All Forum Posts by: Tanner Lewis

Happy to help - I'll shoot you a DM, but we can do rural STRs with AirDNA, likely what you will be looking at in the Poconos

There are not a lot of options out there for rural STRs, if a lender can use AirDNA to qualify, they will likely be capped at 70% LTV. If the appraisal comes in as suburban, you will be able to bump up the leverage to 80% LTV.

It sounds like he was going for a DSCR loan and then switched it up to a full doc loan. I think this deal would be better as a DSCR loan where you would use either 12 month booking history, or booking history + AirDNA projections to qualify

Hey Daniel - what interest rates were your hard money loans at?

If you're doing an MTR, it depends on how the booking history looks. Sometimes, it makes more sense to look at it as an LTR and use LTR market rents, but I prefer to use 12-month booking history or booking history + AirDNA projections.

Hey Gerrick - I suggest using https://www.getchalet.com/ as that is their sole purpose. They set up STR investors with a new team when branching out into new markets, or going from LTRs to STRs

I would just really stress the complications associated with transferring title post-close with a conventional mortgage. Normally, this triggers a due-on-sale clause, which allows the lender to call the loan due. Its not frequent, but it does expose you to additional problems. 

Go to BP's "Build your team" -> "local meetups". I go to as many as I can and a lot of them are just networking with investors. Other than that, look on Meetup and you can find a lot of events near you!

NYC is not a great market to start in since all the deals there will be appreciation plays. If your goal is cash flow, I would look at other MSAs. I've done a few in Rochester, which seems to be a pretty good cash flow area and is still kind of "in your backyard".

The goal of house hacking is to reduce your living expenses as much as possible while having other people pay for your mortgage. It is still okay to lose money every month!!! As long as your negative cash flow is about equal to what you would be spending on rent, it is a good deal. This is because you will pay down your mortgage, the property will appreciate, etc.