All Forum Posts by: Brandon Roundtree

Facebook Marketplace, Apartments.com, Zillow, Roomatefinder, etc. 

Basically anywhere you can list a house as long as you call out that this is a rent by the room scenario. 

You should be able to get a pre-qualification letter or even term sheet through filling out an application and credit authorization and briefly chatting with a DSCR lender to see where you stand. Process shouldn't take more than 30 minutes or so to get a real good look at what you qualify for and what you'll need

@Brandon Roundtree

Good credit, cash for 25% down payment + reserves, an asset that can cashflow in a non rural area, an LLC. If you can check those boxes typically you can get into a rental. No need to worry about income verification, DTI, or tax returns.

 @Brandon Roundtree  What kind of lending are you going to be looking for?  There are occasions when a local lender might be able to do something a larger lender might not. For example, a unique property that is hard to value might be best with a local lender, but in general it does not matter in most cases.  

@Brandon Roundtree When I listed one of my rentals, I advertised it as having an ADT system along with a front door exterior Ring camera. I had lived in the property prior to renting it out, so these were things that I already had in place. When we screened tenants and eventually found the right fit and signed a lease, we included some custom instructions saying that we would provide them the login info for the Ring app and that we would create a guest account via ADT so that they could access certain features as needed.

Now that we've had a tenant in that property for 12+ months, we haven't had any issues. I haven't personally opened the Ring app at all (it would only be able to see the front yard and driveway) and our tenant has been happy that these security features were included with their rent. However, I understand that in some areas you may not feel as comfortable providing this info to your tenants, but in our specific situation it worked out and we have good lines of communication with out tenant overall.

I don't know where the line would be drawn for what could be considered an invasion of privacy and it may be state dependent, but I would just make sure that everything is clear with any prospective tenant so that there is never any confusion.

@Khari F. They should understand your financial scenario and have the products that will work for you.  I also believe communication skills are a must when picking your lender.  I wouldn't want to work with a lender who doesn't return calls and is hard to get a hold of. 

@Brandon Roundtree In my opinion, building a relationship is more important than whether or not your loan is being sold to a servicer after funding.  Once you have a relationship with a lender they know all of your details, goals, and situation particulars so it becomes easier for you.