All Forum Posts by: Connor Eigen
Connor Eigen has started 3 posts and replied 5 times.
Post: STR Listing Feedback
- Posts 5
- Votes 0
Hi All,
Looking for feedback on our STR listing. All opinions and anything you think would help is greatly appreciated.
We are using pricelabs for dynamic pricing (still trying to find best settings) and we are also listed on VRBO.
Post: What would you do?
- Posts 5
- Votes 0
Quote from @Caleb Brown:
How did you calculate the nightly rate/gross income? You want to be conservative so be careful not to lose your skin
I used airdna along with doing my own research on Air and Vrbo.
Post: What would you do?
- Posts 5
- Votes 0
Quote from @Dave Stokley:
$60k gross on $380k purchase makes it a borderline deal for me. Bad loan terms make it a pass. Who was the lender?
I used a broker, the name of the lender is hometown equity mortgage
Post: What would you do?
- Posts 5
- Votes 0
Hi everyone,
Im under contract for a STR and just got the loan estimate back. It was not what I was expecting. I was expecting to put 20% down and have an interest rate of about ~8%. Due to the appraisal of the house and the DCR being negative, my loan estimate is now 25% down and an interest rate of 10.5%!! My initial investment will be around 30k more than I calculated for.
I am using some cash and a HELOC to finance the purchase of this property. My worry is if the house doesn't perform like its supposed to. What would you guys do?
I estimate the house would gross ~60k. Heres the numbers on the house.
purchase price - 380k
loan amount - 285k
Interest rate - 10.5%
estimated expenses - 3.6k
Estimated monthly gross - 5k
Hi!
I need some advice
So I bought a house a few years back with the intentions of doing a sort of "live and flip/rent". Im at the point now where all the rehab has been done and the value of the home has appreciated significantly. Im going back in forth in my head of which option would be best and would like to get some opinions.
Its a sfh that i purchased for 225k a few years ago and is now worth 350k. I have a mortgage balance of 204k.
Originally I was planning on getting a heloc and renting the house out. I wouldn't have anywhere to live so I would have to use the heloc to put a down payment on a new primary. I was hoping to repeat the process by renovating the new house and doing a cash out refi to pay back the heloc. Then use the heloc to continue buying more properties.
My issue with the heloc, if i understand it correctly. Is I will be adding another payment and if there is any vacancies I will have 3 payments!
The other option was to sell the house and basically do the same thing with the money I would make. Put a down payment on a new primary and renovate it. Cash out refi and then use that money to buy another rental.