All Forum Posts by: Jennifer Jo McCallon

Hi Nicole-

My requirement is 2.5x the monthly rent, a credit score of 680 or higher. This applies in the Bay Area and anywhere I rent properties. I manage a very select few properties in the Bay Area (and have a couple of my own). Feel free to reach out if you ever want friendly advice. 

Hi Nicole-

My requirement is 2.5x the monthly rent, a credit score of 680 or higher. This applies in the Bay Area and anywhere I rent properties. I manage a very select few properties in the Bay Area (and have a couple of my own). Feel free to reach out if you ever want friendly advice. 

Hey there. I am an agent and I own in Guerneville. We rent for 30 day stays to avoid dealing with airbnb laws. We also have a place on Lake Berryessa in the Highlands that I plan to STR when our current tenant vacates. The benefit of vacation homes IMO is not the cash flow, but that you cover your mortgage, grow equity and have a fun place to go. We have had our house in Napa Co. since 2014 and it has been an amazing place to make summer memories with my kids. We have rented it on and off as needed. Our out of state properties cash flow, but these two mostly so far just keep themselves going. Feel free to reach out to me with questions, happy to help.

Pittsburgh is a really easy market to get into- you will have no problem cash flowing and building equity. We own several homes there, but live in CA. Good luck to you. 

I live in the Bay Area (CA) - I would be extremely cautious buying income properties in a city where there are strong tenant laws in place, eviction controls, rent control etc. City of Oakland's city council is a wild card that keeps changing the rules. While Oakland is a great place to buy/flip or live, I would not currently buy to rent f/t.  Oakland still has an eviction moratorium due to the pandemic which has been extended indefinitely and has no qualification requirements- so, one can be working full time and just not pay rent. 

That said, I think there are great alternatives in any area- airbnbs, furnished rentals, room rentals. And I love Pittsburgh, PA for investing as it is more landlord friendly and has really solid cap rates/income opportunities. We own a few places over there as well. 

Hello! We are setting up a 1br airbnb in Pittsburgh and are looking to hire an airbnb manager- I want to do the basic set up,  but beyond that, we are looking for someone who can rent and manage it and are open to terms.

It isn't just about where the most money is, but also, what makes you happy. Would the challenge of exchanging this for a 4plex be a fun challenge for you or a life-sucking drain? Do you enjoy owning the condo? I don't see the market tanking, so if you enjoy it and it is easy, keep it. If you want to move on to the next thing, you can and should. Follow not just thoughtful financial analysis, but think about what makes you the happiest too.

I did this recently and had a terrible experience. She destroyed the place in under a year. Rags in the toilet and garbage disposal. Stove front off its hinges. Broken everything, destroyed the floors. In the end, the non-profit paid for the damages, so it wasn't the worst, and at least the rent came regularly.  My suggestion: ask if they will cover damages caused by the tenant.

I would start making calls and ask a few lenders. Smartest move I ever made was switching to a 15 year mortgage. That allowed us to pay down the house substantially over 8 years- at only about $100 more/mo. This one smart move gave us way more equity after owning for 8 years, which then allowed us to buy a fixer vacation property, which I was then able to leverage into more residential income properties. Ask your realtor for a referral for a great lender. Or see if you can find one with no or low closing costs. My bank (a major national bank) runs specials from time to time with "no closing costs" (or so they claim : ))

Hello! I owe in both Napa and Sonoma counties. Both have rental restrictions, but also allow 30 day rentals. Lake Berryessa is incredible in spite of the fires in 2020, and I love Russian River. I think anywhere in the desert, off the beaten path may be a great option too. Sierras around Arnold/Murphy's has some great options. I love vacation properties and definitely recommend as an investment regardless of the limitation of the 30 day stay.