SEPTEMBER 10, 2024
#97: $1 Billion in Deals: Parker Borofsky Reveals Her Short-Term Rental Financing Secrets
Ready to take your short-term rental game to the next level? Join us as Parker Borofsky—an absolute powerhouse in the Airbnb space—shares her STR financing secrets. With over 2,000 deals closed, $1 billion in lending volume, and 12 thriving properties of her own, Parker’s the real deal when it comes to financing.
In this episode, you’ll dive deep into:
- Game-changing strategies to fund your Airbnb portfolio
- How to leverage HELOCs and cash-out refinancing for property acquisitions
- Why a solid financial cushion is your secret weapon for long-term success
- The truth behind debt-to-income ratios, LLCs, and DSCR loans
Whether you’re a seasoned investor or just getting your feet wet, Parker’s no-nonsense advice will help you:
- Find the perfect mortgage lender to meet your goals
- Build a winning strategy for Airbnb success
- Master the complexities of short-term rental financing
Don’t miss your chance to learn from one of the best in the business. Tune in now and unlock the keys to crushing it in the short-term rental world!
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
- “Make sure you have a good loan originator, because so many times I’ve had clients come to me not being able to get qualified in other places. I don’t know how they were calculating debt to income ratio, but then we’ve been able to qualify them just fine.”
- “What most people will say is it doesn’t matter what other people think, and it is true, it not only doesn’t matter, but it’s also none of your business. So don’t even give it a second thought. Don’t let it enter your brain, right?”
Hey, you!
If you’re a fan of my show, I want to say THANK YOU. Seriously, from the bottom of my heart – I couldn’t do this without you.
There’s one thing that would make me even more thankful – having your support through ratings and reviews on your preferred podcast player.
This helps me reach more people (just like you) who are eager to achieve their STR goals and dreams.
It’s super easy – just click here, scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode!
Also, if you haven’t done so already, please follow the podcast.
I’ll be adding a bunch of bonus episodes to the feed and, if you’re not following, there’s a good chance you’ll miss out!
Thanks again, sister – and cheers to your STR success!
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