All Forum Posts by: Tyler Smith

I just closed on a 10% down vacation loan (second home mortgage) and one of the requirements is to be in the property 14 days out of the year.  Does anyone have any experience with this and how to report that you stayed in the home or who to report to etc?  

I am considering my options on a potential tri-plex opportunity in Texas right by a college campus. Tenants will most likely be students. The tri-plex is 4 rooms and 4 baths per unit. So 12 rooms and 12 baths total. Past rent was $1295 per unit for a total of $3885 rental income. Purchase price would be $450,000. In trying to get creative, instead of me renting each unit for $1295 is there a way to rent per room and increase the total rental revenue? Anyone with experience doing this and how did you go about it?
Thanks!

I recently bought a single family 3/1 home in central Texas and am using the BRRRR model.

Paid cash, $155,000. Rehab was $80,000. All in $235,000. Appraisal just came back at $315,000 and my cash out refi would be 75% pulling back out $236,250. (I haven't done this yet, I just got the appraisal back).

The lot is large enough to accommodate an ADU. It will probably be a 2/1 with a new construction cost of somewhere in the $150k range. I would more than likely Airbnb this ADU.

My question is how should I finance? Should I use the cash out money and pay cash for the ADU build? Should I get a new construction loan? Should I use the SFH 3/1 as collateral on the new construction loan?

This would be a first for me so any feedback is appreciated!

Florida (panhandle), Colorado (mountain home) and central Texas.

Thanks John,
Do you recommend a company with listings or are you saying you just find them on mls, realtor, zillow etc? And I agree with self managing, I'm just trying to weigh the pros and cons. Never done a long distance STR, but I want to explore that idea so as to not limit myself to my community. Not sure if I could manage better from out of state than a local PM could. But maybe I could, and maybe it doesn't matter.

Is there such a thing?
I'm looking for a turnkey STR property with management already in place and a track record of performance with little to no repairs etc. Is there a company with listings?

What market is the duplex in?

They probably won't care and I don't either. I just want to make sure I get the best ARV when it comes time to get the appraisal and do the refi.

Thanks Kenneth,

This is exactly what I will do. I found a local roof power washing company. Getting an estimate from them today

Yes, it is perfectly functional, but after the complete rehab of the home, the roof will be a tad bit of an eyesore.