Unlike banks, which offer limited loan options, brokers have access to a wide network of lenders, including niche and non-traditional financing sources.Here’s what they do:Assess your financial situation to determine your borrowing power.Compare multiple loan products to find the most favorable terms.Negotiate rates and terms with lenders on your behalf.Guide you through the application process, ensuring you meet all requirements.Example: Suppose you have a lower credit score or unconventional income sources.

With comps ranging from $875K-$1M and your estimated build cost at $550K, the after-completion value gives you a significant equity cushion, making this project highly attractive to lenders.If you plan to hold and rent the property, you could refinance into a DSCR loan after construction, which bases lending on rental income rather than personal income.

Also the ability to repay -  your source of income. 

Leverage your construction skills for flips, start with smaller projects to minimize risk, and consider house hacking or long-term rentals for a steady income.

I am in the Tampa Florida area and we in dire need of more LTRs for incoming residents. 

Start by getting pre-approved for a loan, ensuring your credit score, debt-to-income ratio, and finances meet lender requirements.

“A new Michigan law bans many landlords from rejecting tenants based on source of income, like housing vouchers, veterans’ benefits or Social Security.Gov.

At this time the primary goal is passive income and then scale within 5 years as I gain more experience and network. 

If STR material participation requirements are no longer met, depreciation deductions may be limited, impacting how much you can offset against active income.

My general rule of thumb is that a property needs to do 15-20% of the purchase price in gross rental income.