All Forum Posts by: David Shakhunov

There is a Bristol Motor Speedway where NASCAR and other motor events are held.

Here are a few things to consider: if you plan to sell the paid off property and use the money for down payments on multiple houses, make sure you can secure multiple loans, and that the combined cash flow from these properties exceeds the cash flow you would receive from renting a fully paid-off house. Additionally, keep in mind that having more properties will likely result in higher appreciation if that's your goal.

If you need access to some cash, I would recommend opening a HELOC (Home Equity Line of Credit) or considering a cash-out refinance on your paid-off property and then using these funds for investment purposes. There are pros and cons to both options (HELOC vs. cash-out refinance) that are worth exploring with your loan officer.

Rents go up so if you have a HELOC that can be a safety net till the rent goes up.

Hello Tim,

Nothing beats Excel. I know that's not what you asked for. Basically, each software has its own assumptions. The best way is to control assumptions, and you can design an advanced model in Excel. It might even be worth hiring someone to design the sheet for you.

Hello. I think for the most part it is pretty conservative estimate. Rentometer is great to see the trends. It is good to see 12,6,3 months comparisons.

Airbnb doesn't enforce local requirements for the STR. I believe 2-3 years ago I was able to book an Airbnb rental in the city where STR completely illegal.

I would not take it. Sounds like the applicant is a "professional" tenant. A lot of states are only allowing deposit that is worth of 2 months rent. There is a chance that this tenant might request it back after they move in. There could be different reasons. One is already mentioned is to "bypass" screening. The another reason could be that they want to move in ask for it back and you are obligated to return it. Renter will stop paying. Usually people will the low credit scores do that so I would make sure the credit score is actually accurate. My gut feeling telling me that somehow their credit score is not 790 and they are trying to distract you by offering a lot of money up front. 

@Austin Griffith

Sounds like you have some cash reserves. I would open up HELOC and use you cash reserves as soon as you run out or have an emergency you can draw funds from HELOC. Also advantage of HELOC you can do multiple draws and pay interest only once you draw. When you build that I am advantage since you can draw fund whenever you need fund to build.

Not sure how your relationship is with your parents and how it will be if you live with them. I am assuming it is good since you are considering moving back with parents. I would move in back with parents for 3-6 months. But let them know if you don't find anything within that time then you will start renting after 6 months. There are a lot of scenarios when someone moved in with their parents for few months and ended up staying a lot longer. I would set up expectations up front.

There is an article about it: https://abcnews.go.com/amp/Lif...

Which was posted in this forum: https://www.biggerpockets.com/...

You can probably find some "negative" things about STR in that forum.

Keep educating yourself, you are on. the right track. Once you have enough knowledge narrow down what type of strategy you want to approach: short term rental, buy and hold SFH, small multi-family, commercial, large multi-family, mobile home parks, storage, out of state, etc

Once you decide on that the next step is figure out the finding. Are you going to pull HELOC, hard lender money, second loan, partner-up, etc.

After that (or can even start now), start researching potential areas you want to invest.