All Forum Posts by: Reid Chauvin

@Manuel Reza - $99 was the only fee I had to pay so it was worth it for me and my unique situation. I did not market my place elsewhere, but I was looking for a minimum stay of 90 days and my ad was for an entire 2br home. There seems to be a lot of demand on the platform (at least in Nashville, though I'd think it would be the same in Dallas). Majority of the renters on there are travel nurses which helps with the tenant quality (in my opinion). 

From what I've heard, the furnished finder/airbnb combo is effective for trying to fill for the year if you are open to both short term and mid term stays. 

@Emily Capozzi the loan process does not officially begin until you are under contract to buy a property, but you do generally want to engage with a lender before you start looking at properties so you can get an idea of what priced home you can qualify for and what the cost of a loan might look like at various price ranges. This is often referred to as the prequalification or preapproval process, and the lender can provide you with a letter verifying your eligibility for financing so you can include it with your offer to the seller.

As part of the preapproval process, the lender should review your credit, assets and employment/income to verify your eligibility. They will also estimate the monthly and upfront costs of a loan for you to buy a property at a given price range in a specific area. Basically, they are ensuring that you have enough income to support the monthly debt you will be taking on, and enough money in the bank to cover the upfront costs of the purchase. 

If you are shopping for different property types (condo, single family, duplex), then you should let the lender know as those various property types vary a bit in monthly and upfront costs. If you are shopping in different localities then you should let the lender know that as well, as property taxes and insurance costs may vary. 

Hope this helps! 

@Manuel Reza - if the rooms are furnished, furnished finder is a great option for both short and mid-term stays

@Michael Sylver - I'm located in Nashville and can assist you. Feel free to DM or call me

@Javier Carrizosa - if all of the properties are cash flowing decently, theoretically their rental income should cover their debt and have little effect on your DTI (maybe even a positive effect). Fannie mae has a rental income worksheet you can easily find online to calculate rental income for the properties that are on your tax returns. For properties not yet on your most recent tax return, you use 75% of the rental income (per the lease) and subtract the PITI. Perhaps the lender you've been using doesn't know the guidelines, there are many out there who don't.

If that route doesn't work, non-qm loans are the next best option. You can qualify based on your credit score and the projected rental income on the property at least equaling what the mortgage payment would be. These are called DSCR loans and you'll see them frequently referenced on this site. They are more costly, both monthly and upfront, than a conventional loan, but still a great option if conventional doesn't work.

Feel free to reach out if you have any more questions! 

@Casey Ryska - I recommend studying comps on furnished finder to see how much people are actually charging for similar places. I experienced a lull in being able to long term rent out a 4br 3ba in Baton Rouge and I strongly considered furnishing it and listing on furnished finder. After spending some time looking at comps I realized that people were not really charging any more for furnished mid-term rentals than I was charging for unfurnished long-term rentals. In other words, I was not going to really make more money doing mid-term, certainly not enough to justify the expense of furnishing and additional time managing the property. I held out a little longer and found a solid long-term tenant, so it worked out. 

There are a few factors in which your experience may vary though. Obviously a different market. Also, I wasn't willing to go the rent by room route, which potentially could have been more profitable than renting out the entire place. 

@Ryan Swigart - in my opinion, use who you are comfortable with. Maybe just have your lender call your realtor to introduce themself, vouch for their ability to close, and explain the due diligence they've done to pre-approve you. They can also offer to call the listing agent as well to do the same - that tends to go a long way. 

Hi @Yancy Dionne - welcome! I'm from BR as well. Do you already own a primary residence? I don't know if you are familiar with the concept of 'house hacking' where you buy a place and rent out the remaining rooms and ultimately turn the property exclusively into a rental property, but that is going to be the most realistic way for you to finance a home purchase. You could rent out your other rooms to long-term tenants or to short-term tenants like travel nurses. 

There are low down payment options and down payment assistance programs available for owner occupied purchases, but not for investment properties. Only other options I can think of for someone who has little money to put down would be to find a seller willing to finance the purchase of their home, or to find a relative or partner willing to go in with you on the deal. 

@Sherree Ruston - search for local real estate investor meet-ups! This sounds like exactly the type of community you are looking for. Might not be something in Ponchatoula, but I bet there's meet-ups in New Orleans, Baton Rouge, and maybe even Hammond. You may be able to find them by searching through the forums. 

@Jake Turner - as alluded to by several posts in here, getting your financing lined up before you spend a bunch of time trying searching for a property is a good idea. Partner with a lender so that you know what type of financing you can qualify for, what your different options are, and what you can expect in costs. Getting an idea of the monthly and upfront costs ahead of time will also help in calculating the viability of the numerous properties you will likely be looking at before you find the right one.