Getaway - Frequently Asked Questions

All your questions answered

What is Getaway?

Getaway is a real estate technology company. At Getaway, our mission is to help real estate investors like yourself grow and expand their portfolios. We do this by providing you with AI-powered tools and equity financing products that help investors scale.

How do I get started?

Please click here to answer a few questions about your preferences and set up a call to speak with our team. From there, we'll delve into the details of our process, addressing any further questions you may have followed by next steps.

How does the process work end-to-end?

The first step is to browse our curated deals or source your own.
Once you've found a property, share details about yourself and the property you're interested in purchasing and we'll determine its eligibility for financing.
After that, we connect you with our partner agent who will guide you through every step of the transaction process, from making an offer to closing.
Once you're in contract, you'll work with Getaway to obtain financing for the property, ensuring a smooth and efficient transaction.
You can close the property in an LLC entity.
By year 5, you’ll refinance the property into a longer term loan product (or sell the property to capture the gains).

What are the benefits of working with Getaway?

Find Deals: Intelligent investing: AI-powered property selection that pays off. Effortlessly discover high cash-flow properties in a challenging market.

Finance Deals: Unlock exlusive financing for cash-flowing investments. Make the most of every dollar with Getaway's investor-friendly equity & DSCR loans.

Grow Faster: Accelerate you real estate portfolio growth with Getaway. Tap into market segments known for superior cash flow without the usual financial constraints.

Can I choose any property?

Yes, absolutely! Once you've identified a property you're interested in, our team will underwrite it to ensure that it meets our criteria for our debt service coverage requirements. No two deals are the same; we take into account factors such as the property's cost and revenue potential to determine whether it meets the requirement. Our team is always available to provide guidance and support throughout the process to help you.

Does Getaway put a lien on the property?

Yes, Getaway places a first lien on the property.

What type of properties are eligible?

Eligible: Single family (1-4), Multi-family (5+)

Not Eligible: Condo, Manufactured, Land, Mixed Use, Commerical

Do you work with multi-family properties?

Yes, Getaway supports all residential properties, including single family and multi-family properties.

Do you work with short-term rentals?

At the moment, we only support long-term rental properties. We plan to add short-term rentals in the future, so please check back.

Which markets do you work with?

Getaway's AI-powered sourcing is currently active in OH, GA, TN, AL, WI. Currently, we offer financing in OH.

What is the min and max purchase price?

We target properties with a purchase price between $100,000 to $1,500,000.

Can I invest with my LLC?

Absolutely! If you utilize Getaway's financing, you are required to purchase the property through an LLC.

Can I use my own real estate agent for the deal?

We strongly recommend utilizing Getaway's in-house brokerage to ensure the most seamless transaction process.

Is there a prepayment penalty if pay early?

Getaway has a minimum interest requirement of 24 months. For example, if you want to prepay the loan in month 20, you would owe the remaining 4 months of interest payments in additional to the principal balance. After 24 months, there is no penalty.

Can I make renovations to the property?

Our financing product is not suitable for fix and flip or large rehab projects. Improvements to the property are subject to owner discretion. In order to obtain financing from Getaway, an appraisal will be required to support the value at acquisition.

What does the pre-qualification application entail?

Getaway's pre-qualification process is quick and easy. The application entails a soft credit pull and a self-reported statement of liquidity. A soft credit pull does not impact your FICO score. Once you're in contract on a property, we will request you to complete a formal application for financing. A hard pull will be conducted, as well as verification of liquidity during underwriting.

Ready to get pre-qualified? Apply now!

Is the pre-qualification a hard inquiry?

No. For pre-qualification, Getaway will perform a soft FICO pull. Unlike a hard credit inquiry, a soft inquiry does not impact your credit score.

Who is eligible?

Investors who meet the following requirements:
- Owned investment real estate in the past 3 years
- Minimum FICO of 720+; no foreclosures or bankruptcies
- Liquidity in an amount equal to or greater than 25% of purchase price plus 6 months of reserves (PITI)

Are there income requirements for investors?

No, Getaway does not have income requirements.

Do you consider credit history when evaluating eligibility?

Yes, applicants must meet certain criteria to qualify. We require borrowers to have a good standing credit history, along with a minimum FICO score of 700.

Can individuals with limited real estate experience apply?

We require that investors have owned investment real estate in the past 3 years.

How long is the loan?

Our standard term is 5 years.

What are your rates?

Our rates vary based on several factors and are subject to change based on market fluctuations.

Is there an option to extend the loan term if needed?

An investor can extend the term in 1 year increments, up to a total of 7 years. Extensions are subject to approval and fees.

Are there any prepayment penalties?

Will my credit be impacted?

Once you're in contract on a property, we will request you to complete a formal application for financing. A hard pull will be conducted, as well as verification of liquidity during underwriting.

What counts towards proof of liquidity?

The following assets count towards proof of liquidity: Checking, savings, money market accounts, certificate of deposit (CD), stocks, bonds, and mutual funds.

Who manages the property?

Management of the property is up to the investor. If helpful, Getaway can connect you with local property manager partners who will take care of the day-to-day operations of the property.

What are the fees that I should be expecting?

Typical fees include: origination, underwriting and interest.

When can I sell the property?

At Getaway, we offer our investors flexibility when it comes to selling. Investors can choose to sell the property at any time, subject to repaying our loan.

Real estate appreciation is typically most effective over a long-term horizon when the property is held. Real estate values can fluctuate in the short term, and it may take time for the property to appreciate in value. Additionally, selling a property before it has been held for a significant period may result in capital gains taxes and other transaction costs that can impact the profitability of the investment. As such, we generally recommend that investors hold their properties for at least a few years to allow for potential appreciation and to maximize the returns on their investment. Ultimately, the decision to sell a property should be based on the individual investor's goals, financial situation, and market conditions at the time.

Is there guaranteed rent every month?

No, rent is not guaranteed. We finance properties that have a projected cash flow that will cover the debt service and operating costs of the property, ensuring that the investment is sustainable in the long term. However, it is important to note that investing in real estate, like any investment, carries inherent risks and we cannot guarantee rent or profits. Factors such as changes in the local real estate market, unexpected maintenance or repair costs, and fluctuations in interest rates can all impact the profitability of an investment.

Are there credit and income requirements?

There are credit requirements but no income requirements. Getaway requirements include:
- Minimum FICO of 720+; no foreclosures or bankruptcies
- Liquidity of 25% of the purchase price + 6 months of reserves (PITI)
- Ownership of investment real estate within the last 3 years
- Purchase of property through entity (ex. LLC)
- Utilize Getaway in-house real estate brokerage for the transaction

The smarter way to buy your next investment property

Design and develop faster than ever with Raze

All your questions answered

Get started today

🚀 Getaway is Now Part of Doorvest

The smarter way to buy your next investment property

Learn more about Getaway from our team

Design and develop faster than ever with Raze

All your questions answered

Get started today

`🚀 Getaway is Now Part of Doorvest`