All Forum Posts by: Holly Barrett

Anyone else using REI HUB? I think it's set up the best for STR, but I am getting the sense that I am missing things, or I didn't set it up properly.
Curious if anyone is using REI HUB, but also paying for a bookkeeper to handle it for them? The bookkeepers I've gotten quotes for are $$$ and the contracted overseas bookkeepers that are less expensive perhaps rush through and aren't really thoroughly organizing? 

I'm just worried we are showing too much income and not confident the expenses are allocating properly for taxes.

Love to hear your setups - we have 2 Dupexes and One comercial unit - 2 STR's, 1 LTR, and The commercial rental. NOI around $40K (or so sayeth REI Hub ;)

So I have to share this situation with others, I don't want it to happen to you!

In March of 2020 I sold a rental.

Prior to that I had tenants there. I had also set up landlord accounts w/water and electric. These were so that should someone move out and there was a lapse b/w tenants, the utilties would not be shut off. 

Unfortunately I didn't think about this existing when I sold the property. 

Fast forward to Summer of 2023. The property owners never opened a landlord account. So mine was still lingering. When they had tenants leave, no one moved back in for 6mo. My landlord account was triggered and I started getting auto drafted for bills! 

I finally caught on to this in Fall 2023. Month or so of going back and forth with the utility companies pleading my case. 

One of them finally refunded a portion. The rest they were threatening to send me to collections, so I ponied up.

Tracked down current owners. Ugly divorce, pointing fingers at each other. No one will repay me. 

Personally I find this totally immoral to allow a stranger to pay YOUR bills, even if it was my error for not officially shutting off that landlord account, but my opinon on morality didn't sway them. I'm out $470. Could have been worse. Thank goodness I caught on to it at all!

So moral of the story. Don't do those landlord accounts. Not worth it. 

Anyone else have underwriters question them on this Freddie Mac 3 month minimum occupancy requirement for Second Home Loans? Their guidelines say "Must be available 'preferably' over half of the year for personal use"...well I guess they can go walk around their property even if the guests are there ;) Fannie's guidelines are more vague so maybe that's the way to go with these. Any lenders have thoughts on this?

@Michael Baum

Sorry, must not have been clear. I’m a host in Hot Springs if you ever need referrals or have questions.

Hey Michael, I'm a realtor in North GA and also a host of two STR's in HSNP. If I can be of any help lmk :) I love my realtors there (husband/wife team), they are not on BP, but they know ALL the goings on there. Just like anywhere finding your contractors is the HARDEST part, and I love my team, so happy to share :)

So all my equity is tied up in two duplexes and I've been informed that no lender offers a line of credit on multi-fam. Is there anyone out there that does? I hate that my equity is trapped (my interest rate is SO low I can't/won't refi). 

Okay ya'll, I'm confused. Here's the situation. 

6 unit Multifamily in Arkansas

I MIGHT be able to show the reserves needed (but really it's a stretch)

$250K Purchase Price

$100K renovation

$500K ARV

$6K After Repair Monthly Rent

(I WANT THIS PROPERTY!) We have another property in the same town so I already have a solid team in place. 

I thought I could borrow down payment from private individuals inexchange for let's say a 10% return after renovation. However, the hard money lender I just spoke w/says they would need to have an equity position. I don't really want to take that route, too many cooks in the kitchen, drama, you know! 

However, if I am doing a refi after reno would we structure it like: they have equity position during the fix and flip post purchase stage and then I essentially 'buy them out' with the cash out refi $ into a long term loan post rehab?

Are there hard money lenders out there with lax reserve requirements?

My brain hurt, someone dumb this down for me! :)

Love this question. Following to see answers! Please share what you find out! I'm trying to do the same thing :)

I had a PM in AR tell me my cohost was in violation not having a real estate license...I then went to the state guidelines and could not find any verbiage that substantiated his statements. Are some PM using this as a sales tactic? Or are there truly some states that do not allow cohosts without real estate licenses?

Is it not too late to shop it? Maybe try Hurst Lending and/or Kram Capital?
Or going the conventional second home loan route w/a broker?