All Forum Posts by: Jared Fracker

Hi there I am getting ready to do a deal  in Northern Kentucky/ Cincinnati OH, and I have finally figured out how to get pre-approved conventionally, I am moving out of my primary residence (and turning it into a short term rental) and going to move into this new property for some time to take advantage of a 5% down payment and better Interest rate. 

However I was originally going to get the cash to close (about 30k-50k depending on the offer) by opening up a HELOC and utilizing that. well unfortunately that will crush my DTI and disqualify me conventionally. (I do not have the capital to go the DSCR route.) So I was looking into private money lenders for the c2c so I could get the deal done. I can then turn around and open a HELOC on property 1 after closing on property 2. I would use the HELOC to payoff the PML or keep it until it gets paid off with STR income depending on the rates.

Thoughts? how is private money usually structured and where would I go to find it? Or is there another way to get all this done? Thanks in advance for all the help. Feel free to message me or reply!

3Bed 3bath - 1700sf Asking price is $460k In Boone County KY It is a very unique property. When I ran the comps just a standard 3/3 in the area is grossing about 4-7k / month as a STR Current Homeowners were using it as a second home and Renting it out to family and friends. Sellers are willing to sell 90% of the furniture. It has been on the market for a little while. (I think because of how unique it is. No standard family wants to move in as a primary residence.) My calculations show about a 60% CoC return.

As for me, I am a business owner so I will not qualify conventional and I do not have the capital to do a DSCR by myself. Hope this helps!

Just accepted!

Just sent you a connection request/DM. thanks!

Hello, 

My name is Jared and I currently own one STR in Cincinnati. I am looking at a deal in Northern Kentucky but I do not believe I will qualify the conventional way. I am looking for advice on how to get this deal done. I would be open to hearing out willing investor's or potential partners. I would be able to be the boots on the ground.

Thanks in advance for all the help and the connections!