All Forum Posts by: Mariah Myers

Thanks for the feedback, Bruce. I specifically invested in an area that is super short term rental common and friendly. It is a good reminder, however, that things can always change within an HOA.

 Good call, Luke. I appreciate that advice.  It also makes me feel a heck of a lot better imagining that it will most likely not be utilized.  

Cheers!

Good morning,

I am in contract for a condo in Destin. Preparing to rent it as a short term rental, I read that there needs to be an authorized “responsible part” that lives within 30 miles from the property and able to respond to any issues within an hour. Furthermore, there needs to be a “clear sign on the property with the name and contact information of the responsible party. The size of the signage should be 18″ x 18″ and should indicate the occupancy limits and parking information. You are also required to display the registration decal that you will obtain from the city in the upper left-hand corner of that sign. The sign should be posted within seven days after registration; no guest may stay in the home until the sign is posted”. 

As an out of state owner who will be managing my own property, I do not know who can be this designated party. What’s more,  I do not have friends or family in Destin. 

I would greatly appreciate any ideas of how other out of town investors make this decision. 

Happy Sunday,

Mariah

Thank you, Carlos, for that important information and option. I have found 20% down with 7.85 interest rate. I sure hope it pans out. I hadn’t considered a crust union. I will look into that in the future. 🙏🏽

Ha! I hope not! I have a very strong financial/equity background. I think that will help… 🤞🤞🤞

Hi, Nick,

I appreciate your response. It went up to 25 just over a week and ago and to 30 on Tuesday. I think lenders are really tightening up the reins and need more security with huge DSCR companies going bankrupt. Less funding is coming in to support lenders' DSCR loans.

With a lot of research, I have found a direct, local  lender that will do the 20% down at 7.85% with 1.67 points paid down. Looking promising. Thank goodness! 
 

Thanks for your input, Carlos. The rates I’ve found are 8-9% and 25-30 down for it as warrentable. 

Thanks for responding to my inquiry, Matt,

I am looking for a lower down payment, a loan based on short therm rental appraisal and a locked-in fixed rate that allows me to cash flow.  

It’s a crazy time for such basic requests, it seems, though. 😅 

Good morning! I'm trying to close on a DSCR property for STR in Destin, Fl. My down payment has gone from 20-30% and appraisal focused on cash flow income to appraisal on long term rent.

I would appreciate any help brainstorming finance options, particularly if anyone knows a good brocket/lender. 

Thanks so much in advance!