All Forum Posts by: Teresa M.

@Andy Nathan Funny you should mention credit unions :) I've been researching and reaching out to the credit unions I may qualify to be a member of for the last several days. Great idea! I hope we find one that is a good fit for us both! :) 

I purchased it in August. The rehab took 4 months. We started having airbnb renters in January, but not more than 2-3 each month bc the tourist season really gets going Memorial Day to Labor Day. I had broker working on the refi and she took foooooorrrrevvvverrrr...so I contacted Visio. They had said they would refi it with no problem at all...and then COVID-19 happened.  

I had thought about that. So, if she was up for that....would that mean we would qualify for the loan together, and then when the property was performing at a great level I could refinance to relieve her from being on the loan? If so, what would be fair to offer her as an incentive to do that as far as monthly profit from the property? Thank you!

@Caleb Heimsoth thanks again for your response. This property is not far from you...in Atlantic Beach, NC. We are already having reservations booking so...I don't know. I still make more on two separate guests staying 3 nights each than I would a long-term renter....so I'm torn. I don't really know which way to go.

@Caleb Heimsoth thanks for your reply. Do you have any suggestions on what I can do to make it more appealing to lenders? I really don't want to put a long term tenant in there right now with the tourist season ramping up :/

Hey everyone, I am trying to do a cash-out refi on my first BRRRR deal and am having serious issues...as in, "no." A lot of it is COVID-19 related, but how do you guys get financing for these if they are your first one and lenders are looking at DTI? Also...this may help you in answering my question...it's an up down duplex. Upstairs is a well-performing AirBnB (which some lenders are not so cool with, but they make a great return) the downstairs is not rented but will be after this is all over. Before all of this happened Visio was lined up to finance it and now a lot of non QM lenders aren't lending and if they are, their terms are not good. Should I wait it out until lending calms down? My PML's % rates are killing me! Thanks in advance:)