All Forum Posts by: Monica McCaskill

Thank you all so much for your advice! @Scott E. I am doing a short-term rental over the summer, with a projected income of $11k. I have long-term renters as of October with a monthly rent of $2000, with the renters covering expenses (trash, water, electric, etc.).

 @Tim Johnson I took your advice and took out a personal loan. @Blake Novotney I went with SECU, a great rate, much better than credit cards. Bonus I was able to get enough to bring the credit cards to $0 and finish up the repairs! 

I just inherited a property in Wilmington, NC which I would like to use as an investment property. The property does not have a mortgage. I need to make repairs to the home prior to renting it out (~$15,000). I am looking for lending options I can use to make all the repairs. I would like to use an option with lower interest than the credit cards I have used up to this point, and that I can pay off quickly using the rental income. Thanks! 

 Hi Sean, I am also looking to invest in the Topsail area. I would love your insight! 

Thank you so much for your responses! Great info to help me make an informed decision. 

I am new to real estate investing and I am reading "The Book on Rental Property Investing."  I am looking to find an investment property in my area, but the market in my area is very high at the moment. There are a few deals for beach front condos that need a little TLC. I am looking for advice on long term vs. short term rentals. To the people who have short term rentals: Is it typical to have cash flow each month from these properties, after the mortgage and expenses (including high HOAs due to beach front)? What vacancy rate do you use when evaluating these properties?