All Forum Posts by: Colby Wartman

Hello, I will try to keep this as short as possible but provide all the details needed. Wife and I own 2 properties, we are mid 20's—one investment property STR in the Black Hills. Our second is an owner-occupied home we live with a USDA mortgage that I have converted into a rental. We have lived in the property for over a year. The lender we used was a terrible lender and person, just not a good person at all.

My question is this. My next move is to purchase a duplex or triplex to house hack, giving us 1 STR, 1 rental, 1 house hack. Our previous lender says there is a process that we have to go through to inform the USDA that we do not want to live in our current home and get another property that is a duplex or triplex.

1. What is our best mortgage options for purchasing the next duplex/triplex?

2. Is there a process to go through with the USDA to obtain the ability to get out of the current house and into the Duplex/Triplex?

I am sorry if this question does not make sense, the reason for that is, I believe that our lender is purposely being very vague as he wants us to think that we HAVE to use him as a lender because of the USDA process. Again, I do not know much about the USDA guidelines, but we want to get a conventional owner-occupied mortgage and house hack the other units in the duplex/triplex. It would be greatly appreciated if someone has better information/knowledge about this topic! Thank you! 

I purchased an investment property 3 months ago using Lower.com for financing. Had a very great experience with them except for one thing. We purchased as an investment property under our personal names under the guidance of our lender. Over the phone (not in writing, unfortunately) our lender said that once we purchase the property we would be able to easily transfer the property into our established LLC no questions asked, just go through the process. Come to find out, Lower.com has a clause that the property has to be paid off in full before we can transfer the property.

My question is, I have seem many people with many different experiences with this. We would like to transfer the property from our personal names into the LLC. How can we make this possible? What have you all done in the past? Thank you so much!

Marshall, that helps a ton! Thank you very much. I might have to pick your brain about the Avail.co and other LTR/MTR spaces as that is newer territory for me!

Ive listened to Rob's youtube video, a couple of podcasts that have covered the topic but I am trying to find some specific processes/people that have gone through transition from STR into a more MTR. The podcast/youtube video did a great job of outlining what MTR is and how it works, but nothing for specific transitions from STR to MTR on the airbnb/vrbo platform. Looking for what it took to transition as it pertains to:

1. What needs to be done on AIRBNB? Do you still host on Airbnb?

2. Any changes any of you have done to the property to accommodate more MTR

3. Any other things you did regarding marketing/advertising for MTR!

4. Since its MTR now, you wouldn't have to collect lodging tax (state specific) but just collect rent?

Thank you so much!

Are we able to attend online? is it offered online? would love to join if so!

 Would love to learn, thats what its all about. Yes, ill shoot you a DM!

Thank you @Napoleon DeCiutiis for simply asking a question rather than jumping to conclusions. 

as of right now, I am still learning the ropes. We were able to get a wicked deal almost 20% under the asking price. Having said that, even with 10% management fee, we are projected to cash flow very well. Right now, my wife and I are having our first kid in 1 month, we live 5 hours away, and I want to learn the ropes through this experience before I self-manage my property. Our plan is to expand and stack properties each and every year. So I am just looking at long-term scalability. 

Dear gosh, how many times do I have to say I am not an evolve employee, chill out. I am a collegiate strength and conditioning coach making an inexperienced comment about my experience.

Lol, this is not a sales pitch, I have no employment or incentive connection to EVOLVE. If you read above, this is my first STR deal and I am feeling out the waters from EVOLVE still. We only have a month under our belts as it stands today. Don't get too pissed at an inexperienced comment. If it doesn't pan out, you may have another customer if your service is superior...

I will definitely keep you in mind. I am not bias against any one property manager, whatever service is superior, I will take it.