All Forum Posts by: Thomas J.

I stopped reading at the second sentence.  You get a fan with pull chains to control the light and fan independently 

I'm not sure why no one has proposed this before......

include the management agreement in the offer to purchase contract 

There isn't always a loss with a Chapter 11, often times with real estate it's strategic, and a chapter 11 is only for businesses where no debt is discharged, that's the complicated part to explain to an underwriter. They just here bankruptcy and assume it was because of a financial loss, and that's not the case when it's because of a loss of access to credit such as when there's a natural disaster.

Back to the original question, I can't get clarification on whether or not me myself I can purchase a house and not have the FNMA 2 year BK waiting period requirement apply, because it should be totally separate, me personally and the business.

Thanks Andrew. That sure *sounds* nice.

bump

https://www.mpamag.com/us/spec...

Who's still doing non-qm loans?

considering most people have to pay others to get out of a timeshare, I'd say hard no.  This is a bad idea from the get go, so are all forms of arbitrage in the short term rental game

I'd like to talk about getting financing for a primary residence when the borrower has declared chapter 11 bankruptcy on a business.

FNMA FNMC guidelines are such that a borrower must wait 2 years from the BK to get another mortgage, however, in the case of the chapter 11 the borrower is the entity, not the person and a company can't do a primary residence (excluding owner occupied commercial of course)

So the question is, how do you articulate this to a lender who can pitch this to underwriting?  On paper it makes sense and shouldn't disqualify a borrower from purchasing a primary residence.

People really need to stop acting like short term rentals are not a business that is affected by basically everything.  Most real estate investors have no business experience, I didn't until I got into short term rentals a decade ago.  The travel business is super, super complicated.  

Long term renters can pay rent or they can't.  **** breaks routinely. You have insurance, and we're in a housing shortage.

Short term renters are customers and with customers if they don't have money or can't travel, guess what? They ain't buying. Everything from the weather to cancelled events to airline prices to gas prices and seasons and tons of other factors I'm leaving out, affect your income. And now you have everyone and their mother posing as a pro listing anything they want with vinyl siding and formica counters on airbnb and calling themselves short term rental gurus. Airbnbs biggest mistake is to let any moron off the street listing their POS for rent. AIrbnb is a business too... you're not a business owner if you're basically an airbnb employee and how so similar this is to the ebay boom of yore.  

If you're experiencing a lull in sales, do something about it. No one else is coming, it's up to us.

A long term rental is a rental you manage. A long term rental has tenants.

A short term rental is a business you manage .A short term rental has customers.

If you don't understand that, you're gonna fail. Most people are about to have a rude awakening when this bubble pops. You're already seeing a decline in the average ARPU across homeowners and people can't afford to drive to your house or even afford to eat there once they arrive.  Long term rentals are far more stable. Oh how quickly we forget 2008, and even how much more quickly we forgot the ridiculous shut down just two years ago where a lot of investors got wiped out.