All Forum Posts by: Tommy Kerwick Jr.

Hey @Jeffery Wilen, I’m interested in the idea of affordable housing rentals as well. Read your interests in your profile. Are you looking to do that in MD? 

Thats great @Michael Baum, I like the idea of having a spot on a lake. I’m thinking of doing the same myself to add to my vacation rental portfolio. What are the prices like? Are you right on the lake? 

Thanks for the response Dillon. We’re pretty good with our finances, don’t have any CC debt, 1 car paid off and the other a lease. All of our debt currently sits in our new home, as well as taxes etc for the 2 rentals that we own outright. 

What benefits would there be to forming an LLC? I know a lot of investors do, even a different one for each individual property they own.

@Dillon Y.

@Luke Carl I shared my “story” yesterday soon before writing this post! I wrote it under the new to BP/new investor section. I like the idea of vacation rentals as long as you’re cash flowing after expenses, naturally. The best part is being able to use the property with family if there was any down time. Im always taking into account exit strategies as well. If I can’t rent it as a “seasonal” rental depending on the location, if a recession happens, can I rent it full time..

I’m interested in other beach/lake areas if anyone has any good suggestions? 

Hey BP fam!

Where do you own vacation rentals? Where are you seeing growth/popularity/profits/success with Air BnB or VRBO?

Interested to know where people are purchasing where they feel they're receiving great ROI! I own 2. The Jersey Shore (1 block from the beach) and Stratton Mountain (about 3 streets off the base of the mountain).

Share your story!

Hey there BP community. My name’s Tommy (36), currently living in NJ with a beautiful family. I’ve recently joined a few weeks ago but have been following the forums as well as the BP podcast for a little under a year. Books recently purchased waiting to be read!

We live in our primary home and own 2 vacation rentals/AIR BNB’s on the NJ shore and Stratton Mountain in VT, outright.

Without going TOO in depth during this introduction, I’ll explain what I’ve done. I started investing in RE when I was about 22. I had an uncle who worked mostly in commercial RE and brought me on as a “silent investor” on a couple of flips. If I knew then what I know now, I would have asked to be more involved in the process, asked more questions, learned more to be ahead of the game rather than act as a small time financier. One flip turned into two flips, which turned into a 1031 exchange taking all profits and directly investing them into a small commercial space which within 5 years, went under and I lost everything.

Moving forward, my wife and I bought our first home 6 years ago, always keeping real estate investing in the forefront of my mind, but thought it was the right thing to do to purchase our first home which was a single family. During the past 6 years, my career in the film/movie industry has treated us well and we've purchased 2 vacation rentals that both needed major rehabs and turned out to be great investments. Again, wish I knew more about BP and the BRRRR method then. We purchased the beach property in cash, rehabbed it, and began the AIR BNB process. Few years later purchased the VT property, cash, recently renovated it and will Air BNB it this coming season.

Recently, my wife and I made the decision (which set our RE goals back a bit) that we were growing out of our home and decided to purchase our "forever" house. No regrets, it's beautiful, everything we want but now it's left us with very little if no room at all to refi either rental property because of our DTI.

Everyone’s reasons for financial freedom are different. Mine are in line with many, especially @beardybrandon, who wants to live life to the fullest, doing what he wants, when he wants with his family, while simultaneously building wealth through RE. I’ve been a slave to the film industry for almost 18 years, working anywhere from 70-85 hour weeks, at all different times of the day. Financially, it’s funded our investments so far, but RE is the end goal and my way out of the film industry.

I'm looking to BP to further my REI knowledge and help me get back on the track of being a full time RE investor. This is my first step, posting here, and getting my message out to everyone about what I'm here to do.

What's your suggestion? Do I pay down my new mortgage quicker to gain more equity and decrease my DTI? Do I look to private money/hard money lenders? Keep buying other properties in cash?

I’m interested in obtaining more vacation rentals (one business), while also trying to obtain multi-family (2nd business). Starting with 2,3,4 units and expanding to larger apartment buildings.

Looking forward to meeting anyone and everyone on here!

-Tommy