All Forum Posts by: Melissa Nash

run..... I sold a condo in an area that was STR approved, but the president hated it so much and made it really hard on me, turning me in and complaining, and making life difficult- I would avoid if you can.

yes~ people book based on photos. Design it to look like the area style and your guest avatar. 

Quote from @Jennifer Cramer:

@Melissa Nash Great advice. I figured out my WHY (diversification of wealth, future investment strategy), The TIME is where I'm stuck. I have limited time right now so I am worried about the commitment. Zero time and passive seems like heaven to me but not sure it really exists unless i look at REIT's

yes it does exist....you just have to know who or where to find it...LOL. I personally buy in markets like Memphis, Birmigham, Kc all done for you- rehab done, PM in place. Its called Turnkey. You can get double digit returns in these markets right now with the interest rates as they are. Feel free to message me about it! 

Quote from @Luther Epperhart:

Quote from @Melissa Nash:

You need to use a lender like Visio that will use STR numbers. I did 3 cashout refi's with them on STR's and they literally use AirDNA, so use that for your numbers.

They will give you all the info you need.... based on the rental rates and ARV they will give you options for rates, points and % down.

For example they might require 30% to make the math work, the lowest they have gone for me is 25%. 

I highly recommend them. 

Thanks Melissa. I have worked with Visio in the past on a refi and a purchase, but new on a refi for a new build. Tbh it was kind of a nightmare, but it was during the pandemic and all businesses connected to the loan were twice as slow as usual. Maybe those issues have been resolved since then. They did up to 75% for me on the refi, but I had existing STR history on that property.
Since posting this question, I have about 5 lenders that want to compete for the two refis, so I will probably throw Visio into the mix.  
Did you work with a broker on your Visio loan?

 I was working with Robert over there- but he just left.  Jay Anderson is the contact I have over there now. Best of luck!! 

You need to use a lender like Visio that will use STR numbers. I did 3 cashout refi's with them on STR's and they literally use AirDNA, so use that for your numbers.

They will give you all the info you need.... based on the rental rates and ARV they will give you options for rates, points and % down.

For example they might require 30% to make the math work, the lowest they have gone for me is 25%. 

I highly recommend them. 

First you need to start with your WHY and your How. 

Literally write down WHY and what you are trying to accomplish and your timeframe when you want that to happen. 

Then...TIME is your HOW. What time do you have and what is your knowledge? Do you have the time to do it on your own? And when you own the property= how much time do you want to spend on the day-to-day? Do you want to be a project manager, do you have the time for that? 

Budget--- what do you have to work with.  

Put these all down and the answer will come to you. 

Because some real estate like flipping is TIME, but less money if you use OPM. Passive turnkey is more $ but time freedom. So you can see what fits what YOU really want. 

Best of luck! melissa

#1 all day long. rule number 1 of real estate- never sell your real estate! I would rent it out for 2. years.... then if you wanted to sell, do a 1031 exchange and then buy more real estate. 

If you have lets say $150 profit you could buy 3-4 properties in affordable areas like birmingham, etc. And your cashflow on 4 properties would be higher than the $500 on 1 property. 

Or buy 1 short term rental in a nice area and cashflow 2-3X. 

Bonus depreciation is just that... a bonus! and is going away soon anyhow.  So don't focus on that- if you get it great- if not.... there is SOOOO much more that you are gaining to focus on. 

#1. Use the STR "loophole" (tax benefit) and make sure you are managing more than your PM (if you hire one) or self manage it, its very easy. You can take all your deductions as an active investor. I have a PDF that my CPA gave me, happy to forward it to make sure you can take advantage of this tax benefit, message me. (I am NOT a CPA, but I pay a lot of $$ for one)

#2. Use the Cost seg.... I do this each year on at least 1 property. One of my luxury STR properties got me a $330k deduction. yes, you read that right! I paid ZERO fed taxes bc of cost segregation while making a higher income.

#3. If you are buying and STR- most are in good areas that appreciate...grow your wealth baby and let the guests pay your mortgage down! 

#4. cashflow---- who doesn't want more money??

#5. Hedging inflation- you are literally locking in a rate at todays dollar that is inflating faster than ever before. Borrowing $$$ is how you get rich!!!

#6. You can use and enjoy the property ANY time you want!! I mean- can you say sipping Champaign from your new cabin deck or hot tub?? 

These are the reasons WHY I invest in STR's -- Best of luck! Melissa

Yes, I have used them 2x now-- I self manage, but I will say that I LOVED them. They did their job- the booked my place, I had to negotiate with them the lowest nightly rate I was willing to go. They wanted to go lower than i did. Bc they are concerned with more bookings vs quality bookings. I did have a couple "larger/party" bookings with them and had to deal with that- so they don't qualify bookings as much as I do. But if you want lots of bookings and to fill your calendar- they did a great job with that. 

Usually your Pm will do this for you and then send you the bill