All Forum Posts by: Cassandra Stott

Also, when it comes to doing an Airbnb for our house. We feel conflicted on that just because in this day and age it's harder for kids to move out. With it being our son senior year, we don't want to start boxing our whole life up in memories. Then feel like he is pressured to move out.  If it wasn't for that, I'd start boxing stuff up now. We keep talking about trying to downsize. We plan to live in one of our trailers as we build our home. We won't even hardly be home except for me to come home and clean since I own the cleaning company I'll just clean and manage our home. I might have to put that on a back burner till next year and focus on our new build. Which I feel like is wasting money .

We've learned too, even though we own our property that there are tons of rules and restrictions things that we thought we can't  do with our property. We can do short-term rentals and we can have a tree farm. We live in the country On 13 1/2 acres and have a creek in our lower field, but cannot utilize the creek at all. With zoning restrictions and sanctuaries in place in Washington state. We wanted to do some glamp camping, but cannot do that. But because of listening to real estate rookie, I've learned all of this.😊 We would've just planned on doing it and then realized we couldn't. I took the proper steps to figure out what we can and can't do with both of our properties. Any advice on the short term rental of our house?

Thank you for your advice. I really appreciate it😃. We do need a large amount for when we  start building. The main hurdle for us will not be the electrical and engineering. It's when we go to build. We will need a large amount and definitely don't have the funding for that. I just wonder if it would be easier to go through hard mone lender or pull money out of our property? if you think a hard money, lender is the way to go do you know anyone? 
 
When we start the  build my husband needs to  focus on when just building the house so we can get it done in a timely manner. We are learning time is money . 💰 As everyone who deals with real estate knows how long things can take. We want to have a good game plan and just figuring out what is the best financial options for us.

Another big concern for us though with a HELOC loan is that income is a big one. As business owners, we do make a decent amount but we do right off expenses. With starting a new business we have had to invest back and buy the things we need to be successful. Our main problem business expenses are high and income is not showing well.
I called our local bank and our DTI 45% as of right now our DTI is excellent, and our credit is excellent. When I did the calculations with a HELOC loan of 250,000 it puts us over our DTI. We are trying to figure out if we could scale down and borrow less. I believe we can get approved for $150,000 for a HELOC loan. It make it definitely tighter when trying to repay the loan and work and have income to keep going.. My main concern is going too low and maybe not having enough cushion could affect the overall potential of income to be made. I rather have more than enough so we don't have to worry and feel pressured to sell fast and lose money.

We do have a backup plan though to do mid term rentals, maybe long. We would prefer to sell and just pull the profits out to reinvest, but if we need to do that, that's our back up plan. WE might be leaning to keeping it and refinancing it and have the tenants make the payment and grow our equity. Before listening to real estate rookies, I would never have considered that.I have learned so much from the real estate rookie and actually has given me motivation. I've always been the nervous Nelly in the relationship where my husband is like no risk no reward. Listening to rookie podcast has been so empowering to me. Not sure if you've ever listened to them?

We are learning, 🫣 here's lots of rules that apply to where you live or where you're building. Where we are building. They do not allow duplexes, but they do allow ADU.
Our plan is to build an ADU downstairs and then upstairs will have main home with peekaboo views of of the ocean. I know that from all the listening  I've done. 😀That a home like that will sell faster because potential income to be able to rent out the additional space. We are trying to keep the build expenses down so we can sell it under medium house range. The medium price range for a house in Ocean Shores is around 450,000. Our goal is to be under that so it sells fast maybe rent.

Our big thing is deciding right now doing a HELOC or private investor because I know we can get more money from a hard money lender. But will it cost us more in the end ? Then again if we feel so strapped that might cost us more money in the end . Would love any advice on this issue, or even anything you think I might be leaving out or missing. 😊

We own a piece of land in Ocean Shores we have it already cleared. There is electrical and sewer hook up at the street. We do have to come up with about 10,000 to get the power connected just for the money end of it not sure which way we should get money . We own our home 100% outright and are trying to decide how to get funding. Not sure if it's smarter for us to do a HELOC loan, refinance , or private investor?
My husband just recently started his own contracting company so we would be doing the build ourselves. I also own my own cleaning company. Trying to decide if I want to expand it or just dissolve it. Which cleaning kind of goes into some of the things we were thinking about doing.

I also started a real estate course online not sure if it will be beneficial for us. I just figured it kind of goes hand-in-hand with what we are trying to do .

We also have thought about this summer Airbnb our home. As our youngest will be graduating and will be empty nesters.  Should we focus on one thing first or go for both?