All Forum Posts by: Mike Eichler

First off great job getting thus far in acquiring 17 units. I would definitely try the cash for keys method, even if it's much more than you'd want because it's better to get a new tenant in there that will be paying. Whatever happens, I hope you the best of luck!

-Live Free, 

Mike 

Hey, @Staci Russell Welcome to the Bigger pockets family.

I would check with your local HOA/ Township rules for this scenario, you should be good to do whatever. I would talk to the tenants and see if they want to keep extending their lease, and you could get a "long term" lease with them, not much of a difference between short or long term but it will depend on where you are located and the local rules.

Hope this helps, let me know if you have any more questions.

Live Free, 

Mike  

Yeah, just like @Lyndsay Zwirlein said if you have US credit you definitely have options, I would suggest talking to multiple lenders to ensure ou get the best bang for your buck. If you do not have US credit I second the DSCR route, not a bad option you can still make profit for sure just have to find the right deal.

Hope this helps, let me know if you have any other questions

Live Free, 

Mike 

I work closely with a STR furnishing company that can go anywhere and do the entire project start to finish for you I'll PM you

For me personally, as long as it isn't a major issue and still would make a deal work if you ave to come out of pocket to fix it, which usually you can negotiate the price down to be able to fix the issues, then I would still move forward with the house, really just depends on yu and how much work you'd want to put into it to get it ready.

Hope this helps, let me know if you have any more questions.

Live Free, 

Mike 

Getting a lake house would be an amazing play for you, It is definitely going to come at a premium, but I'm sure you are already aware of this. 

As far as extra things you would need to look out for would be things like the water level in relation to your house/ yard and things in your yard, wouldn't want your things being swept away in a storm.

You need to watch out for dock/ boat or kayak maintenance as well as make sure you have enough life vests for any and all guests.

Some people in the comments are saying tree maintenance and things like that, sure but I wouldn't expect any extra here than any other place you'd get.

Hope this helps, 

All the best, 

Mike
 

Yes, Airdna is just a computer algorithm, I would definitely start with smaller areas and do some research yourself, doing the work yourself will always pay off better anyway and be much much more accurate and trustworthy.

Hope this helps, let me know if you have nay mire questions,

Live Free, 

Mike

Its always best to call the Zoning office/ Township and they should be able to give you a solid answer.

Hope this helps, let me know if you have any other questions, 

Best, 

Mike 

There is definitely going to be a big market for Medium-term rentals, especially in places like Philadelphia as regulations are going into effect which will remove 80-85% of all STR properties. These regulations go into effect in January and the demand for STR will not go down, but the supply will shoot down dramatically, will definitely be interesting, to say the least.

Very interesting take on it, as long as you have a system that is in place and it works you should be good.