All Forum Posts by: Steven W.

@Michael Greenberg

I'm leasing to somebody that will sublease to AirBnB. I don't think I need a property manager for that. Once the lease is setup it will be the same as any other property I have except the person who I am leasing the property to won't be living there but using it as an AirBnB investment. This works for me because I will be getting above market rent. 

I am hoping somebody who has done this in the past can provide me with a lease agreement. The normal one I use states no subleasing.

Good evening,

I'm thinking about moving forward with having an investor take over one of my properties and sublease on AirBnb. In the past I did traditional landlord but I am being over 20% over market value. I understand the investor will make even more money on top of that, however I do not have the time available to do this myself so I am happy with extra rent.

Anyways I'm wondering should I set up a master lease on this property, but was curious if anybody had a good template I could use that will help keep me protected?

Thanks!

I just checked out their website. The interest rate seems high for a refinance. With a 750 credit score they had a 8.1% interest rate. If I wait for the 6 month seasoning period I can refinance at 4.5% at 75ltv.

Jamie Ware Do you know if then lend in NC?

@Joseph Gozlan - thanks I was pretty conservative on my numbers. Either way this a potentially a 10+ cap property and that is relatively rare in Charlotte. It may not be on other parts of the country.

You are really telling me what I've heard before. I don't have the option to borrow money from family or friends . I don't know about you but most people I know don't have 100K+ sitting around. 

I

Matthew Paul Thanks I checked the lease and it forbids any subleasing. I do have one lease that's up end of next month. An AirBnb investor is already very interested in the property.

Hello BP family!

So I found a GREAT (in my opinion) smaller apartment complex, however it is on sale for $1.5M+. The most expensive property I've ever purchased is around $500K and it was on a conventional mortgage.

The property meets the 1% rule and based on my calculations would have around a 15-20% total ROI. This property is in a great and appreciating area.

My problem is that I don't have enough for the downpayment and even if I did, I don't have any experience with commercial lenders. 

I would go to family, but even they don't have that kind of cash lying around. I do have enough equity in my current properties, but don't want to sell my portfolio for one apartment complex. 

Anybody have any experience on creative financing or partnership (with strangers)?

Hi biggerpockets family!

I currently own 4 properties within the vicinity of the Quail Hollow Country Club in Charlotte, NC. In August the PGA tournament will be hosted here. Looking on AirBnb & VRBO I see rentals as high as $3K a night for the event.

Most of my properties are closer in vicinity and could potentially make a very nice small stay for anybody visiting for the tournament. What are your thoughts on offering my current long-term tenants a percentage of the profits to host out-of-towners for the event? 

Has anybody ever does this before?

Good afternoon. I'm not sure if anybody else has these issues but I will lay it out there for you.

I own 9 rental properties in good areas that are cashflowing well, however I am currently struggling to buy more than 1 or 2 a year. As you may be well aware, properties in decent areas in Charlotte are not sub-$100K. All of my purchases are $200K+ and most recently was $300K+. I tend to look for multi-family homes and they are relatively rare here, but whenever I do find an awesome deal, my money is always tied up in the previous renovation waiting for the 6 month seasoning period to re-finance.

Here is what I am looking for:

- A GREAT investor friendly realtor to partner with. Every single one I've worked with to date just sends me MLS listing, I find property, and he/she gets a nice fat paycheck. It would be nice if I found a realtor that knew of off-market deals, auctions, had connections, and would help me in taking my business to the next level.

- A GREAT bank that is not tied to fannie mae/freddie mac guidelines and can do alternative type loans. I read in another article about bridge financing where I can use equity in one of my homes to purchase another property. I have hundreds of thousands in dead equity so being able to use this option would be great for me. I'm willing to refinance to the bank or whatever it takes to set up this relationship.

- GREAT people to connect with. My wife and friends get bored about me talking real estate, so it's nice to know others who are just as passionate as I am.

Thanks!

I would be very interested in this financing option. I have a lot of "dead equity" in my properties and would like to be able to turn that into more cash flowing properties. Do you know if your bank will do financing in North Carolina? 

Or if anybody knows of a similar bank or credit union that is local I will buy you dinner and a beer :)