All Forum Posts by: Lain McCanless

Thank you so much for all of the information! Feel free to send over anything you think I'd be interested in. Does anyone know what the STR Market is like in FL?

Hey guys! I have some 1031 Funds that I need to do something with in the next 40 days. We are used to investing in the midwest. We are looking for something in the 250K-600K range for Short Term Rental income with great property managers. If you can provide me with your take on some great markets or even properties you have passed on, let me know! 

Hey! We're about to close on our first rental flip. I've been doing some reading about the 1031 exchange but still have questions. Do we have to reinvest all of our profits in order to not get taxed or can we just reinvest enough for a downpayment and then use the rest of the profit towards a business vehicle, etc...? Thank you! 

Hey Everyone! I have an opportunity to get in on a Duplex that will rent for $1000 on each side. They are asking close to 300K for the property. It is a cosmetic fixer-upper. Should I go for it? What are some quick indicators of it would be a good buy or not? I typically operate with short-term rentals so this is new to me. 

@Steven Foster Wilson Yes, I've read quite a bit about the BRRRR method. I just haven't heard any testimonials of people implementing that strategy on a vacation nightly rental! I am glad to hear that it could be an option! Are you able to refinance quickly typically or do I need to wait some amount of time after we get up and running?

@Ben Stoodley and @Steven Foster Wilson you guys are awesome! Thanks for the insight. Well, this is my first real estate deal so I am trying to learn and honestly just get my foot in the door. Originally, we wanted to buy this and hold onto it. However, that scares me because I don't know how that works with paying back our family friend (hard money lender). But yes, to answer your question this would be 100% someone else's money. They are just willing to give us what we need for the downpayment ($26,400) and renovation costs. We are doing all the work ourselves. We are not hiring anyone! So, how do I get the Hard Money Lender their money back in the best way possible if we keep this as a vacation nightly rental? 

I even projected the numbers down a bit. It should average closer to $2750 monthly income. Let me know if you think I'm missing anything. Thanks for the insight @Ben Stoodley!

@Michael Gessner thank you! My renovation cost is 20K. Putting new floor in, updating new countertops ins kitchen and bathrooms, new cabinets and painting! They are all cosmetic fixes! I'd love to hear back from you. Also, thank you @Daniel J Cano! We have a hard money lender who is willing to go 8% with no points. Family friend. Gotta love it! Any other thoughts? Should we go that route?

Hey everyone! This is my first time posting on the forum! So as of an hour ago I just went under contract for my first condo. My partner and I were thinking about financing ourselves but our realtor encouraged us to find a hard money lender. We found someone I know who is interested but I really don't want to mess up the pitch. Can you give me the playbook of things I need to be able to tell him? Basically, we are needing 50K for a downpayment and repairs. We are doing the repairs ourselves so we have skin in the game. He is asking us to bring our A-game with the presentation and is even open to letting us pick the percentage rate. To give you context, it is a 132K property that has an ARV of 210K. We are considering selling right after renovations or potentially doing a Vacation Nightly Rental.

Thank you in advance! Also, we only have 10 days to figure out if we want to finance ourselves or get the Hard Money Lender so time is of the essence!