All Forum Posts by: Luke Carl

@Scott Richter

We have figured that out after getting under contract. Have one lender that has not told us no yet. The rest are not even close to the ballpark even the local lenders. If you have any suggestions on who to call I'm all ears. That's what I'm doing this morning. Thanks

wow this is fantastic info! 

I'm looking at condos on the beach that I will Airbnb and self manage. I'm confident mine will book faster than anyoneone else in the building as I have two properties in the mountains that i lso Airbnb and I'm a super host and my cabins stay 98% occupied every month. 

$650-750 wouldn't even cover my mortgage let alone my HOAs (p&i + HOA = $1400 for 1/1) and i need to make at least $1000 on top that to make it worth my while since my cabins net $1500 in slow months, otherwise I'd just buy another cabin.

Thoughts? @Ramsey Blankenship

Also what are your thoughts on 1/1 vs 1/2 or 2/2 and low floor vs high floor? 

Thanks!

realtor says property is owned by 20 parties. Doctor types.  They bought it new 07 for 300+  asking 179 

what should I offer and how should I word it? I do love the unit but the furniture has to go its also never been painted and needs flooring. 

@Brett Dawson

Chances are the owners don't want it either and live 12 states away. Its not terrible furniture it is just not my style at all. I'd probably get rid of all of it. 

Can I off offer less money and say I don't want the furniture? asking price 179k

Looking in these two areas. Will self manage. Family has a house in Destin so that is ideal for us personally but it looks like we can afford something a bit nicer in Panama City. 

Anyone have experience in the area? Which rents more? 

Thanks! 

Sorry I spelled Too wrong 

Trying to push this loan through. It's all set to go but I'm at 47% and they need it to be 45% to meet Fannie. 

Purchase price is 149k and the system is aproving me for something like 139k. 

Any quick tricks or tips to make this happen? 

Payment (all included) $850

Down payment/closing costs 25k

Gross monthly rental $2700

Net Monthly Rental Average $1200

Down payment would come from 401k and Tax return and another 5k I'd have to pull out of a hat. 

I have two other properties in the same area that do very well. 

My concern is I just got one a month ago for much less down payment and much bigger house. (different type of loan. this one has breathtaking view). 

Just looking for some guidance on this one! thanks!!! 

UPDATE!!!!! 

Called the county to get more info on the neighbors deeds. 

$1.03 later i found out there were restrictive covenants put in effect in 1995. 

County says without an HOA I'd need a lawyer and take him to court.

So is this stuff worthless without an HOA?

1. No Mobile Homes

2. No Junk Yard, Junk Buildings, or Junk Cars permitted within described property

3. Minimum of 1000 sq feet of heated floor space

4. There is a $100 per year road maintenance ffee if land is vacant and/or $100 per year per dwelling. Fees are subject to adjustment as needed until County accepts roads for maintenance. 

5. in perilous circumstances road clearing and repair will be divided equally among all property owners

6. No discharging of firearms allowed (neighbor shoots his gun off back porch) 

7 .Any property subdivided must be mapped by a soil scientist and approved by the local government entity responsible for issuing septic permits. 

TO HAVE AND TO HOLD the said premises to the said Second Party their heirs and assigns, forever.