In this episode, join me as I dive deep into the world of Airbnb and short-term rental financing with none other than Parker Borofsky, a true powerhouse in the industry. With a wealth of experience as a mortgage lender, having closed over 2,000 short-term rental transactions and managing a staggering $1 billion in volume, Parker knows the ins and outs of this business like no other. Not to mention, she’s also a successful short-term rental investor with 12 thriving properties of her own!

Tune in to uncover Parker’s expert insights on financing strategies that can elevate your Airbnb or short-term rental game. From leveraging HELOCs to cash-out refis, she’ll break down how to make the most of these options. Plus, she sheds light on why a solid reserve is non-negotiable and clears up common misconceptions around debt-to-income ratios, LLCs, and the intricacies of DSCR loans.

If you’re thinking about diving into the lucrative world of short-term rentals, this episode is a must-listen. Parker’s experience and actionable advice will guide you in finding the right mortgage lender and crafting a winning strategy for your Airbnb success. Don’t miss out on this opportunity to learn from one of the best in the business!

HIGHLIGHTS AND KEY POINTS:

[02:18] A short introduction about our guest Parker Borofsky

[04:01] How Parker entered into the world if short term rentals and short term rental mortgages

[06:29] Parker’s short term rental portfolio and their locations

[08:08] Parker’s tips on property acquisition and maximizing opportunities is a shifting market

[10:48] Exploring creative financing options and smart strategies for short-term rental mortgages

[15:32] What are some of the ways how individuals with limited cash reserves are managing to fund their down payments for properties

[17:59] Things that a borrower should be focusing on to prepare for mortgage application

[19:55] The impact of credit inquiries on your credit score

[22:08] Understanding the advantages and considerations of using HELOC versus a cash-out refinance for acquiring or funding properties

[27:52] The benefits of working directly with a mortgage lender compared to using a mortgage broker

[31:22] The current state of DSCR loans in the market and their benefits and drawbacks

[33:53] What are the challenges and considerations associated with DSCR (Debt Service Coverage Ratio) loans and how they compare to traditional mortgage products

[36:45] The reserve requirements for different types of mortgage loans, including DSCR loans, second homes, and investment properties

[38:24] What are the misconceptions people have when seeking a mortgage for a short-term rental

[41:06] Deeding a property to an LLC and how does this process work in today's lending environment

[43:39] Identifying if a mortgage lender is the right fit for your needs

[45:38] The lightning round

Golden Nuggets:

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Website: wealthbuildersmortgage.com