I firmly believe in the power of collaboration and leveraging collective knowledge to achieve outstanding results.

If everyone is just going to chime in “it’s your own damn fault, hire a property manager next time” I can do without the “advice”.

When I went to his house for the first time in August 2018, I knew I had to purchase the house if he ever wanted to sell.I had two hard money loans outstanding, and my current DTI was probably 2 because my w2 income isn’t high and the lender wouldn’t account for the 6 roommates’ income I’d have if I were to buy his house.So I had to wait until I exited my two flips, exited my condo, and had financing approved before I could buy his house.

They also are mixed because 2 of the units are not outstanding STR locations and are both still fairly new with limited number of reviews.I will state that we had 23 years of outstanding STR success with our initial STRs with few rough periods (Great Recession, Covid lockdowns, and now not getting a traditional STR permit).I believe not all areas will produce good STR results.  

See a few differences below:Bank1) Easy to get -- most local banks will be happy to give you a loan on a high-valued asset with good cash flow2) Recourse -- you'll need to personally guarantee that the debt will be repaid3) Rates -- interest rates are typically a few basis points above non-recourse debt4) Flexibility -- local banks can tailor a financing solution to your needs5) Cost -- low cost, few feesNon-Recourse "Commercial" Debt1) Hard to get -- must have liquidity and net worth satisfactory to the agency lender2) Non recourse -- you *technically* are not held liable for the outstanding balance if the loan defaults3) Rates -- interest rates typically fall a bit below that of local banks4) Flexibility -- not much ... your deal must have a minimum occupancy and have adequate operating history5) Cost -- more than a local bank, and fees will need to be paid before loan approvalYou can find a term sheet for Freddie's small balance program here: https://mf.freddiemac.com/product/sbl.html

Have an outstanding start to your week everyone. 

Consider paying off or paying down outstanding debts before applying for a new mortgage.

Don't let the numbers surprise you too much, FL has some outstanding locations and properties!

Has anyone been able to duplicate and offer the Rental Property spreadsheet that Biggerpockets used to have available with purchase price / debt outstanding and Monthly rent?

With all these damn moving parts, contingencies, shadiness, dishonest people,  hidden traps and multiple possible points of failure, why do people go there?