All Forum Posts by: Tanner Lewis

It's common for DSCR lenders to require additional documents like Social Security records and tax transcripts, even after providing proof of funds and your mortgage statement. While DSCR loans usually focus on property income, some lenders still verify your personal financials for added security. Every lender has different requirements, and this can vary based on their underwriting policies. If you're concerned, it's a good idea to clarify with your lender or shop around for one with more lenient requirements.

I am looking to sell a STR, Are there buyers who buy a fully furnished property? or do I need to empty it? What should be right way to find these investor buyers in the market? I am out of state and don't know a lot about the Jacksonville market today.

The property also has firepit in the backyard, smart door lock, cameras, thermostat, and router installed. The appliances are also all brand new installed this year- fridge, dishwasher, and washer/dryer.

Hi Everyone, 

I am trying to understand if lenders for DSCR loans will take midterm rental rates into account or only long term rents of the area? This would be specifically for a property that doesn't have previous rental history. What would you guys say are the downsides of DSCR loans? Are there other loan products similar to the DSCR loans that can also be utilized for investment properties?

Additionally if anyone is a broker and can help find the best loan terms for DSCR (or other investment loans) in the Cincinnati Ohio area please let me know!

Thank you,

Aamna

What about a DSCR loan interest deduction? Since it'll be tied to the rental assuming it would be. Can anyone confirm?

Been doing a lot of research and prep work and feeling ready to start putting offers. Few questions still.

1. If I use a HELOC or HELOAN from my primary residence to buy a rental, will the mortgage interest be able to offset the rental's income? (I have read it can't be which is why I'm at this point considering just going with a 30 year conventional loan and putting the 15% or 25% for SFH or MFH.

2. I'm based in California but plan to buy rentals in Cleveland Ohio. Where should I form my LLC? California or Ohio? Getting conflicting info.

@Devin Peterson

@Robin Simon

I have multiple DSCR loans, including one brokered via The One Brokerage, David Greene's company. They've always wanted two years of tax returns.

I know everyone says you "don't need anything" for DSCR loans, but I've always found that you... do.

The key difference is of course that your DTI ratio plays no role in qualifying for the loan.

I obviously can't speak for OP's experience and don't know who her lender is.