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All Forum Posts by: Charles Lomolino III

Charles Lomolino III has started 4 posts and replied 14 times.

You can probably qualify for a conventional loan on your first one but moving forward you will want to utilize a DSCR loan. We don't look at debt to income ratio on the DSCR loan. We are only looking at the subject property. As long as the rental income is equal to or greater than the mortgage payment, you qualify. For a refinance, you will need to provide a lease. For a purchase, we use the fair market rent determined by the appraisal.

I dont think you will find anything much lower than 8.3% unless you pay points to buydown the rate.  I would only recommend refinancing right now if you are going to do a cash out refinance to get some money for renovations or to purchase another property. 

Post: Short Term Rental

Charles Lomolino IIIPosted
  • Lender
  • Posts 26
  • Votes 3

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Fond Du Lac.

Purchase price: $480,000
Cash invested: $120,000

Beautiful 2 unit property in Killington, Vermont. The property is located 10 minutes from Killington Mountain, 30 Minutes from Okemo Mountain, and 45 minutes from Stowe Mountain. Each unit consists of 2 bedrooms, 1 bath and sleeps a total of 6 guests comfortably. It's a perfect house for a ski trip with friends and family.

Post: Short Term Rental

Charles Lomolino IIIPosted
  • Lender
  • Posts 26
  • Votes 3

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Fond Du Lac.

Purchase price: $480,000
Cash invested: $120,000

Beautiful 2 unit property in Killington, Vermont. The property is located 10 minutes from Killington Mountain, 30 Minutes from Okemo Mountain, and 45 minutes from Stowe Mountain. Each unit consists of 2 bedrooms, 1 bath and sleeps a total of 6 guests comfortably. It's a perfect house for a ski trip with friends and family.

It's mostly rented during the winter/ski season. The property can also be enjoyed in the spring, summer and fall season too. It is also located 2 minutes from a beautiful golf course, 5 minutes from 2 lakes where you can kayak/fish, and 10 minutes from Killington Resort where there is also a golf course and downhill mountain biking.