All Forum Posts by: Kim Durst

Scenerio:

We own a lakefront property and turned it into a short term rental THIS summer. Would you keep it or sell? Keep in mind....June, July, August this year was at $275-$325 Next year, our rates are $340 in the hot season.

Purchase price 2017 $ 324k

Currently worth approx $450-530k

Currently owe $284k

We sunk about 80k into improvements

This year we generated $20,659 in STR (may be more if we book rentals this fall)

Pontoon rental made $5700

Expenses are approx $29k per year

We are projecting a higher income next year, our first year was spent getting our feet off the ground, etc. Our thoughts are this....sell or keep? The house is large, 4500 sq ft. a ton to take care of. We are considering taking the profits from a sale an buying 2 more smaller lakefront properties as STR. (actually we are in contract for one now)

Or....would you keep on the STR track to help recoup some of the cash you put in? We also think, lakefront property appreciates more than traditional properties and feel "safer" holding on to it for a few more years than we would with anything else.

Is there something we may be missing here? Would love you thoughts.

Scenerio:

We own a lakefront property and turned it into a short term rental THIS summer. Would you keep it or sell? Keep in mind....June, July, August this year was at $275-$325 Next year, our rates are $340 in the hot season. 

Purchase price 2017 $ 324k

Currently worth approx $450-530k

Currently owe $284k

We sunk about 80k into improvements

This year we generated $20,659 in STR (may be more if we book rentals this fall)

Pontoon rental made $5700

Expenses are approx $29k per year

We are projecting a higher income next year, our first year was spent getting our feet off the ground, etc. Our thoughts are this....sell or keep? The house is large, 4500 sq ft. a ton to take care of. We are considering taking the profits from a sale an buying 2 more smaller lakefront properties as STR. (actually we are in contract for one now)

Or....would you keep on the STR track to help recoup some of the cash you put in? We also think, lakefront property appreciates more than traditional properties and feel "safer" holding on to it for a few more years than we would with anything else.

Is there something we may be missing here? Would love you thoughts.

thanks everyone. We have a salon/spa and a brand new Airbnb that is doing very well! 

I have an amazing cpa but have never handed over receipts!! It scares me. But, we just do t have the time to organize. We are so busy working in the businesses. 

Our cpa offered to do book keeping. We also have the salon as an s Corp and Airbnb as an LLC. That part is handled it's the back end stuff that is overwhelming.

Hi all

We are worried about losing grip on our finances and need advice. There is money coming in, going out, receipts coming out of ears, bills to track, expenses, two businesses to run, taxes, etc. 

We want to hire someone to help. BUT....not hire investors wanting to take our money and invest in the stock market.

Who should we look for ? A book keeper? CPA? Financial advisor? Quick books? We aren't experts and feel like we need direction from an expert.

we signed an agreement. 305k $5000 Down, 30 yr amortization with a 5 year balloon. We felt the safest with this option. And yes, they’re being “nice”. Better than fair price on this property. I think it worked very well for us all in this circumstance 

planning to see house in the spring but want to take the full 5 years at a lower rate to pay off the new place in full with NO mortgage

I am aware of the imputed interest. I'd like to hear if anyone has a good negotiation strategy or a set of terms that are creative and good for all of us.  

Thank you Jim. My creative mind is drawing a blank. We want to sweeten the pot so that it is a good move for the owner as well. If you have any terms in mind, please share:)

I just signed a purchase agreement yesterday, $305k. The seller is financing the deal until I sell my other home. We are hashing out interest rate and terms. I am interested in an amortized 30 year term with a 5 year balloon. Seller has offered this at a 5% rate all the way down to 4.5% depending on how much cash we put down.

Here's the crazy  questions/statements......I want to pay LESS interest. I'm feeling under education in this arena and wondered if someone may have a great negotiating strategy. 

My goal is to try to pay this loan in full within the 5-10 years, depending on what my current home sells for however, I need the protection of a 30 year term payment just in case. What can I present to the seller today to sway her to consider lower or zero interest? She is open to negotiations. 

Is there a "special"way to price out rent for an in-law suite attached to our home?