All Forum Posts by: Tommy C.

@Jayson Cain interesting. Thank you for the info Jayson. Good to know about those two data solutions for running tentative numbers.

I’m still searching but I really appreciate the offer!

@Joseph Bafia thanks Joseph! That would be great, could you DM me his info?

Hey BP!

I need some help from the pros with my question here:

How can one use DSCR to qualify for a mortgage on a short term rental property with no trailing 12 month income? (i.e. new builds)

I understand that in a typical situation, with rental history, the DSCR would have to be greater than 1.0 or 1.5, etc… but what about situations where there is no history to provide?

- Will lenders acknowledge market rent to calculate the DSCR?

- Is it only long term market rent they would acknowledge?

- What is the standard data provider for market rental rates?

I want to take the DSCR route to avoid maxing out my personal DTI ratio.

Thanks in advance!

@Tommy Cotter I am also a first time home buyer, so that excludes Rocket Mortgage.

Hi all!

I'm looking at using projected rental income to qualify for an FHA mortgage.

The property is a 4plex and I plan on living in the 4th unit while renting out the other 3 units.

Does anyone know of any lenders that will acknowledge projected rental income to qualify for the mortgage?

I just want to add that the property is for sale and the units are currently being rented so the leases are available.

Any help is greatly appreciated!

@Haider Nazir hey Haider, I’m looking at doing the same thing and I was also told by Rocket Mortgage (Quicken) that as a first time home buyer, I cannot use the projected rental income to qualify. I’m curious if you or anyone in this thread knows of lenders that do allow this option? Please let me know!

@Alex S. @Lindsey Van thanks y’all for the input. Definitely a lot more to consider but it all starts with an idea.

Hey BP!

Does anyone have experience with vacation rentals in Park City? What is the typical vacancy rate? Are property management company’s charging less than 25%?

I’m looking at a townhome just outside of town that’s a 4 bed, 4 bath. I’m assuming that this could rent for around $400/night. Any info regarding the questions above would be great!

Cheers,

Tommy

@William Hochstedler

Totally agree and understand the complexity of the project. Do you think $50k is appropriate? $100k?

Hey BP! 

I'm looking for a ballpark number in regards to the prep costs on a new build. The property I'm interested in is on the side of a mountain (literally). I've got some ideas as to how to design the house so I can utilize the slope in the most efficient way. I'm inexperienced with mountain builds and the site preparation, grading, and land stabilization that is involved so I really don't know what to expect. Here is a photo of a road side view for perspective as well as a survey/topo. For every 18 feet into the mountain, the elevation rises by 10' (approximately).The utilities are already ran to the roadside... Let me know what you guys think the site prep would cost in Utah! Cheers.