All Forum Posts by: Lynn Gupt

I just got the notification from the city that there is a new apartment complex that will come up right in front of my house. It will be a brand new construction as it is vacant land right now. We are wondering if the property price for my SFR will go down once the construction is complete as I have never been in this situation before. If so, should I be thinking about get rid of the property right away before the construction starts?

I just got the notification from the city that there is a new apartment complex that will come up right in front of my house. It will be a brand new construction as it is vacant land right now. We are wondering if the property price for my SFH will go down once the construction is complete as I have never been in this situation before. If so i may want to get rid of the property right away before the construction starts.

Any input will be appreciated.

Thank you

Thank you for the replies. I was able to find a lender with good rates and terms. TheLender is probably just a difficult lender that we will not attempt to use again.

Credit score is in the 700's so I am good there and do have enough down payment. I just think that I discovered a lender to stay away from. There should be no reason, someone wants to run a hard credit pull to simply talk to the clients. I do remember that when I spoke to the "Senior loan officer" about why would i want him to do a hard pull and end up not even liking the terms, he said "Yeah, that's how we do things". Just bad practice and in my experience but lessons learnt but probably that's why no one has really heard of them here.

Does anyone has experience working with "The Lender" to finance a short term rental property? When we spoke to them last week, they mentioned that they can easily do 20% down with no experience needed as being a host. I know there are plenty of lenders that will do 25% down but 20% was what caught my attention.
The only reason I am hesitating is that the loan officer wanted to run a hard credit pull even to send me a term sheet which was really strange. When I told him, that I am not going to do that at this point as we are merely talking and the lender I spoke to 30 minutes earlier had run a soft pull and send me a term sheet, he then did he agree to give me a "Ballpark" terms verbally. He did promise he will send me an email, which he never did.
I am not going to go with a traditional bank at this time with all the hassles that come with them so hoping to find some insight on "TheLender" or any other lending group that allows 20% down as a DCSR loan on a STR, SFR in MN which happens to be a no pre payment penalty not allowed state. The rate quoted was 8.875% so I really want to stay close to that as well.