All Forum Posts by: Jessica Burrell

We have two 3/2’s in A class neighborhood and area in Knoxville. Looking at adding a 5/3.5 - thinking it will clear 1k/month cash flow minimum. Maybe more. Just wondering about demand. I know it’s not the normal investing route but it’s been good to us so far in that we get A+ tenants with great cash flow off one tenant and little headache. Just not gone quite this big and bold before. Thanks! 

Thanks- I spoke to the main credit union there & the girl was clueless. They ‘finance no 2nd homes’ & when I questioned doing it under a commercial loan I think she thought I misspoke 😑 waiting on a call back from her manager. I have a feeling I will have to call back. 

Who do you know with reasonable terms, for unusual 2nd home property in Florida? My drawl to a beach house was second home financing terms through a conventional loan and the fact that it can still be rented out. However that won’t cover a duplex and a duplex seems ideal as we will only have to rent out & ‘share’ half the unit. Who have you used? 

Who has 2nd homes (required to stay in 2 wks/year by lender & can rent out the rest) on beach- needs to be southeast side of US- Marco Island FL, Virgin Islands, as examples? where else? What should I know? Renos are obv harder-what else? (Not worried about corona rental forecast, this is buy & hold)... but there are obvious difficulties to owning where you don’t live that are heightened by wanting it to be of a certain quality we’ll enjoy staying in. Thanks!! 

Free matters to me but security with my information matters even more above a small cost. As well as how quickly the money is deposited (I don’t want to wait 5-7 days). 

What is the best (or worst!) online rent payment website in your experience? Why or why not? Preferably don’t want one that will accept partial payments.

We close Thursday on our first rental property! I’m trying to do everything I can on this First one to have great systems in place from the start so that landlord doing is it a positive experience for us from the beginning.  First one to have great systems in place from the start so that landlord doing is it a positive experience for us from the beginning. I’ve set up an answering service for after hours. I’m curious about online rent payment. I know excepting partial payment if someone is late can be a problem. Curious different peoples experience on which website has been the best. Thanks so much!

Thank you for your humility in your post to share all of that. I am a mortgage lender also & trying to help people all the time grow in their understanding of finance & credit so reading this where you started in your finance knowledge to now just made my day!