All Forum Posts by: Jonathan Balos

Hi Chris, There is no need to worry about mortgage fraud. Those lenders would not be recommending it if was. Second home is a great way to get a good rate. I believe you need to occupy it for a couple of weeks out of the year or intend to to it being considered a second home. Wish you the best!

Good question.. I am currently in a similiar situation... Ill try to find out sometime next week and let you know.. I currently have a line of credit but its with my business so it doesnt touch your personal DTI so that is one way you could do it that is an option. All the best!

Thanks Jody. I have considered a HELOC but my main goal for this house it to keep this house for many years at a really low rate. I have cash reserves to make a down payment on a primary home however my primary concern is how me getting a refi or even a HELOC would affect my bankability on getting another loan in a couple of months?

Hi,

I refinanced my primary home last year (March 2019) to get cash out and buy an investment home which I did. The rate I got was 4.25 which was decent at that time. 

Would it be wise to refinance and get some more cash out and lower the rate? I was planning to move shortly and keep this and rentit out and buy another primary home however I am wondering if me getting a new refi would affect the new primary home loan? Does it affect my chances to get a good low rate esp. since my greatest concern is DTI and how the new loan would affect that.

Thanks in advance for any insights!

Have you considered buying instead of building? Buying a trailer, tiny home etc..

 Would be much more efficient way of scaling this on same land and future land purchases.

Check out Illume. One of the few places in Nashville that allows for STR whether owner or non owner occupied

https://www.illumenashville.com/residences

Nashville is over priced for good investing

Planning on converting my STR's into MTR's as the cash flow is much nicer than LTR. I have both occupied for until end of April and hope to renew or get new tenants for another month or two in hopes this summer we will all be back in business hosting traveler's in Music City!

Got it. Thanks Paul

Im at 55% occupancy in my basement at the house I live in with my family and it more than covers my mortgage. We hire cleaners about half the time and my wife does it the other half which helps. It all depends on what you are shooting for. I believe if there are hotels in the specific area you are in there is likely a market for your STR... best of luck to you!

@Paul Sandhu where are some good locations you recommend for the type of STR's you do in the USA? I remember you mentioned a few in previous posts. I was thinking of checking out Midland/Odessa.. thoughts?