All Forum Posts by: Kayla Utley

hello,

My husband and I are looking to finance just part of our new build and seeking best financing options right now. We are going to borrow $70,000 and cover the rest. We currently have one short term rental in an LLC and this new build will take place on property we already own and will be part of the business. What is our best option for financing in this scenario? TIA!

Please advise on this deal:

Off Market single family home: $399,000 

Where: Northern Michigan (2 miles from Boyne Mountain Ski Resort, 5 miles to beaches and tourist town)

Loan Type: conventional, fixed rate, 20% down, 30 year loan

Interest Rate: 8%

Monthly Payment: $2812.18

expenses:

Gas: $1200 ANNUAL

Electric: $1850 ANNUAL

Internet: $768 ANNUAL

Closing Costs: $7784.60

*This is an off market deal with no other offers currently. At $399,000 the numbers do not work. We are estimating we average $4,000/month on rentals. In our area we have around 50% occupancy. Highly sought after area (Boyne City, MI). This is a 3 bed/2bath cabin. It has a detached garage we could make into a game room. It also has another outbuilding we could add bunkbeds and a home gym. Am I severely downplaying what we make per month? 

Any advice on what my top offer should be on these terms would be very helpful. My confidence crashes when having to estimate that monthly income level. 

If you have any advice on how to confidently determine your monthly rental income please share. Thanks 

I have someone interested in staying 8 weeks at my STR during my slow period for a traveling CNA position. I am considering having him book in 1-2 weeks at a time. He is 38 years old and has no reviews.

Two questions:

Anything I need to consider or protocols I should put in place?

What is the typical way to price something like this? I was thinking $100/night when I’d generally charge $125-$155. Is $100/night way overkill with this length?

Hello! We have just one STR that we manage 💯 on our own. My husband has a high paying W-2 job. I am looking for an affordable CPA who is well versed in STR and offsetting W-2 income.

Anyone using a CPA doing a great job for them who doesn’t work for clients with millions to billions invested in real estate?

My husband and I are fairly new to real estate investments but do have one short term rental so we are looking for a CPA that is well versed specifically in short term rental tax strategies and someone willing to provide knowledge on how we can change/add/grow to help us keep as much of our W2 income as possible! Any recommendations appreciated!

Quote from @Kayla Utley:

Quote from @Chris Webb:

What type of units are they? How did you come about your income? I get a 21% CoC return using your income number at a 7.5% interest rate and accounting for vacancy and repairs at 5%.
   I used the income they are currently getting listed on the realtor website. I put in a 6% interest rate, 3% vacancy, 8% repairs

Quote from @Chris Webb:

What type of units are they? How did you come about your income? I get a 21% CoC return using your income number at a 7.5% interest rate and accounting for vacancy and repairs at 5%.

Quote from @Greg R.:

Do you have any specific questions about the deal? What are your goals here, are you intending to hold long-term & cash flow?

My goals are to hold long term, use as a long term rental for appreciation and cash flow. I have yet to land a multi family deal. The analysis looks promising. Anything I am missing or should consider? With a 4 plex a commercial loan is an option, correct? 

View report

*This link comes directly from our calculators, based on information input by the member who posted.

@Bruce Woodruff

Thanks!