All Forum Posts by: Bruce C.

@Andrew Postell

Andrew - in Texas what loan type would be used to get a 4 unit home for 5% down if you live in it?  Are there max income restrictions?  Would they require I sell my current home first?

There is a 4 unit in our area, and it is actually even a little closer to work. The numbers at first glance seem to work. I’d be willing to live in it for for a year.  Just can’t swing 25% down currently. 

@Mark Sewell

Yeah, that is a better way to state it. I was trying to point out they don’t have a cap on what they’ll loan for the repairs, as long as the total is 70% or less. 

I got 70% and 100% from Jet with 8.9% rate and 3 points as recently as October. Dont know if they go out as far from Houston as FW though. 

I feel stupid asking this, but where do you start/find the paperwork for the second step?  I applied for the $10k yesterday  

I applied yesterday. Did I miss or forget the section where it asks how much you are applying for?  Only thing  sort of relevant was the “lost income” part. Based on what I read, I thought it was only looking at March/April, but it seems some are assuming 6 months. 

@Jay Hinrichs

Yes, they both hold the money until the guest checks in. I think it is probably smart as it ensures there is money there if someone books 6 months in advance and then cancels 2 months out. 

It is also VERY smart on their part. They do billions ins transactions. Would be interesting to see how much of their income is due to parking billions in a money market acct. 

@Sam B.

Well, not the end of the world, but not great. Our AirBnB that we started last year was on track to book for almost 50% more per night in March with a an occupancy rate close to last years around 90%. The AirBnB we just finished rehabbing got some bookings at rates higher than expected this early on, and we were even getting bookings in June already.  

When things started shutting down the 12th bookings started canceling, and by about the 16th we had only 2 bookings left. We’ve had no inquiries. 

If we get back to normal, I think the new property is going to do well. The first property is smaller and is one of hundreds on the search. Sleeping 18+ at the new property makes us 1 out of 40-50.

We may convert the smaller house to a long term rental if things don’t loosen up by mid April.  

How are things going on your end?

@Karl McGarvey

Well I spoke to soon, and yesterday ended up sucking.  By the end of the day I had 5 cancellations.  

@Christina Johnson

Missed your post between ours yesterday.  Same reasons for me losing my bookings, and one of the weddings was this weekend.  If we had the cash, I agree you might be able to pick up some houses at good prices from people that want out.  If bookings get really slim, we might convert to long term rental for the rest of the year and try again next year.  I will not enjoy taking down all that furniture i just put together...

@Karl McGarvey 

That's good to hear.  I'll keep my fingers crossed.  Was it normal rates for you, or did you have to cut prices to get it booked?

Things have changed a little for us too.  So far, nothing has changed at our AirBnB that has been up for a year and was mostly booked going in to spring break from people in the Houston area, and I'm crossing my fingers it stays that way.  We had to drastically lower prices though on the larger house to get this upcoming weekend booked, and we had a guest leave a day early this weekend due to all the concerns.  Also, the Ironman race the first weekend of April in Galveston was canceled, and so our guest canceled.  With the way things are headed, I don't expect to book that weekend.  We will just slash the hell out of prices and hope to keep some revenue rolling in until this all clears up.