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All Forum Posts by: Mike Grudzien

Mike Grudzien has started 1 posts and replied 253 times.

Post: Seeking Advice: Expert in STR Seeking Financial Partnerships

Mike Grudzien
Pro Member
Posted
  • Lender
  • Eugene, OR
  • Posts 272
  • Votes 220

Dexter,

What are you trying to accomplish?  What are you bringing to the table and what do you need?

Mike

Post: Need recommendations for remote property management for STRs.

Mike Grudzien
Pro Member
Posted
  • Lender
  • Eugene, OR
  • Posts 272
  • Votes 220

Andrew,

Every now and then I get some east coast and, yes Florida.  I'll keep you in mind.

Thanks for reaching out!

Mike

Post: Debt Service Coverage Loans

Mike Grudzien
Pro Member
Posted
  • Lender
  • Eugene, OR
  • Posts 272
  • Votes 220
Quote from @Nate Herndon:

Hi Chris, DSCR loans are very common in the investing world. Qualifications typically center around whether the monthly rental income can at least break even (1.00 DSCR) with the monthly PITI.

We would simply need to know the following information to determine eligibility, interest rate, and loan terms for DSCR financing:

o Purchase or Refinance
o Property Address
o Monthly Rental income
o Annual Taxes
o Annual Insurance
o Estimated Credit Score

The documentation is relatively light as well, compared to a conventional loan underwritten to your personal income/taxes/debts.

▪ Entity documents
▪ 2 months of bank statements
▪ Photo ID
▪ Lease agreement (refinance)
▪ Sales contract (purchase)


 Nate,
Had to stop and give you KUDOs! You produced one of the better explanations of DSCR I've seen here.

Mike

Post: Seeking private loan

Mike Grudzien
Pro Member
Posted
  • Lender
  • Eugene, OR
  • Posts 272
  • Votes 220

Elizabeth,
Could you be any more vague?  
You will get more interest and more specific responses if you learn to delineate the salient points of your "ask": i.e. how much? how long? you own the property? just need rehab money? type of property? etc., etc. 
Does this make sense?
Did this help?
Mike

Post: Need recommendations for remote property management for STRs.

Mike Grudzien
Pro Member
Posted
  • Lender
  • Eugene, OR
  • Posts 272
  • Votes 220

Allen,

Thanks for the quick response.  A number of leads are in Palm Desert.  And also various west coast. 

Airbnb sends me WA, OR, CA, NV, MT, WY, ID, AZ, CO.

Post: Need recommendations for remote property management for STRs.

Mike Grudzien
Pro Member
Posted
  • Lender
  • Eugene, OR
  • Posts 272
  • Votes 220

Hey BiggerPockets STR community,
I have been working for Airbnb for 3 years now as an Airbnb SuperHost Ambassador (independent contractor).  Airbnb connects me with new Hosts (or I get my own organic leads) and take them from "uploading pictures to their first booking".   Airbnb pays me either way.  (program info?  Google "Airbnb Ambassadors")  I've worked with over 600+ new Hosts.

I'm finding that I'm leaving money on the table because about 20% of new Hosts ask about STR Property Management, would I do it for them, what does it cost,etc. So now I'm vetting STR PM companies in order to monetize this consistent opportunity. And no, I don't want to do it myself: I have my own properties (both LTR and STR).

Post: Are there lenders who allow cash out refinance for a SFH valued at 40k?

Mike Grudzien
Pro Member
Posted
  • Lender
  • Eugene, OR
  • Posts 272
  • Votes 220

Jose,

That's a tough call.  But to get anywhere, you need to "sell the ask".  Is this your primary res.?  Is this a rental?  Have you spoken with a local credit union?  What kind of credit score do you have?  What other assets?  Income?  Flesh out what you are trying to accomplish and mention salient elements that would support your "ask".

Does that make sense?
Did that help?
Mike

Post: Discount Helix Mattresses

Mike Grudzien
Pro Member
Posted
  • Lender
  • Eugene, OR
  • Posts 272
  • Votes 220

Thank you!

Mike

Post: Discount Helix Mattresses

Mike Grudzien
Pro Member
Posted
  • Lender
  • Eugene, OR
  • Posts 272
  • Votes 220

Andrew,
Interesting idea and offer.
Can't decide right away.
Let me sleep on it...   :-)

Mike

Post: Lender24Solution - Private money/ Hard Money and Secured

Mike Grudzien
Pro Member
Posted
  • Lender
  • Eugene, OR
  • Posts 272
  • Votes 220

Whoa!  "5% for 30 years"??  Misspelling in documents"??  Ouch!  Run, don't walk.....