All Forum Posts by: Dilcia Morales

I am a newbie and in the process of acquiring my first STR in Broward County, Florida. I only found two companies, and the rates are outrageous.
I welcome any advice on the type of insurance to get and what companies offer reasonable rates in Florida. 

Thank you.

Hello Fellow BP Members,

I am excited that I found my first property for an STR but stressing out over the lender not meeting closing deadline. The communication has been awful and the seller is furious over the one week delay, mostly because the lender will not commit to a date. The seller threatened to put the property back on the market if we don't close in 6 days and the lender is not giving me assurances.
I would love to hear from anyone else who experienced the same and what recourses would I have if any. I am concerned that I will lose my money. Thank you for your responses.

 Yes, I am open to reaching out to a different lender. Feel free to message me.

They gave no reason and have lost my trust because they didn't mention they needed this paperwork either. The appraisal indicates the rents will cover 1.1 of the PITI, and the credit is good, with 20% down, solid savings, and a W2 earner (a beautiful lending profile). Thank you for confirming that it is unusual. I want to learn how this works and build a team. This lender may not be the one for me.

@Christian W Camposi

Thank you.

I understand running the credit, and I have no issues with that. I am just surprised they require more documentation on a DSCR than a standard conventional loan. I might as well go for the traditional loan, I guess. I do not see any difference in the requirements, and I'll probably get a better rate. Let the adventure begin :)

Hello Fellow Investors,

I am excited to be under contract for my first STR property, but I am getting nervous about the many things I'm already discovering. I am surprised that my lender is asking me to access Social Security Records and a tax transcript. Since this is a DSCR loan and I already provided account statements with proof of funds and my mortgage statement for the principal residence, I didn't expect much more would be required. I have no issues, but I didn't need to provide so much information, even for a conventional loan. I appreciate any feedback. Thank you.

@Raymond J. Rodrigues Thank you! messaged you

I'm excited to be under contract for my first short-term rental in Pompano Beach, Florida. Can someone tell me what kind of insurance I need to acquire for my Airbnb property? It seems homeowners insurance does not cover rentals.

I appreciate the responses.