All Forum Posts by: Karen O.

Yeah, successfully! I bought a condo, moved in to do a live-in rehab/house hack (renting out part of the space on Airbnb while the place was in good condition, working on doing updates when we didn't have any guests). When we finished rehabbing we moved out and now rent the place exclusively as a STR. (We could get about $900 as a long term rental, January we grossed $4550 on Airbnb)

I have not refinanced, but because I lived in the property I was able to get a Fannie Mae loan product where we only put 7% down and pay no PMI, so I don't really feel the need to pull any equity out. We're cash-flowing enough that I'm okay saving up that money for the "repeat" portion of the BRRRR strategy!

Good luck! I think this is such a great strategy!

Question on your STR:. How do you manage turnover of the space? Do you still live in the area and do it personally, or do you use a service? And do you prep right after STR leaves, or just before they arrive? Thx.

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Originally posted by @Joshua Crossman:

Hardwood is my choice but I'm biased. I would would with Engineered Vinyl Plank over laminate. It's waterproof. We have been laying a lot of it

What brand, please?

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Asbestos wrapped pipes and floor tiles, vermiculite insulation, mold

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If you search on BP for Delaware wholesaler, you'll find people from DE. Did you ask the question to a few of them? How are they pursuing RE in the state? Maybe they'll connect you with a lawyer that has a different perspective.

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I keep hearing or reading that one of the criteria for renters is that they have income 3x the rent or more.

Is this gross income or net income?

Thanks.

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Originally posted by @Aaron Harris:

@Karen O. Yes it is a SF. My parents own a home already that they reside in, this is a home they bought that I grew up in as a young child.

Ok. Phew! Had me worried there for a minute. Good luck with the project.

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Los Angeles County, California

All Forum Posts by: Karen O.

Karen O. has started 15 posts and replied 603 times.

Post: Investing in Allentown PA multis

Post: Investing in Allentown PA multis

Post: Investing in Allentown PA multis

Post: Single Family vs Duplex (house hack)

Post: Anyone have experience using the BRRRR strategy with STR?

Post: Hardwood Floors vs Laminate for tenants

Post: Single Family Houses built in the 1960a

Post: My lawyer says wholesaling is illegal. Quote Below

Post: Income requirements for rental

Post: Refinance option for restore of Parent's Home