@ PadSplit model. 5-7 individuals sharing single-family home that has been converted for co-living. I would be the investor buying and converting the property. The challenge seems to be getting lenders to understand that this business model produces income differently than LTR and STRs (likely because, to my knowledge, there is no data aggregator for co-living rent like Zillow or AirDNA for LTR and STR).
Need to chat about a DSCR loan? I'm your guy. Schedule a call with me here: calendly.com/jeff-trevarthen/15-min-call
Thank you !! I will need your help soon!!
You're welcome!
How are the interest rates looking on these now
Not too bad. Depends on a lot of factors, but I've seen low 7s
Ok I just got one at 8.3 looking for better options moving forward credit score over 720@@JefftheMortgagePro
does a DSCR work on a property that I already own, and want to take the equity out of?
Yes absolutely.
@@JefftheMortgagePro are the qualifications still the same and is there a down payment required?
@cjnash989 no down payment on a refinance. You actually get money 💰 back when you do a cash out refinance.
Have you helped people with DSCR loans on co-living properties? Looking for lenders that understand that strategy.
Dscr is only for non-owner occupied only. What's your scenario with co-living?
@ PadSplit model. 5-7 individuals sharing single-family home that has been converted for co-living. I would be the investor buying and converting the property. The challenge seems to be getting lenders to understand that this business model produces income differently than LTR and STRs (likely because, to my knowledge, there is no data aggregator for co-living rent like Zillow or AirDNA for LTR and STR).
@BenClark-p8t oh I see. You could get a dscr loan and rent out the property as you see fit, including co-living.
@ thanks Jeff