All Forum Posts by: Brandon Curry

@Kristen L Garner

Would it be possible to get a personal loan to purchase a short term rental?

Of course the right loan would have to come into play with this scenario. I'm thinking a DSCR type of loan to where your DTI isn't a factor but the performance of the property is. And if the right property is purchased you can recoup the money to pay back loan and any other start up costs to repeat the process.

I just got an escrow analysis from a new lender (transferred about a month ago) and there is an escrow shortage. The property is in South Carolina. (Columbia, Richland County) The increase would case the payment to go up $900. Last year I got money back because of a shortage now there’s a massive overage.

What options would I have as an exit strategy to get out of paying this high amount? I understand it has the possibility to change yearly but I didn’t expect it to almost double what the mortgage is on the property. First payment of the new amount is due the 1st of next month as well. I cannot absorb that kind of loss continuously for the next year. Any suggestions wil be helpful.