All Forum Posts by: Michael Baum

Hey @Kwanza P., so this is a tough question as you can see. It is going to depend on where you are located and what what kind of issue needs to be resolved.

I will say that you can reduce the repair numbers by keeping up on maintenance. Get a service contract for the hard systems like furnace, A/C, water heater etc. We have ours serviced 2x a year and it costs about $200 a year. Cheap to keep anything from happening.

Hey @Levi Perl, it sounds like you will be swimming upstream while being slapped by salmon and getting hit with paddles from rafters.

This seems like a way to lose some cash and cause yourself a lot of problems.

Why not look elsewhere?

Hey @Kwanza P., I pay my folks per job when it is completed. I use Zelle for my cleaner and whatever my handyperson asks for. No salary.

If you are looking for cleaners, try Turno. You should get a bunch of bids on it. You can try Facebook groups for handypeople. Maybe try Taskrabbit as well.

Hey @Jules Aton, I am not in the Ring camp.

I would do a solar powered external camera like the Euyfee stuff that is at Costco.

Quote from @Justin Melton:

Can second home be dscr? I assume not….

No, a DSCR loan is a commercial/investor product. If you have numbers like you stated, you should easily be able to get a DSCR loan on that small of an amount based on that return.

Quote from @John Underwood:

Quote from @Michael Baum:

Quote from @Jason Wray:

The 5% Down is a Second Home/Vacation home loan which is great to buy as a vacation home and still rent it out to help cover the mortgage. You can always transition this into a full time investment in 6-12 months if the equity is atleast 90% LTV. This loan is for Single family homes, condo's or Townhomes. No prepayment penalty so its a bit easier to transition.

Right, I get that but I have never seen a lender do a 5% down 2nd home loan. Is this something you offer? What are the details? Points? Interest rates?

I have seen 10% down but never 5% unless it was FHA but that isn't for 2nd homes.

 I'm skeptical that this exists also.

@Jason Wray PM'd me and told me he has several programs with different things in mind. 7.75% on the 5% down (plus a point) with no pre-payment penalty.

Worth giving him a call to run it down. 

Quote from @Jason Wray:

The 5% Down is a Second Home/Vacation home loan which is great to buy as a vacation home and still rent it out to help cover the mortgage. You can always transition this into a full time investment in 6-12 months if the equity is atleast 90% LTV. This loan is for Single family homes, condo's or Townhomes. No prepayment penalty so its a bit easier to transition.

Right, I get that but I have never seen a lender do a 5% down 2nd home loan. Is this something you offer? What are the details? Points? Interest rates?

I have seen 10% down but never 5% unless it was FHA but that isn't for 2nd homes.

Hey @William Blaker, you should have a cleaner already by the time you close on your STR. That is your most important person. If the house is in good shape then handyperson is next up.

Photos should be done when the entire place is setup, not before.

Do you have the place yet? Where are you looking? Do you have a budget for setup?

There is a ton of things to get rolling on now. Do you have space to store items you find on sale that you can use in the house?

Lot's to do. 

Hey @Paul Stewart, so from what I understand, Marriott Bonvoy has very strict guidelines to be listed on their site along with a lot of their controls.

Were you fully accepted and ready to list regardless of Hospitable integration?

Quote from @Robin Cornacchio:

@Michael Baum I wouldn’t mind doing it if I was going to be living in the state. 

I manage our lakehouse from 370 miles away. It is very doable, especially in a metro like Atlanta. Lots of supporting businesses like cleaners and handy people to help maintain it. 

Once you have your supporting staff setup, it isn't that hard.