All Forum Posts by: Michael A.

This is a really inspiring deal to see. @Brett Alphin I really appreciate the detailed breakdown - it gives someone like me who is currently still saving for their next deal some encouragement that it can be done. I'm from Richmond, VA originally, but am living in New York currently, so I've felt limited to browsing Zillow, etc. to see what the lay of the land is. Again, very inspiring and tasteful work here. I hope you'd be receptive to me reaching out for some guidance down the road. Best wishes from New York!

@Nicole B. @Laura Tokgozoglu Are your condos and prospective condos seasonal rentals (ski, beach, etc.) or yea-long leases?

Any lenders willing to discuss through PM their perspective on my ability to refinance an existing ARM into a 30yr fixed? Can provide specifics. Any direction in general is also appreciated!

@Alison Kothmann Congrats on your first place! Our first place was also something we thought would be a seasonal rental. We did that for the first year with moderate to high success based on what we hoped to accomplish and then later marketed it as a year-round rental, almost like "vacation home on retainer." It's been great so far.

I'd love to know more about your goals. Were you hoping to rent for a season to cover your costs and then close up for the rest of the year for instance?

Has anyone had success buying holding and renting out seasonal condos? What have been your major challenges and/or successes?

Chris May Congratulations! This is so inspiring. Will absolutely keep in mind the potential benefit of not committing as the fallback buyer! Great experience gained there for you in sure. I would benefit immensely from learning more about your spreadsheet. This is a hot topic for me right now! All the best in 2017!

@Adam Fout Well this is great to know! I've noticed that, when scanning, if a property can easily command 1% of the purchase price in rent per month then it might work. I have expenses being about 50% of monthly cost while mortgage is the other 50%. 

Glad you backed out of a deal that would have been a bust! Happy hunting, and happy new year. 

@Nicole B. Is your insurance and tax amount in the spreadsheet based on the assessed value or the price you'd get the property for?

Hope this works out for you. I've tried to run numbers a few times on condos in Richmond, VA. The HOA fees typically eliminate any monthly return. For reference a $155,000 2 bed/ 2 bath required $240 in condo fees each month.

meet savings goal!

HNY to all!

I was recently quoted 5% on a 30yr commercial loan by a national lender for a SFH just under the loan amount I qualified for. Was very upfront that it would be an investment rental. I had been assuming closer to 7% when analyzing potential buys before bothering to call and get an actual quote. Does this rate surprise anyone?

Anyone willing to share the rates that they're currently carrying on rental properties they've financed? It would be very helpful by comparison - sorry if this is a tacky question to put on the forums. Appreciate your feedback as always.