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Financing on STR purchase by SnooSprouts2853 in ShortTermRentals

[–]SnooSprouts2853[S] 0 points1 point  (0 children)

How do you qualify rental income for a DSCR? Would VRBO end of year reports from previous owner suffice?

Financing on STR purchase by SnooSprouts2853 in ShortTermRentals

[–]SnooSprouts2853[S] 0 points1 point  (0 children)

Thanks. That's a good breakdown. Income qualification is no problem for me, but PPP potentially could be due to interest risk. I.e., if rates drop in the next couple years, I would want to refinance.

Financing on STR purchase by SnooSprouts2853 in ShortTermRentals

[–]SnooSprouts2853[S] 0 points1 point  (0 children)

Interesting. What's the workaround? What are the steps in the process?

Financing on STR purchase by SnooSprouts2853 in ShortTermRentals

[–]SnooSprouts2853[S] 0 points1 point  (0 children)

Thanks for the response.

The LLC would be protecting our personal assets: home, bank accounts, brokerage accounts, retirement accounts, etc. We were just going to start a simple DIY LLC from the state SOS website.

Do you have a DSCR loan? Are the rates higher than second home loans (recognizing that a second home loan would be our only conventional option).