All Forum Posts by: Account Closed

@Charles Wang look into Central Ohio Real Estate Entrepreneurs aka COREE. They meet weekly via zoom. 

@Blaine Vollenweider If cash wins the deal, you could consider delayed financing to recoup your cash or a portion of it without needing to meet a seasoning requirement. This would allow you to pay cash and utilize financing. 

@Karroll Robinson I saw this post in the Columbus Ohio section. Are your investors looking for anything in Columbus? 

@Michael Mignogno The BRRRR strategy can work with short term rentals. Hard money is great if you plan to renovate and refinance in a 3-4 month timeframe. There are loans specifically designed for long term financing of STR properties. I would suggest lining up your renovation and refinancing shortly after the renovations are completed.

@Zachary Carver The debt coverage at 1.16x might not pass bank underwriting since the asset isn't throwing off a 1.20 dcr. However every lender is different (especially banks). Have you looked into DSCR loans? A DSCR loan does not collect personal income, tax returns, or debt obligations to qualify you for the loan. A DSCR loan is only concerned that the asset is able to cover the PITI at a 1:1 DSCR.

Matthew you should look into DSCR investment loans. The lender does not validate personal income or debts but rather ensures that the property can generate enough cash flow to pay the property taxes, insurance, principal and interest.