All Forum Posts by: Tina Tsysh

Tina Tsysh has started 12 posts and replied 210 times.

Hi, I’m looking for a lender who does HELOCs / HELOANs in Tennessee. Any referrals are welcomed!

3 Votes

I’m looking for an attorney who can help with a partnership agreement. Any leads or referrals are appreciated (:

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Happy holidays and thank you for taking the time to answer my post. To my current landlords who are doing MTRs: what type of returns are you looking for? I.e. do you have a target dollar amount in cash flow that you want to see per each dollar spent? In my case, I am looking at doing rental arbitrage, so monthly expenses are rent, utilities, and other misc stuff. Do you have a maximum number of months to break-even? Any cash-on-cash or ROI targets? Any insights are appreciated!

0 Votes

Quote from @Michael Wallimann:

This response won't be too in depth or technical but I had always heard to get everything in writing as well, but failed to heed the warning on my first deal. Without going into too much detail on how the deal was structured I'll just say that I put up all the money and a close family member put title in their name so that it could be bought with a lower percentage down payment. This was going to be a 50/50 split. Nothing was in writing because I trusted this person wholeheartedly. In the end that came back to bite me. They kept the property (which is 3,000 miles away from me) and never gave me any of the rental income or the money that I provided for the down payment. They simply just stopped returning my calls,texts and emails. Long story short I recommend getting an attorney to draw everything up. All plans, splits, arraignments, everything. No matter who it is just tell them it's nothing personal, it's only business. Best of luck to you @Tina Tsysh!!

Sorry to hear that and thank you for sharing Michael. Have you done any deals since that which involved other partners?

1 Vote

Quote from @Tyler Fontaine:

I agree, I think it would be necessary to have that document drafted.

You should just connect with your local RE attorney that you use or can get a referral from through your network and see if they have one that they can provide you with one.

Thank you for your response Tyler. I am hesitant to reach out to just any local RE attorney, because there are so many niches in RE and i was hoping to get a recommendation for someone who has dealt specifically with Partnership Agreements. I will keep looking!

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Hey BP Community. For those who operate STR / MTR, do you have any additional damage insurance outside of what's offered through Airbnb? If yes, what provider do you use? Any insights are appreciated (:

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Hey BP Community and Happy Holidays! For those who have had experience with partnerships, do you have any attorney recommendations? I always hear that it's necessary to get everything in writing. Any tips / suggestions are welcomed!

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Quote from @Andrew Steffens:

Hi!

I would look into the differences between co-hosting and also consider full service Property Management. Likely a small to medium professionally property management can make you more gross income than self managing which offsets their fee, and most companies take care of everything leaving you free to pursue your job and/or more properties.

Hi Andrew,

Thank you for your advice. Curious to see if you have tried or heard of any particular full service PM companies. Let me know!

0 Votes

Hi everyone,

I'm very interested in getting into STR but I work a full-time job which I enjoy and don't want to quit. I read online that you can find co-hosting partners where you can provide the capital and they can provide the management. Anybody looking for investors or has anyone ever done that? What has been your experience like?

1 Vote

Your friend should talk to a local credit union. They typically have better terms and are easier to work with than larger banks.

1 Vote

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All Forum Posts by: Tina Tsysh

Tina Tsysh has started 12 posts and replied 210 times.

Post: Any HELOCs / HELOANs lenders in Tennessee

Post: Looking for an attorney to help with partnership

Post: Target returns for a MTR

Post: Lawyer for Partnerships

Post: Lawyer for Partnerships

Post: Additional Damage Insurance for STR / MTR

Post: Lawyer for Partnerships

Post: Looking for a co-host to get into STR

Post: Looking for a co-host to get into STR

Post: How do someone get into lending with excellent credit?