation.

Bank statement loan or hold assets in LLC to collateral.

[Ruchit Patel]

There are many types of loans and not every lender provides every type. Most non-W2 people are forced to believe that they can't qualify to buy a house, till they find an experienced lender/agent.

I can connect with a guy I know who has been helping non-W2 people with loan for years now. 

[Dan Maciejewski]

There are definitely lenders that can make things happen.  I think the best advice is to keep calling lenders.  

In my experience, especially in your case, brokers are better than most direct lenders. Most direct lenders will only do conforming loans, often with their own overlays that make criteria stricter. Either way, keep calling. FoA has some interesting products. I just closed a house that Host Finance brokered and they used a Finance of America product. Host was built to broker short term rental loans. Also, Visio keeps saying they offer DSCR for STR.