All Forum Posts by: Tom Fisher

Hi Margaret,  we have a couple 5 BR STRs in the Charlottesville area.   We are finding that there is now a flood of Air BnBs coming online in Ch-ville / Crozet.   Be sure you double check your projections 

Our strategy has been to consolidate all our rentals (6 units) into a multiple member LLC. We will take the financial performance there to approach a commercial lender for our next acquisition or project. The downside of the multiple member is the additional tax return. The upside is reduced audit risk.

Great location.  A BnB in Charlottesville will require a resident to have the house as a primary and only rent it out for 180 days / year or less.

👍💪

Hi Blaze, I've seen the wholesale listing. It's a killer deal. Get it, hack it from the lower level and STR the upstairs. You can get into it with hard money ( I can suggest a regional lender if interested) and about $25K down. Then once you can quantify the income, go to a non-conventional brokerage ( such as David Greene's TheOneBrokerage) and get it financed as a business /STR to pay off the hard loan. If your regular W2 income can qualify you for financing and use as a straight rental, then, of course use that.

Call David Greene’s brokerage. He has smart people there who may help. Typical brokers go by preset formulas set by major lenders. Find the outfits that deal with our ilk.

Many communities have a small appliance company that buys scratch and dents from major regional distributors, wholesalers or manufacturers.   They operate out of storage units or cheap warehouse space.   Their inventory won’t include matching units but it’s new and they sell at a discount. The one in my area backs up their sales with a guarantee if something is internally damaged.     Find that outfit in your area.   Craig’s LIst, FB Marketplace or a Google search will help you find one.  Avoid the temptation to buy used equipment however shiny.  We avoid Samsung and LG as we’ve found their replacement parts are pricey.   Also,  if you have an appliance repair guy who is your go-to,  consult with him/her/them.

They will order an appraisal to determine the value of the property. Your HELOC will be determined based on what you owe and a percentage of your equity. Don't sweat the details, just tell them you have better rate from Truist, but you prefer to do it with them and see what they say. Keep us posted!

They will order an appraisal to determine the value of the property. Your HELOC will be determined based on what you owe and a percentage of your equity. Don't sweat the details, just tell them you have better rate from Truist, but you prefer to do it with them and see what they say. Keep us posted!

We're long time UVA CU customers and love its regional/local base. I agree with Scott Meyers, too.