All Forum Posts by: Lyndsay Zwirlein

Same! We offer great wifi, smart TVs in all rooms and guests use their logins for streaming services. Have never had an issue!

You can use Pricelabs Market Dashboard to see what others are charging. From there you can narrow down nearby listings and see what competitors are actually charging. Also Awning and Rabbu have ADR estimators, similar to Airdna. 

Hey Danella! Would love to connect! From a lender/mortgage perspective, I've helped clients purchase STRs in most of these markets. Also I'll be living down in the Orlando area in Jan/Feb this year, so would love to connect if you're still looking! 

Since cash flow is your biggest priority, I would start by identifying markets with great cash flow (versus those that have an opportunity for appreciation, etc).

Also in terms of down payment, you can use a HELOC on your primary. It will be easier for you to get a HELOC on it now while it's owner occupied. Then you can use the cash flow from the rental to pay it down over time.

Another idea for the down payment would be a self directed IRA if you have one.

Good luck!!  

ROE. Return on Equity. Are you getting the best return on this property or could you sell and use a 1031x in a different market, utilize leverage and purchase other properties/units that will generate a better return on the $1.3mm?  I just listened to Kathy Fettke's audiobook "Retire Rich with Rentals" and she had an example with this exact situation. An individual inherited a property in Cali for $800k. It would generate something like $2500/mo in income. She realized she could sell the property, use a 1031x to avoid taxes and purchase something like 8 SFHs that were generating $1k each in income, so $8k total.

The lowest money down option is a vacation/second home loan which allows for a max LTV of 90%. You will be required to sign an occupancy affidavit at closing to verify. With the market tightening, it is my understanding fannie/freddie are checking on this more closely than ever.

I'll send you a PM!

What do you mean by smaller properties? And lax/no financials? Specifically what is the mortgage balance and do you have tax returns? Long term leases in place?

Agree with the above. You have more control with a SFH. Plus with a condo, in addition to the HOA risk you can also have assessments over time. My friend has is in the middle of a 2-3 year legal battle with their HOA over a construction issue. Due to the litigation, they haven't been able to sell for years. Plus the HOA is charging double to cove legal fees. Plus the might have to pay a $75k assessment if they lose the case. Condos can totally work out, but it's important to be aware of all of the risks.

Also start going to local REI meet ups! This is how I found my mentor. It allows you to get to know a ton of people and find those that have the strategies you want to learn about and a personality you resonate with.