All Forum Posts by: Syreeta McDonald
Syreeta McDonald has started 7 posts and replied 12 times.
Post: Short Term Rental in Poconos Still Profitable in 2023

- Posts 12
- Votes 5
Quote from @Scott K.:
I never understood this idea of 'I want an str so I can have a vacation home a few times a year'. You're just taking money away from your business when you use it personally, and in that case, you may as well not own it, and rent someone else's because 1. Cost is the same to you and 2. You get to choose a new place each time and 3. You don't have to block off dates well in advance, you can book whenever you like.
As far as the Poconos go, I'm making great money but I only have the best houses. If you're going run of the mill with a 1400 mortgage on a 2 or 3 bedroom, you'll find extreme competition and most likely won't get booked. Most people in the Poconos are struggling to rent nowadays unless they're one of the best.
Let me just say your tender and tone in this forum response is unptofessional.
Post: Short Term Rental in Poconos Still Profitable in 2023

- Posts 12
- Votes 5
Hello. I live fairly close to the Poconos. I would like to purchase a STR that I can also enjoy as a vacation home. I would be satisfied with just making enough to cover expenses because I need a place to get away from the city. My mortgage would be about 15,000 a year. Then there is a course money that is needed to pay cleaners and for repairs. Is this still a profitable area to invest in? Thank you.
Post: Tiny House Short Term Rental

- Posts 12
- Votes 5
Does anyone know of any counties or PA Pocono Communities that allow tiny homes or small cabins to be built? I noticed that most communities that allow STR require a minimum square footage of 900 or 1200 square feet. I wanted to build something between 400-500 square feet. Thanks.
Post: Is there anyway to decrease transfer taxes

- Posts 12
- Votes 5
I own the property free and clear. It's a rental property in an LLC. I was doing a cash-out refinance. I originally wanted to go for the DSCR loan, but the broker switched to a conventional loan because the DSCR rates were high and now the underwriter will not close the loan.
Post: Is there anyway to decrease transfer taxes

- Posts 12
- Votes 5
Hi. Unfortunately, 9 days before closing my lender tells me that I cannot close a conventional loan in an LLC. To transfer the house back in my name in 7k. Is there anything I can do to decrease this amount? Of course the conventional loan rate is much more feasible than the DSCR loan. Thank you.
Post: [Calc Review] Help me analyze this deal

- Posts 12
- Votes 5
Quote from @Syreeta McDonald:
*This link comes directly from our calculators, based on information input by the member who posted.
Hello,
This is my first time using the calculators and I am not sure how to interpret the results. I am attempting to BRRR a property. From the looks of things, it seems that this is not a good deal. Any thoughts on the analysis? Thanks.
Got it! Thank you!
Post: [Calc Review] Help me analyze this deal

- Posts 12
- Votes 5
*This link comes directly from our calculators, based on information input by the member who posted.
Hello,
This is my first time using the calculators and I am not sure how to interpret the results. I am attempting to BRRR a property. From the looks of things, it seems that this is not a good deal. Any thoughts on the analysis? Thanks.
Post: New Investor: Advice on How to Build Portfolio with DSCR Loans

- Posts 12
- Votes 5
Hi. I am pulling out 140,000 on a property owned free and clear as a CASH REFI. I am trying to qualify with a Conventional loan, but if not I am going with a DSCR loan. My question is, once I receive the 140,000; would I be able to use this money as a down payment to purchase three other properties, using additional DSCR Loans, if I can show that the potential rents from each individual new house will cover the mortgage payment for each home? Thank you.
Post: Pay off bad credit card debt before applying for a CASH REFI on a Rental?

- Posts 12
- Votes 5
Hello Friends,
I own a rental property free and clear worth about 270,000. I would like to do a cash refi to purchase more real estate. FICO score is in the high 600's. I have a credit card company offering me 50% off on debt that is still on my report (50% off of 26,000).
Should I save up the 13,000 and settle the debt first before applying for the CASH Refi to get a better rate (would take me 3-4 months), or should I just apply for the REFI now and then pay off the debt. I am anxious to buy more properties because I need time to set these up so that I can start making money. Would paying this debt off first make much difference? Thanks!
Post: CASH-OUT REFI ON RENTAL PROPERTY WITH NO MORTGAGE

- Posts 12
- Votes 5
Very helpful. I owned the property for 5 years and it appraised at $260,000. The property is in an LLC. The monthly rent will be $1350. I am looking for two other properties between $150,000-200,000. Will then rent out through Section 8 which offers higher rents.