All Forum Posts by: Haley Sater

@Nick Velez

I am wondering the same thing as Kevin. I have a 4/2 long term rental in Gainesville I'm truing into an STR and am looking for a manager. Could you message me if you have some recommendations?

@Henry Lazerow

You're correct that it is a duplex in a very small city, Salisbury Maryland. One side is rented for $1450 and the other side is rented for $1550. The mortgage is under $900. We did invest a lot of cash and sweat equity into it though.

@ Maksu Ize

I have those numbers in a spreadsheet if you want to see them. The reason it cashflows so well is because we actually didn't BRRR. We got a great interest rate in early 2021 and by the time we finished a year later in 2022 interest rates had doubled, and we didn't need our cash out badly enough refinance.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $128,000
Cash invested: $28,000

I bought this as a house-hack and then turned it into a rental when I graduated and moved to Maryland. I refinanced it a while back to take out some equity I acquired and it is not longer cash flowing as a rental. I'm planing to turn it into and short term rental using AirBNB and VRBO in early August of this year (2032). I am actively looking for short term rental property managers right now that are local to Gainesville. Let me know if you are interested in the job!

What made you interested in investing in this type of deal?

Well I wanted to own a house so I bought this as a house hack, before I even knew what that was. I just knew I wanted to own my own space and start gaining equity in my investment.

How did you find this deal and how did you negotiate it?

Found a Realtor who specialized in first time home buyers, they actually knew this house was being renovated by a flipper and showed it to me months before it was ready to sell so it never even hit the MLS. I also go to choose some of the finishing touches like all tile floors, the appliances, and the quartz counter tops.

How did you finance this deal?

30 fixed, then refinanced in early 2022 to take out some equity before interest rates jumped up too high. I used the money from the refi to make a downpayment and furnish another short term rental in Maryland.

How did you add value to the deal?

I didn't add very much value to this deal other than building the terrace, and stairs in the front yard. We did do a lot of landscaping and painting on the interior.

What was the outcome?

Well I was able to take out more money than my initial downpayment in the refi so I got all my cash out.

Lessons learned? Challenges?

House hacks are almost alway a good deal. It got me started and I was what I could afford at the time.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $128,000
Cash invested: $28,000

This was my primary residence while I was a student at UF. I bought it and house-hacked while I lived there and then turned it into a rental when I graduated and moved to Maryland. I refinanced it a while back to take out some equity I acquired and it is not longer cash flowing as a rental. I'm planing to turn it into and short term rental using AirBNB and VRBO in early August of this year (2032). I am actively looking for short term rental property managers right now that are local to Gainesville. Let me know if you are interested in the job!

What made you interested in investing in this type of deal?

Well I wanted to own a house so I bought this as a house hack, before I even knew what that was. I just knew I wanted to own my own space and start gaining equity in my investment.

How did you find this deal and how did you negotiate it?

Found a Realtor who specialized in first time home buyers, they actually knew this house was being renovated by a flipper and showed it to me months before it was ready to sell so it never even hit the MLS. I also go to choose some of the finishing touches like all tile floors, the appliances, and the quartz counter tops.

How did you finance this deal?

30 fixed, then refinanced in early 2022 to take out some equity before interest rates jumped up too high. I used the money from the refi to make a downpayment and furnish another short term rental in Maryland.

How did you add value to the deal?

I didn't add very much value to this deal other than building the terrace, and stairs in the front yard. We did do a lot of landscaping and painting on the interior.

What was the outcome?

Well I was able to take out more money than my initial downpayment in the refi so I got all my cash out.

Lessons learned? Challenges?

House hacks are almost alway a good deal. It got me started and I was what I could afford at the time.

I have a 4 bed 2 bath house in Gainesville, Florida that I am converting from a rental to short term rental (airbnb/VRBO). I manage other STRs in Maryland where I live but I don't think I can really mange this one from so far away. I am willing to pay between a 15-20% management fee to a local person or company to manage the property for me. I am going to be setting up the property myself. Does anyone know of a company or have a good manager they would recommend? 

My conservative numbers indicate this property will gross 47K per year so that would be 7-9.5K for the manager per year.

Thanks, it's defiantly not an overnight process but I think it's very worth while!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $124,000
Cash invested: $40,000

This duplex was the perfect starter investment. We ended up working on it for a whole year before both sides were rented but it paid off and now rents for $3000 a month.

What made you interested in investing in this type of deal?

It was our neighbor house l, so naturally we cared about how it would look and how well taken care of it would be, so we just decided to buy it. We were very nervous at first that it would be a money pit, and it was for a while but now cash flows $1600 with both sides rented

How did you find this deal and how did you negotiate it?

Saw the for sale sign go up 😅

How did you finance this deal?

Partnered with another investor who could front more cash and had to get additional co-signers

How did you add value to the deal?

We did a lot of the labor to fix it up ourselves. Rehab on this house included, patching the roof, replacing and tiling the bathroom, sanding, staining and sealing hardwood floors, reframing and drywalling a cutout arch between kitchen and dinning room, fixing some electrical, painting, Rescreening a porch, building a fence, planted walls and ceiling and installing a new kitchen, installing French drain, added insulation and probably more that I can’t even remember.

What was the outcome?

It’s beautiful, we’ve had no trouble getting tenets!

Lessons learned? Challenges?

Doing it yourself may take twice or three times as long but then you know what you’re doing and if it’s worth contacting out in the future. Also you just have to take it day by day.

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $136,000
Cash invested: $13,000

House hacking. We live on the first floor and Airbnb/ rent the second floor unit.