All Forum Posts by: Tookie Nemchak

Yes, quite profitable... so far. We bought close to a university, rehabbed, decorated and hired a professional photographer. We included high speed Internet and satellite TV, although next time we may skip the TV. In 4 months of renting on AirBNB, we have covered ALL expenses for the first year and then some. We‘ll ride the wave as long as the model continues to work. As others enter this niche and corporate builders start offering “short term” rentals in our area, which we hear is coming, then we may switch to long term rental or sell. The key is to know your market and pricing as well as knowing when to get in and when to get out.

Clarification, it’s a year to “cash out” refi. We could refi if there was a “benefit”, just not cash out.

The original loan was with someone another lender.  This lender says is is a fannie mae rule.  He says it is a years wait to refi with anyone.

Great idea on the cross-collaterizing!

In July, my husband and I invested $112,000 in a single family home.  We financed it through a mortgage company with 20% down obtained by selling stocks. After putting $3500 into it, the home is now valued at $150,000. 

We are now under a due diligence contract for a $190,000 4 plex and planned to refinance the first one to pull the equity out for 20% on this purchase.  Lender says I have to wait A YEAR to do a cash-out refinance.  Not sure how I missed that little detail.  Now we are faced with pulling funds from 401K (we are over 59 1/2 - tax but no early withdrawal fee) to cover the down-payment and cost to finance. 

Where did we go wrong? What should we have done? Is it too late to go another direction? 

We have 6 people signed up for the first Get To Know you event, most through Meetup.   It is not too late to add your name to the list.  Hope to see you there.

Absolutely, we all start somewhere.  You will find people at all levels, I am sure.

This may give you the confidence you need to move forward on your first deal.  It may also give you people who you can bounce ideas off of..  I hope you come.

• A coordinated effort to bring investors together in the Upstate area is long overdue!
• This first meeting is to get to know those in our area are interested in forming a Real Estate Investors Meetup
• This is strictly a networking event. There will be NO products or services pitched
• We will do introductions and share a tip or two. We will open the floor to members to share what they hope to achieve out of and/or what experience they bring to the group.
• Feel free to bring a friend, spouse or significant other. You can eat while here or just get a drink. The restaurant has a full bar and an assortment of soft drinks and Mexican specialty non alcoholic drinks as well. Be prepared to order a drink at minimum to thank the restaurant for allowing us to use this space at no charge.
• Make other arrangements for children, this as a meeting of professionals