All Forum Posts by: Amy Mead

Insurance company recommendations in the OBX? Trying to get some quotes together

RE by the numbers spreadsheet question. I love the detailed spreadsheet that came with the book. I have been using it to analyze potential deals. I also put in two properties that I own, one has 18 years left on a 20yr fixed and the other has been paid off in cash. The calculator does not really handle the calculations well for these scenarios. I entered "1" for the mortgage on the property that is paid off and I  entered "1" at year 19  for the property with 18 years because it did not calculate it even though I entered 18 in the Financing Assumptions box. Is there a better way to handle this?  It may be a mute point but I was trying to decide whether to sell or hold and rent and wanted to see the projections at 10-20 years. Is there a better way to run buy and hold calculations for a property that has been paid off completely?

I think the mom and pop low tech vacation rental data does not get figured into Airdna making the Airdna data not as reliable in areas where the greater percentage of rentals are weekly vacation rentals.. However I am new to investing and I am being cautious so I tend to believe the local PM over the AirDNA stats. As another poster said the PM want your business so I am guessing they are trying to be as accurate as possible without over or under inflating the rental income. I guess I will find out though...

 I am looking in coast NC and coastal NE and the AirDNA numbers sound like a made up fairy tail numbers. But both those areas have old school weekly rentals so the rental history is different.

AirDNA projections are 20-30% higher than what local STR agents are quoting me for the same property. I think AirDNA just does a circle around the property which may not get accurate comps. Where I am looking the house on the water may rent at 30% higher than the house three houses back but AirDNA does not seem to recognize the added value of water front vs near the water. If there is a local attraction such as a beach or mountain you really should do your own calculations or ask a few different STR PM.

Hi John, I am working with someone in your agency, I think, Kent  who was recommended by business colleagues. Thank you the post. The beach scares me a bit even though it is lovely. I was asking Kent about septic down there. Here in RI if you live near the beach and you need to replace the septic it is a very expensive bill. I am one mile from the beach in RI and my septic was 38K. This is a cost I don't hear a lot of talk about on this forum. Knowing the state of the septic and the replacement costs is so important because it is he most expensive home expense that I can foresee. I don't know what your coastal rules are but here they are super strict about anything near the beach or salt ponds. Any addition to a home requires a full upgrade as well.

Contemplating purchasing a STR in Nags Head or Manteo. We would use it our selves in Jan and Feb. We need to be close to Manteo for work. We plan to rent the rest of the year. I like the southern Nags Head area as it looks quieter but concerned about erosion etc... Also concerned about the ability for a property to pay for itself and Capex etc..

Any advice is welcome. Looking for insurance companies and what they will insure. Also property management companies and typical fees that they charge in this area.

My husband would like to retire there but I told him if we purchase an investment property we may not be able to afford not to rent it in season....

I am in the same situation would love to hear advice. I have heard that it may be more difficult to get loans and the interest rates are higher but I do not know if this is true. I would love to hear from someone with experience. Also if you have a loan in place how difficult is it to transfer the mortgage to the LLC?

I am new to investing I have one rental property that I rent to my business ( lease back). I want to purchase a new property for this purpose and turn that property into  a short term rental.  I own a small business and I am looking for a commercial property for my business. I need a very particular property because it needs to be a in a certain port with access to unload boats ( seafood business). I realize after listening to the BP podcasts that I should have been calling local property owners and just asking if they are thinking of selling.  I am trying to talk my husband into adding property rentals into our income stream. We are very busy with our business and I have a W2 job as a school nurse. I would love to create income for retirement and maybe enough to leave my W2 job. I am excited to join BP. I have not heard the BP mention lease back to your small business but it has worked well for me and think it would be a great topic for a show.