All Forum Posts by: Brittany Stradling

Construction material are the actual materials. The builder's labor/profit is what the builder is charging you. For example, a toilet would be 150 but then you need a professional to install the toilet. If charged $50, that would be the builder's labor.

The project costs are things like draw fees, closing costs, and utilities. Some lenders charge a fee when you take out your money throughout the project; these are draw fees.

0 Votes

Columbia, South Carolina

Good to see another Hoosier on the forums! I will definitely reach out!

1 Vote

Indianapolis, Indiana

Quote from @Ray J.:

@Brittany Baker I've purchased a condotel with my fiance in Myrtle Beach and we loved working with our lender who had a program just for condotels! Feel free to DM me, and I'd be happy to pass along their contact information.

I will be in touch! Thank you!

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@Michael Baum I have been working with local banks. My agent recommended a few. Do I just google local banks now and call them all to see if they allow 20% down on condotels?

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Any recommendations for lenders who offer 20% down on condotels. I've touched base with a lender who offers 25% and another lender who has 30% down. However, I'd really like to keep it at the 20% mark. Thanks so much in advance!

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Quote from @Julie Lin:

Thanks for your thoughts

Honestly im feeling a bit torn by strategies and stuck. I have the capital to enter the real estate business (I only want to spend $200k to start) but I cannot figure out how the heck to enter it right now. My journey so far:
1- analyze plenty of deals in dupage county and none of them cash flow at current prices and interest rates

2- analyze a few chicago deals that would cash flow in more challenging areas, but my agent has advised against investing in those areas bc the law in cook county and chicago highly favors tenants

3- consider STRs (+love the idea of having a vacation home!) but many areas have zoning laws or other regulations making it too difficult. And of course there are the folks saying it's too saturated. Aside from these issues, I was considering the easiest way to enter the market would be a new build-STR bc it's hard to find something nice at a good price right now

Why stay so close to home? I would recommend Avery Carl's book. You can be very successful with managing your STR out of state. There are some areas that are over saturated but there is still a lot of opportunity.

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Naperville, Illinois

I believe Michigan City doesn't have many regulations at all, but it's been a few months since I've checked. Even when the city considered implementing restrictions, the residents shot it down and wanted the city to focus on violent crime.

Shortrule.com allows you to search regulations on your target city.

1 Vote

Naperville, Illinois

Amazing deal! How did you find it? I know you said another investor had to step away mid flip.

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Quote from @V.G Jason:

Quote from @Brittany Stradling:

If the numbers work, go for it. There is never a perfect time to invest. Last year, the market was on fire and it was hard to find a deal. Now, it is a fairer market but the interest rates are higher. You can always refinance. Yes, we are in a recession. People still travel during recessions; they just don't take big trips. So, if your investment is in a vacation market like the smokeys or Myrtle Beach, it will perform well assuming you're a great host.

How can you tell? Aren't STRs going to be the quickest hit? Historical numbers will mean very little if in a recession and if anything will be misguided. Discretionary spending is going to be at the lows, question is how low is low?

Now from an investment standpoint, I would assume when it's in the lowest demand it's the best time to buy but if this STR could be a LTR you're playing in that same market. If it's strictly a STR market, you can see how prices fair to see if the market is feeling the heat.

This is what Avery Carl preaches and this is her strategy. She always says STRs in vacation markets are basically recession proof.

3 Votes

If the numbers work, go for it. There is never a perfect time to invest. Last year, the market was on fire and it was hard to find a deal. Now, it is a fairer market but the interest rates are higher. You can always refinance. Yes, we are in a recession. People still travel during recessions; they just don't take big trips. So, if your investment is in a vacation market like the smokeys or Myrtle Beach, it will perform well assuming you're a great host.

7 Votes

All Forum Posts by: Brittany Stradling

Brittany Stradling has started 12 posts and replied 37 times.

Post: Understanding Project Estimator Report

Post: To Anyone Needing Any Kind of Repairs

Post: 20% down condotels in Myrtle Beach

Post: 20% down condotels in Myrtle Beach

Post: 20% down condotels in Myrtle Beach

Post: Best markets surrounding Lake Michigan

Post: Best markets surrounding Lake Michigan

Post: 8787 N College Ave

Post: What's the STR forecast for 2023?

Post: What's the STR forecast for 2023?