All Forum Posts by: Denver McClure

Hi @Maritza McKinney, happy to chat sometime. I own a few STRs and I definitely recommend planning out your expenses carefully before starting construction. Feel free to PM me anytime.

@Felix Piper I don't recommend factoring in mortgage interest or depreciation on cash flow. Yes, you should factor in tax as a monthly expense to understand the true cost of the property each month. I would also add in a 20%-30% budget (on rents) for vacancy, CapEx, and repairs. Last thing I would ask is wether or not you are hiring a property manager which will run around 10% per month.

Hey @David Napier, happy to help! I'll PM you so we can chat sometime. 

Hey @Dan Grove, I would lean toward multifamily (2-4 units) as a good starting point. Take your time to develop a strategy that works for you before you jump on into RE investing. House Hacking, STRs, MTRs, Buy and Hold, Flips, etc...all require a unique strategy depending on your goals, finances, loan options, experience, and location. I'd recommend speaking with experienced investors first before entering the market. 

Hey Christian! I'm curious if you've considered investing outside of Madisonville? While I do understand the desire to invest close to home, it might be more advantageous to invest in other markets and leverage property management to oversee your rental. You might be able to achieve much higher cash flow somewhere else.

As for leveraging your personal home with a HELOC or cash out, you'll want to factor in that financing cost (and higher interest rate) into the purchase of your rental. It really depends on your current mortgage interest rate and equity position in your home to understand whether or not it's a good idea to use either option. Might recommend a margin loan if you have the ability to leverage a taxable investment portfolio. Feel free to PM me if you want to toss around ideas.

Hey Ann, I would use keycheck.com to screen the tenants (background and credit check), and facilitate rent payments, security deposits, pet fees, etc. They are the preferred platform from furnished finder. I've had a great experience with it so far! As far as a lease, they can create one for you or you can just utilize the BP leases.

Hey Roger, reach out to @Jeff Nash, he has plenty of experience running cost segregations. 

Hey Christian, I'd reach out to @Jeff Nash. He has plenty of experience with real estate investors with both small and large portfolios.

Hey Nicole! I rented out my spare vehicle for 2+ years on Turo, glad to see you're trying to maximize your income streams as well!

Once you lock in a MTR lease, I would offer the car rental option for a certain number of days (5 for example) following the signing. If after 5 days they don't request the car rental, then you should feel comfortable posting it on Turo for the general public to book. You can always inform your tenants of vacancies so they can book the car between public bookings. I would just recommend that you only allow tenants to book via Turo to ensure you have the proper insurance coverage. 

Hey Pat, I'd recommend reaching out to @Jeff Nash. He should be able to help!