EPISODE 35: Listen to This if The Loan Process Scares the Sh*t Out of You! Interview with Brenna Carles

Dec 14

Written By Natalie Palmer

Listen on Spotify | Listen on Apple Podcasts

Interview with Brenna Carles

Introduce yourself and how you got into mortgages for STRs?
Do you feel that your performing background helped you at all with your current role?
What kinds of loans are out there?
Does a conventional primary home loan require you to live in that residence for a year before acquiring another loan on a property to use as a STR?
What is the definition of “one year” living in a residence?
What is a vacation home loan?
How do you prove that you vacation for 14 days at vacation homes in case you get audited?
- What qualifies as 14 days?
- If you don’t actually vacation, can you use a day used as restocking or for maintenance as a vacation day?
How do you calculate your debt to income ratio? What is considered low or high?
What’s a healthy DTI to be at?
There’s really no point in calculating your current DTI , the whole point is to factor the potential mortgage you’d be getting and then see where you’re at?
Is there a certain DTI that mortgage companies just won’t touch?
Why have DSCR loans become so attractive?
Would you start with a DSCR loan or stick with conventional loans?
What’s a good loan option if you want to work with a partner or LLC?
If a DSCR loan does not have requirements on where the money comes from, would working with investors to front the money while you rehab and manage a property be a good option?
Who gets on the title of the home if you come on as a property manager and someone else fronts the money?
Are you required to report any gifted money?
How do interests rates play into the big scheme that The Fed is setting?
If someone locked in a lower interest rate and wanted to refinance, would they have to adopt the new higher interest rate?
Is there a reason that most people would do the BRRR method over a HELOC?
The biggest pros and cons with interest rates is the timing, would you wait to refinance?
Would you caution people to reconsider rental properties if they’re not performing?
Is there a difference with your investment strategy when using the loan for short term rentals, mid term rental, or long term rentals when applying for a loan?