All Forum Posts by: Krystyna Fennelly

Thanks Taylor and Justin, good point on STR.. I live in South Texas, between Houston and Galveston. I know a couple investors with STR in Galveston and although a beach town, being our climate is never Too cold, STR seem to rent well year round. Even in 'winter' months, families from Houston enjoy heading to Galveston for the weekend to get away. But this may very well not be the case in other areas. And cities regulations will too hold a very important role.. Definitely would require a good amount of research at the minimum as I don't like throwing darts in the dark; or making bad investments. As well, waiting COVID out a bit longer wouldn't be a bad idea. We seem to be getting back to 'normal' in my area but never know as we near the end what regulations will stay or be added and how that could affect this industry.

I guess thinking through my question more, I realize my GOAL would be to have both multi and str. The real question would probably be which to start with if I only have funds to do one for now.  But all the info on both is greatly appreciated and helpful!!

I've been a single family residential investor for over a decade and it's about time I step up my game! 

I'd ultimately love to have a few short term rentals around the country that we can also vacation to.  Also very interested in multifamily, small apartment.

Which do you prefer and why?  What's the bigger money maker?

And, when looking at multifamily, are there any pros or cons on owning the entire complex vs partial? I have my eye on a property that is a 20 unit complex (essentially 20 condos) and this seller owns 14 of the 20 that he's selling as a package. The complex has an HOA in place, numbers are workable (would like to get the price down some-have Not made an offer). Any reason to steer away because it's only 14 of the 20 units?

THANKS IN ADVANCE!!

I think that's a great idea, if the rent for one side offsets the mortgage, that's golden. If not, still saves you money on housing and an investment in the longrun. I don't think you'd be able to use comps to qualify but I bet if you talk with a couple lenders, you'll be able to get it financed! Best of luck! 

I would suggest having an open conversation with your loan officer/lender. I've been a Realtor 16 years and I can tell you, if you're honest upfront, it helps tremendously to find the best finance option for you.  You'll get bit in the butt when you omit the truth.

Do you intend on continuing to occupy one unit? If not, rent it, then refi. If so, can you qualify for the refi with only the other unit's rental income?  Again if you tell the LO the situation, he/she should be able to work the numbers upfront and give you a good idea of whether or not it'll be feasible.

@Joseph Firmin  Thank you!  I will look into these!

We started savings accounts for our boys pretty early on and our 13 year old has a decent amount saved but it's making pennies.. I wanted to help/show him a better way of investing; Real Estate. Since he's a minor, we contacted my attorney and set up an LLC, 50/50 partners. I thought BRRR investing would be his best avenue so we started the LLC with only $5k each invested. Talked with a local bank about obtaining a LOC, approved, found house, purchased, renovations will be completed this week and now we are looking at finance options, 15-30 years in the LLC name. I believe the bank that provided our LOC will approve a mortgage loan for us but I want to look into all options. Would love recommendations. TIA!!

@Axel Norvell  Any luck so far?  I see you originally posted a few months back.. market is still pretty active But typically we can find Some better deals around the end of the year. House Hacking is a great idea! But Heights is such a costly area.. Are you wanting to stay in the Heights or any interest in the burbs?  Happy to connect if you'd like to chat more.

For my real estate brokerage, I used my area (Houston Bay Area) and target market (luxury homes), "Bay Area Elite Properties".

Incorporating this for your investment company, I'm thinking:

Cleveland Luxury Rehabs (or Properties)

_______ County Elite Homes

... Maybe you can play with your area and terms dealing with high properties.

Good luck, still trying to come up with an LLC name for mine and my husband's up and coming investment company as well.

Thank you all, I will definitely check these out and @Aaron Mazzrillo

, I will definitely take your advise and get some R&R on vacation.. (plus a little knowledge from reading on the boring 6 hour flight there and back).

@Robert Leonard

Perfect, thank you! These both sound great from the title, I will download the podcast to my phone now so I can listen anytime.