All Forum Posts by: Amy Mead

Thanks, it has a pool also which worries me more than a kayak. Had a brother with a spinal cord injury...

We decided to pull out on this deal for various reasons, mainly high interest rates and negative cash flow with questionable hope for increase in equity.

Thanks everyone for the advice. If I try for another STR no pool, no dock , no water too much liability for my nerves.

Thanks, it has a pool also which worries me more than a kayak. 

I was thinking of a charging a dock fee if the guest brings their own boat or rents a boat locally. The dock has space for a boat and a lift for a small boat. I would like to offer this as an amenity but I want to cover the extra wear and tear on the dock. We would NOT provide the boat and I would not want to charge for guests that do not want to bring a boat. Also, what kind of liability or how much extra insurance do you need if you offer kayaks and life jackets as an amenity? Or insurance to allow guests to dock a boat?

Got quote for 9.25% is that considered normal for a investment jumbo loan? 

Thanks for the info.

Nags Head, NC

I am guessing DSCR loans have higher interest rates than investment loans?

that would be great can I PM you later?

Hi I am looking for a loan for a short term rental property purchase. Can someone explain the difference between a DSCR loan and an investment loan that takes the rental income into consideration? Also, I have cash tied up in receivables in my primary business; to close, I will need to use funds from my HELOC. Is this going to be a problem for either of these two types of loans? We have excellent credit and equity in two properties. Our personal debt to income does not quite cover this property but with its rental hx and strong vacation location it cashflows (up to a certain interest rate).

Roger, Thanks for the response. I may just wait until fall. The supply is very constrained here right now. I have to decide on an offer today, but am not in love with the property or the numbers, there is no time to stop and think. I am also considering moving down here at some time in the future. So I am looking for a house to STR now that I could live in later. I am learning the same here, rules are different and proximity to the beach or a beach access makes a big difference in rents.

I am trying to buy a STR in the OBX, and it is proving to be a more competitive market than I anticipated. It seemed like properties were sitting all fall and when I started making offers in January suddenly there were multiple offers...

Any insight or advice for this market would be appreciated. I thought that woth high interest rates offers would cool down. Could be that I am competing against cash buyers?