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28 May 2024 | 7 replies
What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?
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28 May 2024 | 8 replies
See below for the numbers:Home Market Value: ~525kLoan Balance: ~476kEquity: ~50kMortgage Payment: $2570Rent Price: $2650Property Manager: 10% (potentially 7% w/military discount from a referral I got)Cashflow: $-185/month, $-2,220/yr1st year Equity Payoff from tenant: $11,561It's a 4 bed, 3.5 bath home built in 2011 that only requires some new paint to be rent ready.
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27 May 2024 | 2 replies
What is your required rate of return?
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28 May 2024 | 5 replies
i would say it depends on the overall investment strategy. im not really familiar with STR rentals in your area. personally i like the long term rentals, especially if you are trying to be hands off. we have two STR's, one we manage ourselves in FL and the other in Gatlingburg which is managed by a company. even with an STR rental company, i still find myself managing the manager. both require work and are by no means passive. long term (to me) is nice given time investment. hope this helps.
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27 May 2024 | 1 reply
Some lenders will require as little as 15-20% down (of the total project costs.)
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27 May 2024 | 3 replies
Depending on the interest rate and points, this might require a broker.
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27 May 2024 | 7 replies
Lenders that do DSCR loans for foreign investors typically require bank documents to be translated and currency to be converted U.S. dollars.
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27 May 2024 | 11 replies
You are definitely able to utilize hard money that doesn't require income
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27 May 2024 | 4 replies
Ask them the requirements for a permanent or temporary residence and any short term (less than 30 days) or long term rental restrictions.
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26 May 2024 | 102 replies
I require no less than 3 profitable exit strategies, if I can't hit that mark it's a no-go.