All Forum Posts by: Nathan Toothaker

I am in a related situation right now as a host. 

I use a channel manager to sync my calendar between AirBNB and VRBO and also to control the pricing on each site. On the channel manager I blocked all dates starting December, 1 2022. I intend to make December available, but for a variety of reasons, I have not been ready to open my calendar that far out.

The dates got blocked on Airbnb but for some apparent technical reason, the nights did not get blocked in VRBO, but without the import from my dynamic pricing, the platform just defaulted to my minimum nightly rate. 

Someone booked this morning for December 27-31 for $125/night when the market value rate is around $450. I messaged them within 45 minutes and explained that the dates should not have even been available but we would allow those dates for them but that the rates would need to be adjusted. I apologized multiple times for the mix up. I haven't heard back form the guest yet 12 hours later.

My best case scenario is that the guest is understanding and is willing to cancel on their end but if they are not, I do plan to cancel on my end. If I end up having to cancel, I will plead my case to VRBO that it was a legit reason, but I also would be willing to deal with the penalty if need be since almost all of my bookings come from AirBNB.

Thoughts? Advice?

@Mitch Davidson @Becky Brown I would be down for coffee on the 7th.

@Jordan Lockaby just helped my wife and I close on our first STR in the Wolf Laurel community in Mars Hill last month. I'd be happy to share my experience so far whether it's in person or on here.

@Jordan Lockaby such good questions. Thank you! I do plan to BURRR. I don't have a specific property at the moment. I am going to pursue the higher amount and also going to take this opportunity to talk with some other banks/credit unions about potential 100% LTV HELOCs. One nice thing is that I have until August 18 before the 62k option expires. So if something comes up I can close in that within a day or so.

I am starting out in REI and part of my plan to get started is to use a HELOC on my personal property. When I first applied I estimated my home value at 390k which would give me a line of credit of 62k at an 80% loan to value ratio. (390k x 0.8 - mortgage balance)

The appraisal came back at 420k which great news however when I requested that the limit be moved up to 80% LTV of the appraisal amount (86k) I was told that the loan commitment had already expired so in order to get up to 86k it would need to be a new application and also I would not get the promotional interest rate of 1.99% for the first year. I have the green light to close on the 62k if I choose.

I have been working on the HELOC for almost 2 months now and am really itching to get my first property. The 62k is enough me to get started and would cover a down payment and some light-medium rehab but now that I know there is addition equity possible I would like to have access to it.

Should I reapply for the maximum amount and delay things another few weeks or just move forward and be happy that I am getting the amount I originally hoped for?

Many thanks in advance!

Thanks Derek! I knew about the one last night just couldn't pull it off. I will be there next Wednesday Morning!

Hi All, Is there a morning meetup planned for this month?

Thanks!

Hey @David Wren

I live in Black Mountain and love it. Good luck with your move and once you’re up here let me know if you want to grab coffee or a drink.

Have you done any house hacks or other REI before or looking to get into it?