All Forum Posts by: Tammi Bieniek

Thanks for the info Dan!  I didn’t know that!  

Thank you! I was worried I would have to do a 6 month seasoning on a cash buy. Turning all my units into STR and furnished monthly is a pivot for me since I have only done LTR. The cash out is 75% LTV at 4.875 30 year fixed with the option to buy the rate down.

Hello! I am closing on Tuesday on a triplex that I'm buying for 100k. I plan on making the 2 bottom units STR nursing professional furnished and the top unit a Airbnb.

Seller is giving 5k back for closing costs. I originally was going to get a hard money loan with renovation expenses of 30k. ARV is around 175-185. All in 125k

I have a 4 plex that I own free and clear and the lender said it would be easier just to do a cash out refinance on that and buy the triplex with cash. I agreed because I just did a cash out refinance with my other 4 plex

But now I’m thinking that maybe I shouldn’t do the cash out refinance on the second one.

I want to convert both 4 plex to STR for traveling nurses and I need to make updates to do that. I also bought a small cabin for 50k cash that I want to make into a Airbnb. It needs about 25k of rehab. ARV on that is about 99k very conservatively.

My question is can I do an immediate cash out refinance on the triplex to get my cash out so I can do the upgrades I want to do? Or any other creative ideas? Thanks!!!

I have one of those under contract also.  A big house the previous owner divided into 3 separate apps.  I plan on airbnb the top floor, right now the entrance to upstairs is inside the house down a long hallway, so I'm going to have steps and a small deck so guests can access from outside.  The electric is already separated into 3 meters plus a extra meter just for the water heaters that I will pay, of course I will pay the airbnb one as well.  If the area supports it, I will also airbnb the 2 downstairs units.  For now they are both going to be long term.  My place is zoned commercial and I wish it had RV spots, garages and a way to the ocean.  Your place sounds great!  

I bought 2 4-plex a few years ago. They have been LTR. gross $2900 each per month, current appraisal is $220. I had pretty bad PM, I finally was able to get a good PM, this year. Now I have caught the STR bug. They are directly across the street from a major hospital, so I was thinking of turning them into m2m for traveling nurses or families of patients. In order to do that I would need to put mini-splits in each unit, currently have window ac, get new windows, new roofs (already ordered) update kitchen, bathrooms, furnish the units, and will have to do 1 by 1 because I need to wait until the tenants move out, etc. Basically, lots of noise for the next year. I don't think the nurses would appreciate that. My PM already said they will not do m2m, so I'm looking at self managing, but I'm also almost 4 hours away. Plus, that's a lot of cash to make them pretty. Not a vacation area, so I don't even know if there would be a demand for that kind of housing.

OR

Should I just sell them and use the cash to put a down payment on a nice turnkey vacation home that is already a STR?

Any advise is appreciated!  

Thanks!!!

I’m specially looking for a property management company in Oak Ridge TN. My current one is in Knoxville they are currently overextended and a bit too far away from my properties. Thanks!

@Sean Martin

They said the appraisal commitment fee is $950, but I actually paid $775.

Hello, Just wanted to post an update. I was able to use Lending Deck to close my cash out refinance. It went very well. I recommend Mark Hudson and his company if you ever need a lending Co. I did have to put my property in a LLC, but overall a very smooth transaction and I hope to work with him in the future if I can find any other properties in this super crazy market!

Hello, I just went through one of my units with a new PM and they had rats as pets too.  I was pretty shocked.  I do allow small dogs under 25# with extra deposit, but my lease doesn't say anything about rats.  Well, the rats were very taken care of and the unit was spotless.

So I say go with the rats.  Lol.. if it was tarantulas, I would probably have to evict because I am terrified of spiders.  

Good luck!

Hello, in 2017 I sold my small farm to travel the country in a RV for a few years.  With the farm money I bought 2 quads in TN for 125K each in TN.  Now I'm back and am doing hard money 5% 30 year fixed cash - out refinance on one of the quads for $105 or more since the appraisal came back higher than I originally thought. The appraisal came back at 210K each.   Due to a crappy PM the past few years I need to put in 10-15K each for repairs etc, and up the rents to market value.  The reason I wanted to get a loan.

I found a duplex that I would like to house hack. Asking is 95K. It just came back on the market after pending, because the buyers had a contingent on the inspection. So they backed out. I'm trying to find out what the report said. So, I would like to buy this, and turn the upstairs into a STR, the area does support this, its very touristy and I researched Airbnb, etc. On Deal Check very conservatively, I can expect to clear around $375 a month, after mortgage, expenses, etc.

So my question is how to buy this?  Do I get max cash out with my hard money loan to buy this cash?  I don't know what the repairs are yet. I will explore seller financing also.  It looks like I have a bit of leverage since it just fell out of contract.

Do I try to get a regular bank loan?  Ive always been self employed, so I don't make anything on my tax returns.  In fact I'm still negative from carry over from 2009, real estate crash, I think that drops this year.  

Please help and Thanks!!!