All Forum Posts by: Jeff Langley

I’d be happy to

Hi. Unless the mortgage has a high interest rate, i don’t see any urgency in paying down the mortgage when you can save up an emergency fund and then deploy that capital elsewhere. Cash is king. 

You can export and import iCalendar links from one platform to the other. It’s very simple, but then there will be a slight delay so you could theoretically have duplicate  bookings if someone books within a few minutes of each other. Rare, but not impossible. I prefer using a hospital and linking it through that. It’s seamless 

With that high of a rate jump, I'd legally find someone to sign a 6-12 month lease to satisfy the lender if the DSCR ratio is strong enough and then turn it into an STR. I've also never had a lender actually verify my leases on DSCR loans. I know they can, but no one has.

 I think Jay just proved my point…. It doesn’t matter the gift, you can’t please everyone and even if it’s a nice gesture such as wine, now it’s wine that’s not good enough lol. I don’t leave anything unless it’s noted to be a special occasion and then maybe a birthday balloon or such.  

I have multiple DSCR loans and none are from any of those companies you mentioned. I'm a very direct but also analytical person so i be sure to ask all the tough questions up front because i don't like bad surprises. I always ask about processing fees, prime rates, closing schedules, and most certainly requesting a baseline loan estimate. If they can't or won't answer those questions and are unwilling to give you a loan estimate without pulling a credit check, i walk away. I don't have time for games and dislike when loan representatives act like they can't ball park me a loan estimate. As the consumer, we should be well prepared with your personal info(credit scores, dti, taxes, insurance, etc) to get a baseline estimate. It goes both ways.

With that said, i love my DSCR loans outside of slightly higher closing cost. The process is seamless compared to typical government loans. Personally, i always do 30 yr fixed loans, i don't mess with ARM's. I want to know my payment is fixed for the foreseeable future and can adjust accordingly if needed.

This exact situation is why you have to put an emphasis on location and uniqueness, more important now that the market is becoming saturated in many areas. If you're in those areas, you have to take action to stand out. Figure out the top performing STR's in your area and do what they're doing, if not better. My STR is new to the market but I'm fully booked up for the summer, at nearly 1.5x more nightly than expected, and that's without any reviews yet.

I agree with Colin. 

Another risk IMO is waiting two years or so until your property is complete. Lots can change for STR's within two years, specially regulations. I would only consider that route if you are able to make it an LTR as "plan b".

I closed one last month and everything seemed “normal”, even did 10% down. I don’t have any TN connections, but i will say they are out there. Multiple people told me i couldn’t do a 10% down jumbo…… i did.