Hi Beau,

Thanks so much for doing these question-and-answer segments.

We recently purchased a cabin in the Smoky Mountains using a friend's self-directed IRA which covered the acquisition and rehab.

We are looking for a cashout refinance in the Smoky Mountains We have owned it for 7 months now and just got declined from a DSCR lender. They said they don’t use new appraised value to after 12 months. The other DSCR lender said that the long term rents would not qualify us. Help we are stuck! Below I put the data:

Purchased: 5/09/22

Purchase Price: #337,500

Rehab: $65,000 Value: $550,000

Credit: 770

We told our lender we would have them paid off in 6 months and he is getting impatient. 

Any thoughts on this?

Please Help!

Trina

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