All Forum Posts by: Esta Ryder

The one thing that you didn't mention is the length of the rental season.  That  matters when I personally invest (although I know that it doesn't matter to others- just personal preference).  For example, we like Myrtle Beach but chose Florida because of the longer rental season (even though Myrtle is less expensive in general and a much shorter drive for us)

I would start doing  research in all of these areas to find out things like the rental season, what rents better (house or condo), rents, etc.  I would suggest finding a Realtor in each of the locations you are interested in, let them know your specifics and then they can each guide you in the details of their specific area.  This will allow you to choose the location that works best for you and can meet your goals.  Best of luck!

Keep in mind that there are a lot of specifics that I don't know in your case so I am just going to tell you what I would do based on what you have shared:

I would buy your mom's house FHA and then use the rest of my cash to buy the STR. BUT before doing that, I would have to know that I could comfortably afford both payments, that I was still saving money each month, and that the STR was making money (because not all of them do).

The reason that I would personally do it this way is because your owner occupied rate at your mom's house would be lower (I am under the impression that you are living there?) and you can buy with less money down as an owner occupant. That allows you to put more money down on the STR which will have the higher rate to lower your monthly payment. Again, this is what I would personally do knowing just the basics of what you have shared. Oh, and I wouldn't touch the equity in your owner occupied home unless you are a seasoned investor in real estate.

Best of luck!  My grandpa is from Perrysburg and I went to college in Bowling Green. It is great to see another Ohio person on here :)

In my opinion, there are a lot of factors so I would sit down with someone who can help because they know your specific situation- like a finaicial advisor or an investor you inow in your area that you have a relationship with.  There are several things to consider:

*when you're moving? 

*what type of loan are you getting?

*are you planning on doing some of the work or hiring it all out?

*do you plan on using some of your savings to cover your moving expenses?

*how much money do you have saved up?

If you can give me some of these answers, I can give you a better answer on what I would do if I were in your shoes.

Go with the lender that you can trust and that you know will do a good job.  I've seen too many lenders promise too many things and not perform (like promising a quick close).  If you go with someone you trust, you know they will get it done.  So with that in mind, I would have said lender one as you have used him before and it has been a good experience.  But I agree that is quite odd that they would up their offering in the last minute so I would definitely keep that in mind when making your decision.  Good luck!

I'm also newer to BP. It looks like there isn't a Forum for small time land/RE developers that I could find.  I would love to see them add that category as I would be very interested in learning/contributing in those discussions.

I knew that it would/could change my life in college. Planned on making our first home purchase an investment property but didn't.  Got a later start in the investing game than we had planned but still did it. Personally, I would rather invest in real estate than the stock market any day.  I just talked to my staff about why I think that every real estate agent should own rental property.  

So here is my thought, and you might not like it. You have clearly though this out thoroughly, which is great! You have clearly had success wiht another STR- and congrats on that! Yet, you are worried about/not comfortable buying again. My advice would be don't buy it. SInce you're not a new investor, you have had success in your first STR, you have thought this new investment out so well, and you still aren't comfortable pulling the trigger, then your gut is telling you no. Trust your gut. There will be other properties and most likely if you buy this one, you will be nervous- even if things are going well and especially if they aren't. Sorry about being the negative one here. I'm sure this is not what you were expecting to hear. But I've bought and sold or helped people buy and sell a lot of properties over the years and when it comes to not being afraid to invest (and you aren't) yet not feeling comfortable/ready for the next one, I'd trust my gut all day long. Whatever you decide, I wish you the best of luck!

Due to the expense and the criteria to get access to the MLS, that really isn't an option- especially if you're only talking about one property. Since you're referring to out of town properties, I am guessing that you aren't familiar with the area. If that's the case, it would be better to have a professional Realtor do the BPO for you rather than you do it on your own.

However, it doesn't have to cost you anything.  If you pick one Realtor and build a relationship with them as your go to person they should do it for free (assuming that you are buing or selling property in that area).  I would do it for free for a loyal client because I feel like that is my job as I help them search for investment properties.

It is so very exciting to see young people have plans for their future that incluees real estate goals.  Best of luck to you!

I have found the two best ways to find someone are Facebook groups of other owners or residents in the community and your Realtor.  Your Realtor wants your repeat business and referrals so they will most likely only recommend someone good and they should also know people in the area.  We have been able to get a lot of good information from our owner's Facebook group- everything from cleaning companies to great restaurants to try.  Good luck!