$1 Billion in Deals: Parker Borofsky Reveals Her Short-Term Rental Financing Secrets
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:
Enjoyed the show? Subscribe, Rate, Review, Like, and Share!
Let’s Connect!
Website: wealthbuildersmortgage.com
Create your
podcast in
minutes
It is Free