All Forum Posts by: Sylvester Szmejda

Has anyone used this lender for their investments before?

I just had my house listed on Airbnb starting in July. I am in East Stroudsburg. July and August I was booked solid every single day and was fairly priced at first and then upped the nightly rate once i saw the demand. September i was booked about 80% of the month and right now October is about 55% booked. During the Fall we get a-lot of last minute bookings and mostly weekend getaways but even at that i am still grossing a fairly large amount per month even with just weekends. Yes there is a considerable increase in listings as more people are flocking here from the city but a lot of these listings are average at best. I think if you set up your home with all the right amenities people are looking for and make it stand out with beautiful professional photos you will succeed. 

@Jon Kelly I’m right in east stroudsburg, I’ll definitely be giving them a call. Thank you!

I've tried other lenders that give 75-80% LTV but then their rates are 6-7%. I don't need to really take out more money but I would if the rate would stay the same.

Gerald, my STR is in east stroudsburg, pa. I tried Host Financial but they need at least 6 months of Airbnb rental history.

Hey Connor,

Thank you for your reply. Do you happen to have any lenders you recommend?

Hey guys,

I am new to the forum and I am currently a new Short Term Rental investor as well. I have just started my 1st STR and it's going great, even better than I expected. I'm looking to do a cash out refi because I own the house outright, I built a ton of equity in it, and I want to use it to buy several more properties where I can replicate what I'm doing with this current STR. I have about $10k liquidity at the moment and no income to show on paper other than the STR income which is already sitting at about $40k between July-August but I just started it about a month ago so I don't have a track record of at least 6 months to show.

I found a lender named lendsimpli that will do a cash out refi at 65% and 5.25% fixed 30 years without a track record and income verification.

Has anyone worked with this lender before? Do you think these terms are fair? 

I'm considering this over waiting 6 or 12 month because I want to have another STR ready for next summer and also purchasing at least a duplex so I can house hack it while I am building my STR portfolio.

Any suggestions are greatly appreciated! Thank you!