All Forum Posts by: Lindsey Mannix

Hi Ian,

I might do that deal if I also felt that the rental amount was projected to go up (like in a high growth market) or if appreciation looked to be promising and I wanted to exit the investment in a short period of time but in general, by doing the deal with only a 6% profit, the margins are slim to make it worth it in the short term at least.

~ Lindsey

Hi Zafer,

The best bet to know what the property tax is on vacant or improved land is to look at the local county's assessor's website. This maybe their site: https://pta.waynecounty.com/ and you just plug in the address to view what the current taxes are. In most areas of the country, both vacant and improved land will have some kind of property taxes (minus religious organizations and few other exceptions). I'd recommend calling the assessor for the county you're in if you're looking for a broad rate to calculate. Many counties have exemptions that can be filed so it will vary most likely on your situation (primary home v investment), senior, disabled, etc on what those exemptions may be.

~ Lindsey

Congrats on finishing school and bravo on investing in yourself via podcasts and books about RE investing! BP has so many great resources and tons of great content! Best of luck on your journey!!

~ Lindsey

Hi Melissa,

This is of course a personal decision but personally I do not allow felonies in my screening process.

~ Lindsey

Bravo! That's awesome!!

Hi Angie,

You're in the right spot for sure! BP is awesome with so many great podcast episodes on starting out plus the books they have are amazing! BP also offers a link to connect with local agents to help you find your investment property. I am happy to connect with you as well anytime. From the Louisville, KY area originally with rentals in Indiana so not MO but close!

~ Lindsey

Hi Debbie,

That sounds like a really awesome setup and bravo to the local government to allowing this! I've done similar things with adding or remodeling while house hacking and needing funding to do so. Here are a few ideas:

- HELOC: depending on how much equity you have in your property, you may be able to apply for and borrow against that equity

- DSCR: BP now has a find a lender link and I'm happy to recommend mine as well if you'd like; there are lenders who do loans based on the future rental value of the property

- Borrow from your 401k: typically you're able to borrow up to $50k and if you have multiple 401ks, borrow from multiples

Hopefully this gives you some ideas of other options to bring in some cash for your investment!

~ Lindsey

Hi Grayson,

I would reach out to a great local real estate agent who can do customized searches in the MLS. They can look at specific areas through time and give you DOM, list v. sale, price per square foot, etc which are all great data points if looking to invest in that location.

~ Lindsey

Hi Bryan,

Love it! There is a podcast called "Thank you for visiting" and they've talked about this. In my STRs, I have a little store at one property with eggs, honey, soaps, etc and that has done extremely well. It is a community setup so may not work for a single family situation. We have tried the add-ons like grocery delivery, tube rentals for rafting nearby, charcuterie boards, etc and have gotten ZERO interest. We add it into our listing description ("ask us about...") as well as to the check-in message and again zero interest. It could be our clientele or market though. I vote to give it a try!

~ Lindsey

Hi Alvaro,

I have found myself in this same situation as well. What I come back to is what are my goals? Here are some questions I ask myself: 

- Does having this property cause me stress? 

- Do I need the cash to invest in something else right now or on the near horizon?

- Is the cash flow needed for income to live my life or going to savings for something I want/need?

Take a look at the return on equity calculation. It sounds like yours is around 5% (net income/equity) which could suggest selling. But again, I go through the questions about and decide based on the level of stress/work, cash flow utilization and my overall goal for that rental and make my decision. Having a low return on equity, especially for those of us that bought right before the big boom, doesn't always mean sell.

Best of luck,

Lindsey