All Forum Posts by: Erin Kreiger

Lane, this is a topic I'm trying to understand better - is it a specific type of life insurance policy? I've looked into this before but would love some resources from someone who is familiar with it. Thanks

Hi everyone! BP newbie here! I'm in the beginning stages of buying my first STR. I'm still getting the financing part figured out, but while I'm working on that, I've been analyzing properties to help me figure out exactly what I'm looking for.

A few things I would love to get some feedback/info on from your personal STRs:

1. When estimating monthly expenses, this is what I currently have, is there anything else I should be including in monthly expenses?:

Mortgage

Taxes

Utilities

Lawn Care

Cleaning

Internet

Security Cameras

Insurance

2. I have been researching different markets, have used Air DNA, and have been looking at current STR availability calendars just to get an idea of occupancy rate but am interested in what your personal occupancy rates are (peak season vs. off season) & the location.

3. Cleaning fees: This might be a dumb question, but does the cleaning fee you charge per stay cover the entire cost of cleaning services between guests? My guess would be yes - but am curious about larger properties. If it doesn't cover the entire cost, how do you set your cleaning fee that is charged to guests?

4. Pet Friendly: Do you charge per stay, per dog, how are your pet fees structured? 

@Tascia Chin

Hey, just came across this after reading your post & wanted to share it with you.

https://www.biggerpockets.com/topics/928208

@Norvell Eugene Reed

I don’t think you necessarily need to convince the owner as said above. Since the buyer and seller set the terms together - then I see it as a win-win. I think the most important thing would be explaining seller financing since it’s not that common.

One type of landlord to look for would be landlords who have a few properties they use as a monthly income stream. Setting up a seller financing deal would give them the same income monthly, with less headaches of dealing with maintenance issues, tenants, etc.

That’s what I’ve been looking for anyway. I look at rental properties currently available for rent, and do some research, and reach out to landlords. It’s not usually a straightforward conversation about seller financing, but starting a conversation - learning how many rental properties they have, how long they’ve owned them, etc., depending on the conversation, mention seller financing and express interest in working out a deal if they’re interested, and so on.

At least my that’s currently what I’ve been working on.

I’d also be interested in knowing other ways people approach this!

@Jonathan Styer thank you!

@Remington Lyman thank you! I’m walking the line of analysis paralysis, but he’s on my list once I get a few things figured out better! Lol

@Jonathan Styer do you work with any lenders in Columbus that do this? Can you send me their info if you do? Thanks!

Sorry if this is a dumb question, but here we go.

I'm a new Realtor and I don't have w2 income making my financing options limited, so I've been diving into learning more about seller financing. I currently rent and am wanting to buy my first home.

I came across a property for sale in the MLS, the person selling is the executrix of her father's estate.

I'm going to call the listing agent in a bit, but here are my questions/thoughts I was wondering if I could talk through and get some input/advice from anyone more experienced:

1. Is seller financing possible for a property in an estate?  - I know the answer will depend on any debts the owner had, and if the beneficiaries will agree to it, which could be annoying on their end, etc. but I guess I'm just curious before I talk to the agent, if anyone can tell me if it's even an option since offers need court approval (from what it says in the mls).

2. Would a second option be HML? The bathrooms have been recently updated, but the kitchen needs a full remodel, but other than that nothing major, just cosmetic from what I can tell so far.

It's been on the market for 150 days, originally listed at 550, the price has reduced to 450 over that time. I think it's still overpriced, there are four similar homes selling closer to 400. 

My thought was if I could purchase it at a price that makes sense with a HML, and do a cash out refinance after renovations to pay off the HML - but because I don't have w2 income - would I be able to do a cash out refinance? That's the part I get stuck on.

Any input, suggestions would be helpful. Are there any other financing options I could be looking into?

@Moriah Giles I got my license last year and felt the exact same as your original post so I get it! I’m just suggesting what I wish I would’ve done sooner😂

@Moriah Giles You could also offer to help agents at open houses. This would be a great way learn the process, how to advertise open houses and give you practice interacting with potential buyers. I would also let other agents know that you’d be interested in holding open houses for their upcoming listings.