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Updated about 3 years ago on . Most recent reply

User Stats

30
Posts
7
Votes
Josh M.
  • Real Estate Investor
  • Dallas, GA
7
Votes |
30
Posts

STR lenders, do you have a one you've used and recommend?

Josh M.
  • Real Estate Investor
  • Dallas, GA
Posted

I am looking fotlr a vacation home, 10% down lown. Do you have any lenders you've used in would recommend?

The overall goal, is to get 10 Str properties within 7 years.

Thank you for your help.

Most Popular Reply

User Stats

313
Posts
280
Votes
Joseph Bafia
  • Investor
  • Raleigh, NC
280
Votes |
313
Posts
Joseph Bafia
  • Investor
  • Raleigh, NC
Replied

As @Jeff Langley mentions, location is important with lenders as not all can go to every state.  We used the same bank and lender that financed our primary home (First Citizens) to purchase several STRs.  You can test several banks, but we chose one where we felt the lender knew us and our situation.  These were bought as 10% down 2nd home loans.  We've also bought other STRs through asset based lenders, but those were 20% down.

...And also very possible to get 10 properties in 7 years.  We're up to 8 in just about 2.5 years.  Various strategies, partnerships, creative financing and some grinding!

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