New to Real Estate, Looking for detailed advice

New to Real Estate, Looking for detailed advice

Member since 2021 · 7 posts · 0 votes

*** I just read the rules and see that it says no requests for mentors. I am not sure if what I have asked for here counts as that, so please feel free to delete the post if it violates that rule. I AM asking for help from some individual in looking through the specifics of this deal, or someone who can point me toward a calculator of some sort that combines the househacking/STR combo that I am considering with this deal.***


 I have been browsing these forums and binge-watching YouTube and BP Podcasts for the last ~4-6 weeks and my wife and I are both on board to try our hand at real estate investing.

I believe I have found a deal that works for us, but would love the opportunity to talk through it with someone who knows what they are talking about before pulling the trigger, because it seems like it is a bit outside nearly all of the examples I have seen other people describe as their first deals.

The property has a house on two and a half acres that also comes with three rental cabins (they are currently being used as short term rental units). The area is on the NC side of the Great Smokey Mountain National Park. 

Our plan would be to sell our current home and move into the primary home and then manage the cabins as short term rentals. At least one of us should be able to continue working remotely (how do others get health insurance without working a normal job?) and I spoke with the bank earlier today and confirmed that we should qualify for a jumbo loan that would allow us to make this work out.

The place I am getting stuck is trying to figure out any kind of realistic estimates for whether the three cabins are actually able to generate enough positive cashflow to allow us to eventually step back from our jobs and/or running the numbers for everything in a way that I would feel confident enough to try commit to something like this.

Would it make better sense to try and start out with something more simple/conservative?

Thanks, in advance, for any thoughts or advice!

 

0Reply
9 views

3 Replies

Jump to latestLatest
  • Joe FunariBusiness Member
    Real Estate Agent · Keller, TX · Member since 2017 · 850 posts · 825 votes
    4y
    What detailed advice are you looking for? Also, suggest you include the city your looking to invest so that you get fellow local investors working in that market to give you advice.
  • Member since 2021 · 7 posts · 0 votes
    4y

    I’m not familiar with the conventions here for discussing specific deals. I was hoping to find someone I could share the specific details with and get some feedback on the feasibility of the deal. 

    The property is over a million dollars, and according to the lender I spoke with earlier, I should be able to qualify for a zero-down loan if I sell my current home to reset my VA eligibility. That would net me ~130k from the equity in my current house, but would leave me with a mortgage payment of almost $6k/month. Can three cabins cover that? Based on my best guess, it looks like they could, but I'm not confident enough at this point. I am hesitant to post too many of the specifics openly, is that being overly paranoid?

Join the conversationCreate a free account to reply, vote on answers and follow this thread.