All Forum Posts by: Steffen Cushing

there is not a lender that i know of that would lend any kind of HELOC or mortgage if you are not technically the owner of the property. I wont give tax advise as thats not my wheelhouse, but in order to pull equity out of this home you'd first need to be added as owner.

No refund!!

some guests try to work the system and demand full refunds with elaborate stories. two weeks after they cant post a review so move on. 

Hey BP Friends, 

anyone have good recommendations for contractors in Gatlinburg? We dont live out there, so need some advise on people you might of used and trust. 

thank  you

i would say it depends on the overall investment strategy. im not really familiar with STR rentals in your area. personally i like the long term rentals, especially if you are trying to be hands off. we have two STR's, one we manage ourselves in FL and the other in Gatlingburg which is managed by a company. even with an STR rental company, i still find myself managing the manager. both require work and are by no means passive. long term (to me) is nice given time investment. hope this helps.

welcome to BP! there is so much support and insight on this platform. also, there are a bunch of meet ups in and around the Nashville area should you want to meet people face to face. this could give you an opportunity to meet people with little to no experience to other investors doing major deals in our area. 

if you are able to, would go the whole house rental. it would likely lead to more revenue as most guests would prefer privacy the entire stay. 

did they lock the loan at initial application, and for how many days? its hard to think if it was a normal 30 or 45 day rate lock lock that the process is taking that long to where you would need to extend. i was trying to catch up on previous responses, but it sounds like the cap at the 66% LTV was to keep the DSCR ratio's in line to keep the original terms the same. i do agree with a previous comment that 1.5 bps a day is very reasonable for extensions. most non-qm lenders will except an appraisal from another company and transfer it over. however most lenders (if they are sticking with the same company) will not usually allow a 2nd appraisal, so they might be sending elsewhere anyway. hope this helps

 as long as owner intents to occupy and has control, they are able to lease out. the biggest thing would be to not have a PM manage the property, as of that point they would then have control over availability. straight from FNMA guides

https://selling-guide.fanniemae.com/sel/b2-1.1-01/occupancy-types#:~:text=Second%20Home%20Properties,-The%20table%20below&text=If%20the%20lender%20identifies%20rental,including%20the%20occupancy%20requirement%20above).

if you plan to use it as a 2nd home as well as lease it out, conventional loan will allow you to just put 10% down. 

have you checked into Kaba door locks? they are bit more on the expensive side, but dont use wifi and are more durable then the regular keyless door entries. this ensures that guests can always get in and out even if there is a power outage.