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👁🗨 Sesemi STR Hot Sheet | 📲 STR Mortgages
Dear Sesemi STReet Subscriber,
Thank you for your continued support as we strive to deliver the most accurate vacation rental and multi family investment insight and prospects along the Oregon Coast and beyond.
👀 June News & Closings:
Our largest single month ever with $2.5M in luxury STR’s closed and scheduled to close this month 🙂
A new efficiency record: An investor client frustrated with navigating STR restrictions contacted us on May 19th and successfully closed this past week!
Investors found greater seller concessions and price reductions with several closed sales from 2-6% below final listing price.
Mortgage rates declined a bit from earlier in the month to settle just at 7%. Several second home investors with 20%+ down obtained rate locks in the high 6%’s. On FHA loans for primary residences of 1-4 units, borrowers can expect to find some rates around 5.875%± DSCR loans are ranging from the high 7%’s to low 8%’s without discount points.
Mortgage applications and home equity lines of credit both saw weekly gains. We have seen a significant increase in requests for investment property HELOC’s and fixed rate second mortgages for either consolidation or down payments towards new acquisitions. Read more below..
Oceanview and access to water STR’s remain a prime investment category. Of the 120 on and off market OR Coastal prospects nearly 20% are pending, many within days or weeks of coming to market.
As a reminder you can browse ALL active and eligible Oregon Coast vacation rentals listed for sale on our invite only STR HOT website SESEMI SHEET updated daily! Text for secret passcode.
⛳️ Bandon Oregon STR First Anniversary Success Story!
In the highly desirable but notoriously difficult to procure Bandon vacation rental market one of our past client’s has found instant AirBNB Success! Check out their Five ⭐️ listing and book a stay HERE.
🧩 Mortgage Rates and Down Payment Solutions
Mortgage rates declined for the third straight week reaching an average of 7%.
US homes have appreciated an average of 47% since 2020. Many recent investors have been unlocking equity to reinvest by taking out fixed home equity lines of credit or fixed second mortgages. With most borrowers locked into historically low first mortgage rates, lenders have grown increasingly creative in their second lien position options. On primary homes borrowers can access up to 95% CLTV (combined loan to value) of the appraised value and on investment properties can usually reach 80-85% depending on how income is documented.
There are lower loan amount lenders that issue instant online approvals with no formal appraisal required as well as investment property options that utilize the rental income (short or long) to qualify.
A recent example included an investor client seeking an oceanview beach rental in Oregon. They were able to leverage their free and clear primary for a $150k home equity line of credit. As a second home purchase, the borrower qualified for 10% down on a $600K property. The down payment of $60k cost roughly $600± per month. They were able to secure a 3% seller concession to cover closing costs and purchase the property with a total of near $0 out of pocket.
🔑 Listing inventory rises 8% for the year but still 22% below pre-pandemic levels
New listings are up 8% from last year yet remain 22% below pre-pandemic levels. Sellers are highly responsive to mortgage rate changes, and more favorable rates could boost listings further in the latter half of this year.
👀 Here are NINE FRESH STR Picks this week on the OR Coast:
105 NW Art St Depoe Bay OR - 4/2 Commercially zoned two story home. Eligible for STR outright. Asking $499k
34925 River Ave Pacific City OR - 3/2 zoned for STR outright. Now asking $499k
94166 11th St Gold Beach OR - 6/4 active BNB. Zoned for STR outright. Asking $515k
93997 Pebble Place Gold Beach OR - 5/3 Oceanview walk to beach. Eligible for county permit. Asking $699,900
505 SW Lange St Depoe Bay - Oceanview. STR zoning permitted. Asking $730k
1240 Collis Ln Brookings OR - 3/2 Oceanview. R16 zoning. Asking $749,500
8864 Blue Heron Rd Gearhart OR 3/3 active STR. Asking $874k
2571 SW Anemone Ave Lincoln City - 3+4 Olivia Beach STR. Asking $1.05M
5290 High Ridge Rd Gearhart OR - 5/5 Oceanview. County STR eligible. Asking $1,175,000.
👁🗨 Our exclusive STR HOT SHEET is updated daily and features 100+ active and off market vacation rental properties for sale. Search 24/7/365 at www.sesemisheet.com Text 541-800-0455 for the secret pass code!
BONUS: Here are 4 Top Multi Family listings in Oregon:
Albany fully rented five plex! Learn how to finance 5-100+ units with our DSCR investor program with as little as 25% down
Florence SFR + Duplex. Recently reduced and eligible for STR also.
Salem updated 2-2/1 Duplex
Prime Lebanon Six Plex
Thank you for reading this week’s edition of Sesemi STReet your premier information source for vacation Rental and investment property insight throughout Oregon & California.
P.S. As a licensed NMLS mortgage broker and VP of Business Development with Nationwide Mortgage Bankers we cohesively support investors with curated loan programs. If you are in contract or considering an offer on a property nationwide, feel free to forward your BEST quote to our team for a zero obligation second look loan review. For those pending, we offer a 24 hour full loan commitment to help you and your agent win the offer! Reach out to my strategic lending partner of 20+ years Joseph Chiofalo for optimized weekend Pre Approvals and professional mortgage support.
Ask about our premier mortgage programs:
Elite Jumbo & Super Jumbo Loan Rates
FHA, VA & Conventional
STR and AirBNB Mortgages
1-100 Units + Commercial
Expedited refinances and HELOCS
DSCR (Debt Service Coverage Ratio) Mortgages for 1-100+ Units
Ground Up Construction financing
Alternative income verification (1099, Bank Statement, Asset depletion)
Private & Portfolio Programs
Licensed Real Estate Broker in the States of Oregon & California Fathom Realty
FL NMLS ID: 2297941 and VP Business Development www.nmbnow.com
