All Forum Posts by: Shannon Allen

Have you tried looking for a wholesaler to purchase your property? They will often buy homes sight unseen without inspections and can close quickly. The difficulty of selling it as a FSBO or with an agent is the inspection and the potential lender repairs that you many not be able to avoid. I'm sure if you call a wholesaler you might just be able to make it happen. Good luck!

Sounds like a success!

I'm not sure what services they have in Virginia Beach, in Idaho we work with a company called Mountain West Bank. They will help take what is in your IRA and purchase realestate, its a great way to get into the market if you don't have a huge down payment and don't want to pay the current interest rates.

In our group we have seen a slight decline in STR due to gas prices. The most successful STR rentals are those that offer great amenities like a pool, hottub, games, and a nice outdoor patio space. Think of advertising as a stay-cation instead of a destination!

If the property is owner-occupied I usually recommend listing on Thursday and allowing "go and show" on Friday during work hours and then during the open house on Saturday and Sunday. This gives agents a chance to preview or show a client without having to coordinate showing times.  If the property is vacant I like to list on Wednesday and spend the next couple of days promoting the open houses for the weekend.

30 day stay, it sounds catchy!

Another question to consider. If you aren't buying a house are you renting? If you plan to rent then why not buy and put money back in your pocket! I would go for the house hack and rent a few rooms out that way in the end you have a place to live and your roommates are helping pay down the mortgage. I have worked with several investors who use their VA loan to purchase a multi-family units, live in them for the allotted time and then repeat! Good Luck to you.

My vote is for a average purchase price with a higher rate because if rates do change (lower) you can refinance and increase your month to month income.  If you buy high and already have a low interest rate there isn't really any room to gain more income on your investment property. To echo the previous comments if the numbers work then go for it, the perfect storm rarely comes along, i.e. low rates and low home prices and if you sit around and wait you may just miss out!

I would recommend an LLC, it gives you further protection from liability. There is a one time filing fee and a yearly on-line renewal. For information on where to file check out

https://sos.idaho.gov/business...

I second the above comments and would also recommend keeping an open line of communication with the upstairs tenant.  Let them know what steps are being taken so they don't feel ignored that way you won't risk having two vacancies if you have to evict the lower unit.