Originally purchased as worker housing for another business but now use a rental.

Sometimes people can be misinformed, thinking these are loosely originated mortgage loans akin to the “NINJA” (no income, no job, and no assets) loans that were common in the early 2000s and helped lead to the last real estate crash.After reading this guide, you should be both well-equipped to know what to expect in the DSCR loan underwriting process and be able to dispel any myths about DSCR loans being a repeat of the poorly documented “no doc” loans of the past.

Payoff amount was higher than original purchase price (after paying 200 per month for 18 months).   

Originally posted by @David Krulac:@Ray Slack  It should go toward lien in a certain order, so if there are other liens it possibly will not be paid off. 

Also what kind of origination fees/points would such a loan incur? 

-the departing and remaining residents will remain liable for all Lease obligations for the rest of the original Lease term.

From your original Post "The appliances have been supplied in complete working order."

Try starting with the lender who gave you the original 2nd loan, that’s how i started and then started making calls.

With everything pretty much being new I feel reasonably good and have somewhat of a “it’s meant to be feeling” with the original buyer struggling to get the funding together to complete, allowing me the opp to finally secure.

As mentioned in the original comment, I believe many of these properties will shift back to long-term rentals or single-family homes.In North Georgia, where I’m located, we’ve seen significant changes in our two most popular STR markets—Fannin (Blue Ridge) and Gilmer (Ellijay) counties—with nearly 1,000 active listings, a 42% increase from 2023.