All Forum Posts by: Rebecca Cramer

Hi! Im interested in getting a vacation rental in Deep Creek Lake and wondered if anyone here has properties there and could tell me how they do through out the year? Do you get week long rentals or just weekends? How is off season? How booked are you in high season and low season? We would rent it out through airbnb. Any ideas how we can do in this area would be helpful! Thanks!!

Rebecca

I am a real-estate investor that is looking at my second deal. I buy a fixer uppers, renovate and then rent out on airbnb. We had a ton of expenses for our first reno. We are looking at doing our next deal and we will prob start an LLC this time since we are doing it with my parents. I want to get a business credit card for all the big and little expenses. What is the best one? Of course I love to travel so would it be South West or is there another business credit card that is especially good as a real estate investor/fixer upper/vacation rental business? Id love to know why you use the card you use not just a list of the best cards. Thanks!!

 Is there a place to find these investor-friendly mortgage brokers?  A list according to state and friendliness would be great;) lol!

 You have no idea how helpful you have been! Thank you thank you thank you!!! So one last question. If we were to refinance once we have 20% equity in the house would we do a traditional mortgage or a real estate investors mortgage? The bank wouldn't let us do a traditional one now because it a duplex. I would assume that would stay true after trying to refinance after we have 20% equity?

 So where can I find these private lenders? Can you tell me the best ones to work with and their contact info. Thanks!

Hi everyone! I need help and FAST! We want to put an offer on a house tomorrow! You know how deal pop up and you got to act fast! So I'm trying to get qualified for a mortgage but the main source of income is our short term rental property that we have only had since March but we have made a lot of money on it..hence the $$ for another property! The 1st rental property was in my husbands name. This one we wanted to put in my name as a second home so we don't have to put 20% down and have a lower interest rate. The only thing is my regular job as a nurse I don't make enough to cover the cost of our primary residence mortgage and the second home mortage on paper. I can only do this because of the rental property. We are going 50/50 with my parents who also don't have a second home. What can I do? Put our primary residence in my husbands name? Any way around needing 2 years to use the income I have made through airbnb?

Hi everyone! We need direction with how to make this work! The issue are presented with right now is we are going in on a property 50/50 with my parents. We are splitting the down payment and mortgage. We were going to do it in my name since I don't have a second home in my name (our short term beach rental is in my husbands name) and my dad's name who also has no second home in his name. The problem is that our primary residence is in my name and I don't make enough working part time as a nurse to cover our primary residence mortgage and do a second home mortgage on paper. The majority of the money I am making now is with the rental (I manage it through airbnb and doing REALLY WELL) but they cant take the rental income as income until its been 2 years. I want to be able to write off the mortgage, insurance and property tax, can I do that by not being on the mortgage and just being on the title? Is it an option to transfer the title of our primary residence to my husbands name so they wont "count" that mortgage against me? We want to put an offer on the house we are interested in tomorrow or Thursday. Any help would be appreciated. Thanks!

Hi everyone! So,  I did so well with my first investment property (we bought low in Ocean City Maryland, put a lot of sweat equity into it, and rent it out on airbnb ) my parents want to partner with us to do a second investment property! Its really exciting because this enables us to get another water front property! So I'm sooooo new to all this. So our primary residence is under my name, our second home (Ocean City Beach House) is under my husband name. Both are traditional mortgages. For this new investment we are going in on it 50/50 with my parents. They have one mortgage with their primary residence. What are our options? What is best? Can we get a traditional mortgage between the four of us? DOes it have to be an investment loan (putting 20% down) because we may want to keep some of the money to put more into the renovations. We would like to do a traditional loan to get a better interest rate and have the option to put less than 20%. Should we find another mortgage company than who we had for our first two properties? Thanks for any help or direction!

 Hi Benjamin! The same way how? And you knocked on the door uninvited 3 times to ask him to if you could buy his house? What did you offer? Im a little confused what kind of deal is $500/month for $20 years. So did you buy it? Im very green on here and cant read the hidden details Im sure the rest of you can. Thanks for responding and giving your input Id just love more detail! Thanks Benjamin!