All Forum Posts by: Isan Monfort
Isan Monfort has started 2 posts and replied 4 times.
Post: I put an offer on a house for STR and I'm freaking out
- Posts 4
- Votes 1
Quote from @Dave Stokley:
Sounds like you are over-leveraged.
And where are you getting an investment property loan for 5%?
typo that was supposed to be 15%
Post: I put an offer on a house for STR and I'm freaking out
- Posts 4
- Votes 1
Quote from @Steve K.:
Sounds a little iffy. You didn't mention the most important part however: good location or no? $135k at what occupancy rate? I'd only do it if it works at a very conservative occupancy rate, and it's in a good location. I'd also double the rehab budget and timeframe, because that's just the way it usually goes.
Location seems good, water front into the river, occupancy not great compared to other markets nationally but average for the area. Around 55
Post: I put an offer on a house for STR and I'm freaking out
- Posts 4
- Votes 1
The offer was for $465k 5% down, the counter $475, I think its over priced, I should probably had offer less from the get go. However Airdna says it'll produce $135k year, but with interest rates rising my monthly expenses would be close to $5k/mo, or $60k year.
The house still needs $30-$40k, pretty much all the money I'd have left, for a few renovations if I want to take the nightly rate high enough to compete in the area and have a chance to reach those $135k.
Also afraid to be all in and launching in the begging of the winter. Apparently the coldest winter in the history of NY is coming.
Do the numbers sound good enough?
I'm thinking of getting several new credit cards at 0% the day after closing on the house and max them out so I can do the renos + furnishing. All in baby, but it's scary AF
Post: STR Regulations Joshua Tree
- Posts 4
- Votes 1
Hi, As many others, I'd love my next investment property to be in Joshua Tree but when looking into regulations it seems close to impossible. However, I keep seeing STR you tubers etc buying new ones there. Any thoughts on how?