All Forum Posts by: Nina M.

Nice! A great buy!! Do you mind sharing a bit more about "renting it on Airbnb"? We are thinking of buying a STR in FL... Just started doing some research... Thanks in advance!

Quote from @Brad Hassett:

Hey guys!  Question for you all:  What do you think is the best way to use a home's equity to buy another rental property.  The three that I know of are: 

1. HELOC
2. Home equity loan
3. Cash out refinance

Which one do you think is the best and why?  Have you heard any podcast episodes that go over this?

Thanks!

I used my HELOC once to make a cash offer for a rental home. The offer was accepted. After it was closed, I did a cash-out refi for this new rental right away to lock down 30 years fixed rate. I paid back my HELOC. My husband doesn't like to borrow too much, otherwise, I would buy another rental with the cash. Oh well.

Quote from @Paul Germano:

Greetings,

I currently use Anderson Business Advisors as a one stop legal, tax, and accounting firm and am looking to transition away from them.  

I'm looking for recommendations for replacements for each function.   Ideally I'd like a single shop but am open to splitting the functions up if there are strong enough reasons to do so.  I would just like to reduce the number of organizations I have to interact with and the number of surfaces where critical information or knowledge needs to be exchanged.   

Obviously any and all firms would need to be real estate investment focused or have significant subject matter expertise in real estate business.

Thanks in advance, 

--Paulie

Hi Paulie, May I ask what makes you think of moving away from Anderson? I've been with Anderson for more than 5 years. I was trying to find one locally, but no luck yet. Currently, they handle all my tax returns and set up entities. Not cheap, the price goes up every year, and definitely, there are areas to improve. 

Quote from @Scooter Williams:

I’ve invest in Columbia and self manage all properties for many reasons you’ve stated. 

i’ve met with many different property management companies in the area once I close on a property and pick up the keys. Out of all of them the Sheldon group seem to be the most professional and reputable from my point of view. They are definitely worth a chat I would say that much!

Great post by the way, very insightful !

Thanks Scott! Glad you self manage all your properties! May I ask how many hours per week you spend managing them? Thanks for the recommendation. Do you mean the Shandon group? I will give them a call next week. 

Quote from @James Tasso:

Great post! Thank you for the honesty!

 Thank you! Happy Investing! 

Quote from @Will Gaston:

@Nina M.Where is the property located and how much is the rent? That'll help me point you in the right direction.

 Hi Will, I only have one rental in Columbia SC (Zip 29210), Rent is $1200. It's currently managed by a national chain company, but, I don't think they have good local contacts. Appreciate it if you have any local PM to recommend. I am trying to DM you, for some reason, I couldn't find this feature anymore. Thanks and enjoy the weekend!

This is the first time I log back in after years! OMG, I just saw my posting from 3 years ago! Oh well, since I am here, why not update everyone. :) I still own these two rentals. The SC rental is doing well. I got close to 9K after all the expenses last year. The MO rental is not doing very well. My first tenant moved out before COVID without paying me for more than 3 months. My second tenant is now paying $900 per month on time. But, last year, I replaced the entire roof, and I spent tons to fix various issues. I am still in the red. Because my current tenant pays on time, I may wait a bit to see if I will sell next year when he will not renew!

Oh, can anyone recommend a good PM in Columbia, SC, please? Thank you so much!

@Account Closed the home was rented out on May 1st, section 8, $825. My PM is not so responsive. I do get direct deposit each month of different amount. I emailed and called my PM because I couldn’t figure out how it’s calculated, but so far, no reply. From the portal, I do see the repair cost every month, from AC leaking, grass cutting to who knows what. 

I do feel RoofStock neighborhood ratings are not accurate. This home is 2.5 star, looking around and by calling some local businesses, I think it’s maybe 1 star. Again, I still like RoofStock. But I’m too busy recently to see if any deals there. 

@Collin Corrington When you mention "crime is a bit high", do you mean the serious ones? Good to know the gentrification, however, I won't bet on it. Do you have good property managers to recommend? 

@Rick Pozos I won't be able to drive around the neighborhood any time soon. I do plan to visit in the future. I appreciate any review, mixed or not. It will help me to make the decision. Will DM you. 

Thank you both so much!

Hi everyone,

We are looking to buy a rental home in San Antonio. A bit nervous, not sure if we are buying at the top. Anyway, trying to learn more about San Antonio.

How's the area in the map below in terms of vacancy rate, crime rate etc? Seems a B- or C neighborhood with decent rental price. Is a single family home easier to rent or a multi-family one?

Thanks a lot for your help