All Forum Posts by: Kerry Baird

From Listing Distribution

52% AirBnb 18% Booking and 8% VRBO globally. They've got some interesting trends, such as VRBO sells the most expensive STR nights on average.

@Robert Schwenkler, we started using DSCR mortgages when it became onerous to keep reserves for all the houses we had. The first 4 mortgages were pretty easy to get and the next 6 had the need of reserves. We used insurance and an umbrella policy.

I found a house that I wanted to buy and it was either buy the house or have reserves. I switched to DSCR mortgages and haven't looked back. So that said, the lenders with whom I have done business required that the houses were held by an entity in order to get the loan done. After 20 years of investing, we haven't been sued, but we just had our first fire last year. Because we have more assets now, we have used more asset protection: trusts, LLC and a holding company (S-Corp). We still have insurance and umbrella policy.

If you want the low-down, low-interest Fannie Mae mortgages you will find a way to get those reserve requirements met. If you want to have a low doc, no tax return, quick DSCR purchase, along with asset protection, combine LLC ownership with DSCR. When I can get owner financing, I will take that all day long and twice on Sunday.

I think it is a good attribute to have.  Get plumber recommendations!

Welcome to BP, @Kim Colbert.  Good on you for completing your first flip!  Similar lessons will possibly carry on for a few more houses, but with diminishing results as you build your team, and refine your processes.  

I recommend attending local meetups to meet others, to learn from CPAs, insurance specialists, contractors, title agents and all the rest, so you have some resources to call upon.  If you meet wholesalers you may find a deal, or private lenders who would like to work with you.  There is a lot of older housing stock in Pueblo, a lot of houses that need to be beautified.  The bigger REIAs often offer classes so you can learn different niches of investing, or go on property tours and learn to spot problem areas.  Anyway, it is good to gather with like minded folks.  

I wish you a prosperous New Year!  (I’m in FL but grew up East of Pueblo an hour)

There are likely several meetups in your local area where you can go and meet the investors to whom you’d likely be selling your houses to.  In my experience, masterminds teach me things and hold me accountable, so there’s that upstream learning taking place.  I also attend at least one meetup near me to do the downstream teaching or encouraging of newer investors. My local chamber doesn’t understand (or care much) about real estate investors, and (really due to distance and time demands) I stopped attending.

I can’t answer that specifically in your area, but I just found a small bank & trust in my local area that does lend on modular homes.  Look for small community banks and credit unions in the area near the property.  Good luck!

I’m in single family houses, so not the person you are looking for.  However, I want to welcome you to BP, where I’m certain you will find encouragement.  

@Robert Sorrels, I like the detail you put in about the title report.  When we were stationed in England, and bought our houses, we got a thick stack of documents going back to the Norman Invasion of 1066.  LOL

That's how we got started, by turning the primary into a rental. It is such a great way to get those great owner occupied mortgages in place, with the low down payment and low interest rate. Stay 2 years for the capital gains exclusion, harden the house while living in it, and get a HELOC if you plan to do such a thing which you owner occupy. Do this again 5 times…sell the first and buy 2 more…you may find you are out of the rat race faster and easier than you think.

That’s a good outcome for a first property.  You learned so much…are you doing another?