All Forum Posts by: Jonathan Hernandez

Daria,

i would highly suggest you speak to Avery Carl she runs the shorttermshop.com, it cost nothing to use her services and she can connect you with the best str in Florida. She is highly knowledgeable in this area and really knows what she's talking about. She even helps her clients on the back end of a transaction by showing them how to properly manage and systemitize a successful and highly profitable short term rental. 

When I comp a rental, I use the biggerpockets rent estimator then I follow it up with a call to a local property manager to verify that's an accurate market rental rate. 

nothing will beat calling a property manager, they have all the information you will ever need or want to make your final decision about a property.

I'd be interested in knowing how it turns out as well. I was looking at a similar property out there that was impacted by fire. 

That's great information! I will look into it. I brought on a business partner for this deal so we are making an offer today on it and we will see what happens. 🤞🤞

@Eduardo Aguilar

Thanks for the info I will dig a little deeper into this. Alot of the lenders are saying to obtain a vacation rental loan you must have a primary residence that you own. That makes sense thanks to your explanation on a second mortgage / vacation property.

Has anybody bought a property with a loan and got a seller carry back for the down payment? If so, what lender did you use. I'm having a little bit of an issue finding a lender that will allow this strategy. The ones I have spoke to say they have a CLTV of 75% - 80%.

I'm trying to purchase a vacation rental and the loan that I'm looking at has a CLTV of 75%. Would it still be possible to put the down payment in a seller Carry back 2nd mortgage or does the CLTV not allow this to happen?

Thanks for the information, there's alot of valuable advice! 

update on deal: the rent rolls for the property were extremely low ( 6 unit complex gross revenues of 4200) it would have been negative cashflow property and there were long term contracts ( any where from 6 to 10 years ) in place that we had to honor upon purchase. So I walked. But the property is still waiting to be sold FSBO.

@Dustin Allen

Thank you for your feedback, very good information.

Should I be concerned if a seller wants no inspection period or appraisal?