All Forum Posts by: Shannon Vistisen

Great. Thank you @Danielle Jackson I appreciate the help.

@Danielle Jackson Thanks Danielle. If we qualify for a 2nd mortgage without counting the rental opportunity we would be able to access that smaller down payment option. But say we want to purchase a 2nd rental, we could possibly then count the rent profits to gain that additional property at 20% down then. Because it would be awfully hard to gain another piece of property already owning 2 others (primary and 2nd home). This way the rent income helps offset your DTI. Am I looking at it correctly?

@Danielle Jackson Ok, can I ask what would be the reason to count the rental income? What's the purposes in it? Is for taxes? (I'm such newbie, bare with me.)

@Danielle Jackson Hi! Do you plan on using it as a STR or LTR?

Hi @Drew Sygit Great to know. Would I tell them it's an investment property then? And then I'm committed to putting down 20-25% of purchase price - correct?

Thank you @Garratt Brannock

What are the advantages of purchasing a property that needs some extra love put into it vs purchasing a turn-key STR property?

Are there any advantages if you don’t plan on selling it but renting it out and using it as a vacation home? Other than the lower cost.

But if you buy turnkey, then you can start renting it right away. Although it’s probably at its top dollar, you would have to weigh the cost in repairs vs the profit you can make by renting it out ASAP. 

Im looking to purchase our first STR property. Is there a way to put less than 20-25% down payment and still rent it out as a vacation home?

We want to use it as well but also off set the cost and rent it out too. 

Thank you @Drew Sygit I did not know that there were requirements pertaining to my first STR property.

Thank you Bruce. My initial thought for my first STL was somewhere within driving distance. I live in Michigan and the winter months do get some traction due to the ski resorts but defiantly not as much as the summer months.

Focusing on the first is a must. I'm a planner and have a problem with getting ahead of myself.

Thank you again for the advice.

@Bruce Woodruffundefined