All Forum Posts by: Rhonda Greenhaw

Hello,

I'm looking for a mechanical contractor for a bed/bath addition in West Park (SW Hollywood), Florida. Any recommendations would be greatly appreciated!

Quote from @Anissa Olivares:

Quote from @Troy Albers:

If it’s for a property I’m looking to hold and rent out for a long time, I’ll generally pass on homes with pools. They tend to be a pain in the a$$.

 THIS!! I've heard this for multiple reasons especially if investors are buying to hold. 

Would you feel that way if it were a STR? I'm just meeting with pool contractors now! Yikes!

Quote from @Heather Hatcher:

When there's a beach in the basement..

In all seriousness, if the property is in a lava flow hazard zone or high risk flood zone, I will not put effort into looking at these properties. I know too many people affected by these zones and it's always so devastating. I don't want to put anyone in that situation if it's likely to happen.

I'm excited to see what others have on their 'no way list'.

 Whoa! That is super bizarre !!!

Hey everyone!

We are taking out a HELOC on our home, updating it and adding some great features, and putting it out there as a STR. We live on one of the only lakes in Broward County where you can have boats with motors, and we are adding a pool and spa, outdoor kitchen and patio with roof, as well as converting our carport and pantry/laundry room into a master suite. We are also doing a ton of landscaping and just really going all out to make it "Instagram-able"...we live in between Fort Lauderdale & Miami just west of 95. We are super close to the Hard Rock Casino, and the stadium where the Dolphins play is only a few miles away as well. But best of all - we are less than 5 miles to some of the best sand beaches in the world.

BUT...what happens if we go into a major recession??? This is our entire future we are putting on the line, so I'm super nervous. We have done some analysis on the place - there are a couple of comps on the lake and in our neighborhood that we can compare and I feel confident that we can get an excellent nightly rate and brisk business - we are going to buy a jet ski, bikes, kayaks and a pontoon that will be rentals - the entire place will be a laid back, party with style...BUT, if the economy crashes - I figure the worst that can happen is that we've upgraded our life.

Basically, the HELOC would add about $600 to our monthly bills - which is incredible - and since our house was almost paid off, I did the comps on ARV and I figure we will near double our home value - so for no cash out of pocket, the worst thing would be that we aded $600 to our monthly bills but nearly doubled our home value...So...even if the economy crashes - my partner and I both have day jobs...sooo, I think we should be pretty smooth sailing...

BUT...as I said - I am TOTALLY new to this and would love feedback, criticism, word of wisdom, or a pat on the back (hopefully...).

Thank you all!!!

Rhonda

Hello,

We are new investors getting ready to start a STR and need a referral for a great CPA partner/Tax Strategist with expertise in this area. We live in the Hollywood, Florida area (between Ft. Lauderdale and Miami). We really would like to meet with someone face to face in their office to go over things - we just would like to run our ideas by someone the old fashioned way - is that silly?

Thank you!

Hello everyone who has more experience than me (which is basically everyone),

I have a LOT questions about the path that we are starting down in REI and want ANY and ALL feedback on it, PLEASE!!! We are going to convert our home we are currently living in into a STR. We are right between Miami & Fort Lauderdale, 5 miles from the beach, 2 miles from Hard Rock Stadium where the Dolphins play and where the new F1 racing is, near casinos, and 15 mins. from the airport and cruise terminals. Our home is also on one of the few lakes in the area on which you can have a motorboat.

We have about 175,000 in equity that we can pull out with a HELOC. Our plan is to use the HELOC to convert our carport/pantry/laundry to a new master suite, do some landscaping, and then add a patio roof and a hot tub. We figure this will translate into a big increase in the value of our home turning it from a 2 bed/1 bath to a 3 bed/2 bath.

We then want to Refi and pull the money back out and purchase my sister-in-laws house - she just lost her husband and is older and cannot take care of it - we will move in with her and take care of her and then when she is ready help her get a condo. We will use the money from fixing up our house to fix up her house - it is in a great area but has many years of neglect. We are hoping to turn that into either a LTR or a business rental for traveling nurses or the like. Then BRRRR that and get a fourplex with an FHA loan.

Please give me any criticism or thoughts on this! This is my entire family's future and I am so scared of messing up!

Quote from @Daniel Hyman:

Look into any of the CPA's active on the forums. Most of us have extensive experience with STR's.

 Thanks Daniel! I used to live in Milwaukee! Nice to meet you!

Quote from @Greg M.:

Tell the tenant you are refinancing and an appraiser will be by. No one should be spooked by that. You will provide your tenant with the required advance entry notice, right?

Only suggestion would be to make it easy for the appraiser to walk through the place. Clean is good, but no need for it to be super tidy. Toys on the floor isn't going to devalue the place.

Every appraiser is different in what they look for. I did a refi and a HELOC on the same property at the same time. Stupidly, each required their own appraisal. First appraiser comes inside and asks what improvements have been done. Wants everything pointed out. Second appraiser does a walk around the outside property, looking in a few windows, and asks zero questions. The appraisals came in $400,000 apart. The one who asked zero questions and didn't come inside nailed the value.

Hi Greg,

I am new to REI. I notice in this response that you said that you were getting a HELOC and a refi on a property at the same time. I have never heard of that! Can you tell me about that so I can learn about your deal? 

Thank you!
Rhonda

Hello,

We are new to real estate investing and have some complex plans and we would like CPA/Tax Strategist recommendations with a firm that has expertise in real estate and short term rentals.

Thank you!!!

Rhonda

Outstanding! Congratulations on your success!