All Forum Posts by: Seth Vendelboe

@Nathan G.

Thank you for the reply. Areas I am looking have skiing/snowboard, golf, lakes, snowmobiling, etc. so I feel it would have a year around customer base that varies with the seasons. The HOA situation is what I am worried with about doing a condo, I feel it's high risk and would not like the uncertainty of those changes that could be made. I will check out that forum you suggest hopefully they have discussions about property management, thank you!

I am looking into purchasing a home or condo for Airbnb/vrbo etc. What advice would you have in this process in identifying a quality property, and how would you go about marketing it? I have rental properties currently, and have a property manager so I would look to have someone manage the property as well and would not plan on myself personally managing. I really am looking for the good/bad/ugly about these type of investment properties.

@Kenneth Garrett I agree I think I need to talk with another lender. The one I use is usually very easy to deal with however a little difficult as of right now.

@Wayne Brooks I have two 2-units and one duplex. The only depreciation on the 2-unit I’m looking to refinance is on the home alone nothing additional. I bought those three properties between May and August last year. As of January 1st every unit rented with 1-year lease agreements in place. I completely remodeled the upper unit that I am trying to refinance now.

@Wayne Brooks thank you for the reply, the confusing thing is everything I read about DTI states they use gross income and not net. To the second point regarding depreciation, they said they would only add it in if I was self employed however my main source of income is W2.

I purchased a two-unit property in 2019 using a private money loan. I am looking to refinance but am struggling to find a lender that will work with me. First issue I am running into is my current mortgage officer will only use my net income not gross when determining DTI. They also are considering my depreciation as a loss and will not add that back to my 2019 net income which hurts my DTI. I am located in Michigan and looking for advice!