All Forum Posts by: Devin Daly

I live in California, last year I bought 2 properties as brrrr’s in Saint Louis MO, currently one is rented for $1150 with monthly expenses at about $900, the other has become a bit larger project than anticipated and I ended up spending more than what the ARP is .

Both are in C maybe border  line D class neighborhoods. I under estimated rental comps in both areas when I purchased and cash flow is less than I planned.

I am over leveraged on the second property with 2 15% personal loans totaling $55k but owe nothing on the home. I have been faced with the options of refinancing at 10% without a tenant, or waiting to refinance after I have a tenant for a better rate.

I have struggled a bit to pass the occupancy inspection, but with a few paint touch ups from today’s inspection, I should pass the follow up inspection this Tuesday.

On top of all this, as I do my taxes this year, I am learning that none of these losses or home depreciation can be written off towards my W2 income. So I am looking to way some options, and for some overall advice.

At this point we are considering selling both properties and moving the equity/capital to a turnkey short term rental with more cash flow and tax benefit potential. Currently looking at a market a couple hours away from our home just outside of a national park.

Comps on airdna look like the rate of return would be 3 to 4 times that of the Saint Louis properties, but with more active involvement, which me and my wife are enthusiastic to take on.

I won’t get back all that I have invested in these properties, but I think the short term rental market near me has more potential and is a better long term investment not just for the reasons listed above, but for appreciation as well.

Any help, advice, or just some words of encouragement at this point would be more than appreciated! I know I took on a lot for a beginner, I feel a little embarrassed, vulnerable, and like a bit of a failure. But “a smooth sea never made a skilled sailor “

.                                 Franklin D. Roosevelt

Thanks and God bless!

Does anyone have an hvac technician they would recommend near Ferguson? I had a guy quote me $500 to replace 15 ft of 3/8” copper line…

Hi Gary, one property is in Ferguson, the other is in Country Club Hills. That would be great! I would love those templates as well as those contacts. The agent I used is not an investor but I will reach out to him as well, he might be reluctant just because I was originally going to use his company for property management but due to delayed responses I have chosen to do a hybrid property management approach with myself and the contractor/project manager who has been dealing with the property and city hall, occupancy inspections and such.

Hello, new here, excited to learn and meet new people with experience and like minded goals! Me and my Wife purchased 2 properties out of state this year, finished renovations, and are about to go through the motions of advertising for and screening tenants. That being said would love to hear if anyone has a real estate Lawyer they recommend to writ up the lease agreements.