All Forum Posts by: Dave Aheimer

I am considing purchasing a single-family home (resort style with HOA). Can anyone make a recommendation on how to negotiate with a large builder? Considering the recent softening of the market, I figure there must be a way to get price or deposit concessions (not interested in their lending concessions).

Can anyone provide advice or share their experience? 

Update: Thank you all for the input! 

First, I exhausted conventional lending first (no W2 income; great tax returns from asset sales in 2020, but nothing of note in 2021)
Second, the property is nested in held by an LLC owned by an IDGT (intentionally defective grantor trust)

Update: Received another offer for 6% 30 YR 75% LTV (5,4,3,2,1 prepay penality) with 3.75pts to close (buying down the rate)

fico is 712 - rate is 30 year fixed - It is SFR owned in an LLC

I was recently offered 6.75% (5,5,5,5,5) and 7.25%(5,4,3,2,1) for 75%LTV with a 1PT close on a 700K property I own outright --- Is this a good deal?

Hey BP crowd! - I have an STR near Disney - Missed the delayed financing window (>6 months) - Looking to cash out Equity - DSCR @ 75% seems to be the consensus - however I have less than 12 months of rental history - suggestions on a path forward to get the equity out?

Thanks for the reply Melvin, the lender I spoke with notified me that as an STR with no lease (only Airbnb), I would need 12 months of rental history - 3 months down 9 to go! The second lender said they could do 80% occupancy from AirDNA data - talking with them today!

So. I want to get cash out of my STR and buy another STR. I paid cash (600) and I am past the 6-month window for delayed financing. The property rental history is only 2 months. I think the only solution at this point would be taking a bridge loan using the property as collateral until I can get a DSCR in place with 12 months of rental history. Are there other paths that I can consider?