All Forum Posts by: Melissa Nash

10 conventional loans per person. No exceptions and includes your primary. The best trick is to get NON conventional loans when rates are lower, and Conventional loans when rates go up. When/If rates drop- do a refi into non conv loans to open up spots. If you are married, your spouse can get 10 in their name too! 

always always respond to ALL reviews. Esp when they mention anything negative, its a great place to "explain your side" but you have to do it so you don't look like your pissed. 
For example: "I am so glad you had a wonderful time at my cabin, and were such a great guest, it was a pleasure hosting you and I am so glad you enjoyed the views and got some time to slow down and relax. We do occasionally have a train that comes by the cabin, It has a schedule and fun to watch go by if you are happen to be there...bla bla bla."

i am just BS'ng here. But you get the jist.... you need to address it, but spin it, but don't make fun of the guest or make them feel bad. Its an art.... but people read theses sometimes BEFORE you actual listing, so you need to address every single comment an highlight the best things they said and thank them for staying with you. 

Hope that helps! Best of luck! 

after closing. Conventional lenders will NOT allow you to move a title to an LLC until after closing.

Visio is a good STR lender and they will use AirDNA numbers and also won't ask you for taxes, or income. They are a DSCR lender. I have used them for 4 of my STR's and really great.

Its ok... the best source is a local property manager. Call a few of them- give your address and they will give you the most accurate numbers, don't rely on a random machine. Most properties with PM companies don't even hit zillow- which is where renotmeter get numbers from. So its not the entire picture. however Pm's are human and actually showing the houses, and know the numbers. Call the human :) 

Are you trying to get non conventional loans or conventional? If you haven't had tax returns for at least 2 years, then you can go with a non conventional lender. LMK if you want recommendations, I have a TON of great lenders I have worked with. 

that is tricky bc Airbnb isn't a lot of help with reviews guests leave. The few times I have had guests leave bad reviews are because of retaliation....even though Airbnb said they won't allow reviews based on that. I had a guest leave me a 1-star because I wouldn't give them a refund the day of check in. So, he didn't cancel the trip and instead was able to leave me a 1 even though they never stayed there. And airbnb's response was.... its their opinion and we can't change it because that is messing with the system and its suppose to be honest opinions. I escalated it as high as I could and got no's everywhere. So my point is don't rely on them to change any reviews-- even for retaliation as they won't. Several of my clients have had the same issue.... so that is your risk knowing they won't help you. 

So, now you have to decide if its worth it. What is the amount of damage? I have only asked a guest 1 x for $ bc of damage- bc it was over $250. I just sent a photo and I said, "my cleaners just sent me this photos, it looks like permanent damage and I am going to have to replace this". Would you like me to just charge you outside of Airbnb via venmo, instead of getting airbnb involved?" 

best of luck! Melissa

It's never a bad time to invest. The good thing about real estate investing is the Math is the Math. So when you run numbers a positive return is a YES and you should invest. Because that is only 1 reason to invest. The reasons for investing are much more than just cashflow, that is 1 tiny tiny part. 

1. You invest because your money sitting in a bank is loosing $ every year bc inflation is high and your dollar is going down in value. 

2. You invest because they are not making any more land.... so land always goes up in value

3. You invest for tax benefits - the ones that the wealthiest people in this country created 

3. And you invest because the tenant is basically buying you a free house........ and you get all the benefits. 

4. There is a reason the wealthy are wealthy. They created the rules. 

5. Money is cheap... even at 7%... borrow that money and invest!!! 

Best of luck!

Ha ha ha true... Unless its STR. My STR's here to quite well :)

Great question @Account Closed I own both short term & long term rentals. I don’t own any long-term rentals in California…. Mostly because it’s not a Landlord friendly market & math. So I was referring to out-of-state properties like Birmingham, or Memphis, etc. I was also assuming that the conversation was about long-term rentals.