All Forum Posts by: Leslie McIntosh

@Forrest Faulconer thanks! Message sent 🙂

Looking for advice on getting a HELOC on a primary residence in Oklahoma.

I have gone thru the process with the local state bank, but the drive by appraisal came in way low (target $250k+ | appraisal @ $206k).

Challenge is, a drive by does not consider all the work completed on the inside fresh paint/fixtures/custom hand scraped hardwoods throughout. Brand new roof in September.

I am not sure if this is just an inexperienced appraiser? Or what the deal is. I am looking for $250-265k for the appraisal. I have sent the bank recent Zillow sales nearby that have similar interiors that match this home and support my appraisal request.

Another challenge is this was a short sale purchase from the MLS @ $164k a year ago, so that may be dragging the appraisal down as well.

Thanks for the input! Looking to pull close to $70k out of this house so I can go fund my next deal! 😁

@Shelby Bybee. Have you looked at setting up a trust and transferring it to the trust?

@Jerry Peng

Tulsa was one of the top 2 locations for the new Tesla plant. That may have skewed the numbers before Austin was chosen.

Do you really care?  I have a Network Security background, so I understand the security concern, but are AirBNB folks really renting and want to mess with your wifi?  Or are they there for vacation/business travel and have better things to do?  Had any issues so far? 

Why not mount it to the ceiling? somewhere difficult to reach, so they do not just arbitrarily reset your router because it has easy access?

Most of your data center/wall mount racks are designed out of steel to secure and hold heavy equipment, so I doubt you will find much there.  If you find one built for WiFi you might be ok. 

You might look into something like a thermostat plastic cover/lock option, but again if they want to reset the wifi box that bad, they probably know how to YouTube lock picking and can easily open up a basic lock box type lock.

A lot of the wifi systems these days allow a mesh type network to allow for more coverage.  It might be cheaper to just get 2 of these mesh wifi routers, place the main one on your floor and let the other extend access to the 2nd.

I am a newbie to this, but I have remote rentals.  In my case, I found a realtor that I trust who also does property management.  She has an outstanding reputation. I purchased thru her as a realtor, moved to the location as my primary residence for a year (I travel/work from home), then turned the unit over to her property management company/team after my first year enjoying the unit.  Since then I have closed on another unit at an investment property and plan to turn the property over to her team to manage as a vacation rental (beach location).   

My advice so far, find a property manager & realtor you trust.  There seem to be a lot of horror stories about bad property managers out there.   Especially in the Short Term/Vacation Rental market.

have you checked with your realtor?  or future property manager?   I would check there first.  I am doing the same thing.. only I am using contractors other than my property managers recommendation and I am paying for it...  hiring a contractor to complete the first contractors work.  dealing with finances trying to get the current contractor to finish, when his bank decided to hold the cashiers check from my credit union for 7 business days..   uggg...  Learning along with you!  Great topic :)

So I am learning...  Cash, Wire Transfer, ACH transfer are the ways that the bank cannot hold up the funds and potentially the whole project while they are allowing the US FED to verify funds... 

I just completed one without cash.  The challenge we ran into is the first lender could not close on the property for 3 months and we had to switch lenders.  It took 4 months to close and the owner/seller ended up with an assessment before we got closed.. so Cash is definitely preferable to the seller.

Here is the article: https://www.marketwatch.com/story/cheesecake-factory-says-its-not-paying-rent-in-april-due-to-unprecedented-times-2020-03-26