All Forum Posts by: Lisa Zoubi

I want to purchase a condo vacation home that I hopefully will be able to STR in CO. I live in TX. I cannot do a conventional loan because I do not have a job and my husband is not ready to input his info (for his W-2 job) for a loan application so I am trying to think what loans will work for me? I do have money for the down payment. Do I just use a hard money lender? Any advice? Thanks

Condos are great for DSCR but make sure you understand whether it’s warrantable and if not, whether it causes any limitations for the lender. You should be able to do this 20% down!

Thanks for this info!

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Quote from @Luka Milicevic:

I would avoid hard money lenders on this purchase. The loan is usually due in a year and you may very well not be able to refinance given your situation.

I would talk to many lenders-not just one and see if you can qualify for a conventional loan. If not, then try DSCR which will be more expensive. Make sure the deal pencils out with the higher financing cost.

Make sure you know the laws in CO regarding STRs, and since this is a condo make sure you know the HOAs laws regarding STRs.

Thanks for the advice.

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Quote from @Jayson Cain:

Hi @Lisa Zoubi,
I'm based in Southern California, but I have started my out-of-state real estate journey in Indianapolis. Now, I have a portfolio of Short Term Rentals and Long Term Rentals.

I've also helped other investors with their DSCR loans and flip projects. Happy to share my experiences and chat with you more if you're interested.

Okay, thanks

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thanks!

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Hello all,

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All Forum Posts by: Lisa Zoubi

Lisa Zoubi has started 1 posts and replied 5 times.

Post: Financing on a second, vacation property

Post: Financing on a second, vacation property

Post: Financing on a second, vacation property

Post: Financing on a second, vacation property

Post: Financing on a second, vacation property