All Forum Posts by: Trailson Moore

Whats everyone using to analyze AirBnb's? The calculator in the tools looks good, but is very expensive to start out. Not really in the budget at the moment...

@Jeffrey Holst and @Andrew Kerrthanks for the advice. Pretty much what I expected. Hopefully, we can get something worked out that will work for both of us.

So, I am in a bit of a situation...  The back story:

My parents purchased a property in MT on a land contract about 6 years ago. A very nice property in a great part of MT. My parents cleaned up the property and have since built a nice little log cabin for the two of them. The property is 27 acres with the cabin and horse corrals. They have done a really nice job making it perfect for them. 

The terms of the deal required my parents to secure financing for the remainder of the balance after 5 years of payments to the landowner. The balance ended up being about $120K. Unfortunately, during that 5 years, my dad had some medical situations arise that have pretty much destroyed his credit. After the 5 years, he was unable to get financing. So, to bail them out I took out a personal 5-year loan for $75K. My mom covered the rest with her inheritance. I tried co-signing but they were still unable to get financing. For about a year they have been making payments to me every month. I am pretty sure they are having a very difficult time making the payments. Although they would not admit this to me. My dad is very hard headed. 

I am wanting to take some of the burden off of them and get the payments down. Since they cannot secure financing I was thinking I could get the property in my name and refinance with a conventional mortgage. They have been talking about subdividing and selling about 1/2 of it. So I am just looking for advice to get the payments down and make it a little easier on my folks.

Any advice or strategy would be greatly appreciated.

Trailson

Thanks for the feedback. Obviously we won't be going with the dog kennel Folks. Should have a nice pool of applicants to pick from. 

Thank you for the responses. I was planning on having a pool of applicants before choosing the best fit. @Jason D. why go with the first to apply? I feel like seeing and interviewing multiple tenants before making a decision would yield a better tenant. I am only on my second SFH so I do not have tons of experience.

When all of your criteria is met on multiple applications how do yo go about picking the right tenant? Or telling a qualified tenant you are going with someone else?

Thanks for the feedback. I think their application will be denied... It seems credit will be the kicker anyway. But they were super nice folks!

Hey all, just had a very enthusiastic applicant apply with 8 dogs!! Have not received the applicant screening back yet. They were curious to see if I would lower the pet fee or allow them to pay it over time. The pet fee is $300 each pet. Would it be a mistake to rent to people with a herd of canines or lower the fee? $2400 plus rent and deposit is a hefty price to pay.

Thanks, 

Trailson

Thanks for all the advice everyone. I am pretty sure I will remove the current tile. What I will put down is still undecided. @Marcia Maynard would putting down a vinyl plank hurt the value of a home that previously had tile? I definitely want to be cost effective and durable while maintaining the homes appeal.

@Adrian Smude

Sound advice, thanks. We get the keys on Monday, so I'll get some pics up.