All Forum Posts by: Cody Z.

Hey Everyone,

Just wanted to get some feedback from anyone that has used lower.com to get a HELOC - They seem to have good reviews online but wanted to hear from BP folks on their experiences.

Thanks!

I don't know of any sub 3% loans for rental properties ... regardless of the number of units. In addition, if you get a conventional loan which could be 3.5% down (FHA) you could purchase up to 4 units using that Product. Remember that there will also be monthly PMI on the loan for the life of the loan and you will also be required to pay UFMI which is 1.75% of purchase as well which is non refundable unless you refi into another FHA product. Essentially, you can get in for 5.25% + closing costs.

If it's FHA or conventional and you don't move in, that is simply mortgage fraud so probably best to owner occupy for 6-12 months and play it safe.

Hope this helped.

Great thread. Was looking to set up two sets of tenants starting Oct 1 so this has been super helpful!

Hey Suril,

Thanks for your question - The biggest issue I've found is tenant screening. I've gotten super lucky that everyone I've had has been great (all adults 30+) but it requires a lot of time asking questions and also dealing with scheduling. Feel free to ask any other questions you may have.

Thanks for the compliment! They're Quartz.. I actually got a great price on them for two units - I believe less than $3k with labor and sinks.

Hi All,

I wanted to connect to local Jersey Shore property owners who rent out their units in the Summer for Monthly or Weekly rental options and see what processes you use and how you created efficiencies in your business.

I currently have two units in Belmar that I rented out for the Summer in a mix of Monthly rentals with leases and AirBNB/VRBO. I have both units leased for the Winter (used a local Realtor to facilitate) and wanted to take the next few months to brainstorm and build to increase my revenue and decrease my headaches.

Link to my main unit is below:

https://www.airbnb.com/rooms/39953518?preview_for_ml=true&source_impression_id=p3_1597843648_yK1meHXLJGPI%2FE5z

Any help is appreciated.

Hey Vaughn,

Thanks for your feedback - I will give them a call and check out their area/rates and come back on their performance if I decide to use.

Can anyone post their experience with specific STR cleaners in Monmouth County, NJ? I recently let mine go, and I had one before that which wasn't too great so I'm just looking for other investor experiences locally as I shop around.

Thanks! 

Manual, Guide and Communication Templates is something I'm currently on the hunt for.

@Mike Wesling Thanks for the suggestion. I'm navigating some of the software currently to figure out the lay of the land lol