All Forum Posts by: Luke Mccandless

I'm also thinking of moving to PR and would love to know more. 

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"The secondary market does charge for a no-escrow. The fee is .25% of your loan amount." is this true?! 

@Brian G. how is it possible for folks to buy 20+ houses a year if they can have more than one loan pending at a time? makes no sense 

@Theresa Harris yes - the bank said they can't move forward until my other loan is closed 

@Nick Velez happy to talk about Gatlinburg and show you my numbers - they are really great! Do you have a DSCR lender that will work with STR? I have not had luck finding them.

Really need help scaling! I need to refinance a current Gatlinburg STR house but I also want to buy another before the end of the year. I'm being told I can't have these loans going simultaneously? Also, wondering if I should do a conventional loan on the STR or a commercial DSCR? The conventional loan is only 75%.

I challenged the appraisal - they are using a strict sq footage model for value and since the upstairs is a sloped style they are counting almost 0 of the entire upstairs floor. This means they are using comps with much less square footage. They are not willing to make any changes. 

I bought a property in cash and did renovations. I am currently living in the property but would like to convert to a rental or sell asap.

I have been working with a lender to do a cash out but the appraisal came in way low and they are not budging. I bought for 183k put 20k into it and had a realtor plus my own comps give a value which came in at 250-270k. The bank appraisal came in at 200k. They are only willing to go 75% LTV so cash out is 145k after fees meaning I am leaving ~120k! in equity in the house. I am tempted to just close this as it has taken them 3+ months to get to this point with the cash out refinance and I don't want to start over with a new loan. I also have loans to pay off with some of the proceeds and so really wanted 200k back out so I have enough to buy another property. I am considering just selling it since the market is so high now in this area - top 3 most competitive cities in the US right now.

Airbnb is ONLY allowed by permitted condotels in vegas.  If you self manage the unit there is no 50% split.  

Thanks @Eric James hitting the DTI limit as the lenders are counting both mortgages against us and not counting any income from the soon to be rental. Seems the best bet for this lender was to market the place for rent and get a signed lease for a month out / after we move, so they can see we have someone moving in.