All Forum Posts by: Shelby McKean

Thank you for taking the time to reply. I think that your assessment is very helpful and it is true that I am trying to offset costs and cut my commute.

I have also had reservations about a flip/brrr because of the difficulty of finding a builder for my team. I may be a bit gun-shy because of the extensive renovations we have done to a primary residence that spanned three contractors and six years. I just got the railings on a deck that was built over a year ago so…I wonder about how over-subscribed the builders in my area are.

Your explanation about the possible reasons why someone might and might-not want to buy something already at its highest value is exactly what I was asking for and will help me to think about what my final goals are and will develop into.

Shelby

 Yes!  This is sort of what I was also thinking.  Now-someone above pointed out that there are two different terms…rent-ready and turnkey and I think what I meant was rent-ready.  For me it is partially a timing question as well.  There are some nice small things on the market that have already been re-habbed and it seems like I could pay that premium for things I lack at this moment and still move forward to build confidence in properties where I need to develop the team for adding value to my next properties.

Also, I think Memphis is a cool spot-hope that works out really well for you.

Thanks for the reply-I didn't realize that those terms had different definitions and that is very helpful. I also appreciate you pointing out the turn around each week on two properties would be difficult. It's something to consider and think of in terms of management. The STR in my primary residence is actually an apartment that I don't live in and I have a cleaning staff for that house anyway. I am also not commuting to a job so while my son is in school during the day I would be cleaning and turning over the apartment for STR.

At any rate, it will partly depend on whether the STR regulations in that area would even allow for this arrangement in an apartment or condo, but I just cannot quite see, at least for this potential property, adding a flip or rehab project to the mix. Maybe, if I locate a small house, though.

Thank you for taking the time to reply. I think that your assessment is very helpful and it is true that I am trying to offset costs and cut my commute.

I have also had reservations about a flip/brrr because of the difficulty of finding a builder for my team.  I may be a bit gun-shy because of the extensive renovations we have done to a primary residence that spanned three contractors and six years.  I just got the railings on a deck that was built over a year ago so…I wonder about how over-subscribed the builders in my area are.

Your explanation about the possible reasons why someone might and might-not want to buy something already at its highest value is exactly what I was asking for and will help me to think about what my final goals are and will develop into.

Shelby

I am new to RE investing and I am learning right now before I make my first moves.  Many of the BP podcasts are from a pretty young perspective, both in terms of flexibility and maybe even priorities.  I would love to meet some new members, young or no, whose goals might include a solid cash flow and providing good value to renters who are exploited or poorly treated by unresponsive landlords or large corporate operations.  I want a good business that also solves some housing shortage issues.

My husband and I live in two different cities with 2 houses.  One has a low interest rate loan and the other does not.  If I am starting out as a real estate investor interested in being a rental landlord (still working out the main type of rental I want to work with), can I refinance the house with a higher rate and make it a rental to my husband as my first rental?  Also, what situation is the best thing for our taxes?  We file jointly, but I want the investing to be my business in my name.

I don’t hear much about turnkey properties on the BP podcasts.  Is there a strategy for buying something that someone else has already improved or is inexpensive (or off-market) and starting to do a short-term rental right away?    I realize that turnkey properties mean you can’t improve equity so a re-assessment would not add lending dollars, but is there a scenario where the numbers work?  Break-even cash flow?

I am thinking of using an apartment or condo to eliminate my commute four days per week and making it available on weekends for STR. My primary residence also has an apartment I am preparing as an STR.