All Forum Posts by: Jake S.

Jake S. has started 45 posts and replied 829 times.

Ive had great luck connecting with local credit unions

1 Vote

If you trust the operator and you like what they are doing, then absolutely. I think you should read the book The Hands Off Investor

I work with and invest in a few specific syndicators who I know personally and have had tremendous results. But if you invest with someone you are unsure of.... Watch out.

0 Votes

Can anyone recommend a credit union that offers DSCR lending on short term rentals in NOLA? Looking to partner up with a union as I like to work with them up in MN.

Trying to see if any have some solid terms available

Thanks!

0 Votes

Quote from @Stephen Keighery:

Quote from @Jake S.:

Hey guys! Im trying to refinance a loan but it may need to be underwritten as a long term rental rather than a short term rental like I planned.

So, was hoping someone could help me figure out what my 4 bedroom condo unit could potentially rent for in New Orleans near the french district

Thanks!!

It is hard to find rental comps as most landlords in New Orleans advertise themselves. I always ask my property manager @Stephen Leonard - I am sure if you reached out to him he would help

Fantastic, thanks! I just reached out!

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New Orleans, Louisiana

Quote from @Blake Lewis:

@Jake S. off topic - but what's your favorite beignet spot? Do you only STR or have you ever considered MTR?

Lol no idea, havent been to NOLA that frequently! and What do you mean by MTR

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Quote from @Will Fraser:

Absolutely someone can, @Jake S.!

You should connect with a property management expert in NOLA and let them use their understanding of the local market to guide you here.

Because real estate is local at its core it would be a disservice for those of us not deeply acquainted with NOLA to venture a guess.

Thanks Will, and yeah ill try reach out to a few if i can find some!

0 Votes

New Orleans, Louisiana

Quote from @Blake Lewis:

@Jake S. New Orleans is such a great market! What's having you lean towards short term rental?

Its based on the location and what my investment team (who owns the building) have experienced thus far! And I agree with you!

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New Orleans, Louisiana

Quote from @Dave Foster:

@Jake S., as @Buddy Holmes said, there is no statutory holding period. The key is that your intent was to hold the property for investment use. Most folks feel very comfortable with anything over a year. But there could always be reasons why your intent could change in less than a year. You just want to make sure that your intent started out to hold for investment and now it has changed. And you want to be able to demonstrate that.

Thanks Dave! Ill be in touch with you in a few months to potentially go through this process if i decide i no longer want to hold it!

Keeping proper records of intent until that point

1 Vote

Is it worth it to have each business/rental LLC be owned by a parent LLC and then a Trust?

Just trying to determine the pros/cons and the necessity of it all? Im assuming an Attorney could easily transfer my LLCs ownership to my parent LLC?

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All Forum Posts by: Jake S.

Jake S. has started 45 posts and replied 829 times.

Post: Who is doing HELOCs on investment properties?

Post: Syndications, are they safe?

Post: Credit Unions that lend in NOLA

Post: Help with determining potential rent amount per month in NOLA!

Post: 1031 Exchange from a BRRR project

Post: Help with determining potential rent amount per month in NOLA!

Post: 1031 Exchange from a BRRR project

Post: Help with determining potential rent amount per month in NOLA!

Post: 1031 Exchange from a BRRR project

Post: LLC -> Parent LLC -> Trust