All Forum Posts by: William Arrington

We are under contract for our first AIRBNB and a second opportunity came up.  I called our lender to ask if it was possible and he said he did not know because he had to go through 5 underwriters to find one for our first.  My question is.. How do you guys get around this?  If I am getting push back then a lot of others are also.  My credit score is 830 to 841 depending on which 3 you look at.  I am able to place 25% down on both and I own both my cars and the only debt I have is my personal mortgage for a home that does not stretch my finances at all.  He did say that I do not have income from the first to offset the next yet which I get but.... I am doing pretty well for myself.  Any thoughts on this would be greatly appreciated.  

Massanutten Virginia.  I live less than 2 hours from there so we will use the property when it's not rented for weekend getaways.  There is no inventory there right now though.  

From what I saw it was a one-time leak.  There was a light right in the middle of the stain and it still worked. It was also raining pretty hard while I was there and it was dry so it's most likely not from the side of the house and the roof would be a long shot to flow around the floor above it and just end up there.  I am pretty handy and will take down the entire center of the room and drywall if I need to. 

@Mike Malyy

Pretty sure these are the changes fro. The build back better bill. They changed the amounts of a few things that have to reported

@Theresa Harris

Meeting the inspector when he comes. There was a water leak and I think it scared others away. I popped the cover off the bottom of the dishwasher and found a new fitting so 90% sure thats what happend. It's mainly just paint and drywall work with some light shopping. Comes furnished bit some of the stuff is alittle rough. I'll let you guys know

@William Moya

I chose the Airbnb path with 25% down. The cash flow is pretty incredible. You could also pull off a decent BRRR with that amount. Bosworth for the house. Use the cash to reno. Pull your money back out

@Amey Phatale

Zillow paid asking for properties and did light remodels and expected returns. Keep grinding and getting deals for real BRRRs or flips knowing your area and you will still make money. If values start dropping. Add that trend to your numbers. If things really implode. Throw a handful if pennies and hit 30 deals

We found out last night that our offer got accepted.  In 30 days or so I will have my first AIRBNB which is already rented out for the week of Christmas. (I inherited all their bookings after closing)  I'll have a sweet spot for about a week where I have a lot of cosmetic things to fix.

@Noah Yonker

I was always under the impression that you had to buy in to the program to even be eligible to rent to S8. There is actually a very good business model out there if you can build rooms out in your current homes you rent to meet the criteria. A 3 bedroom might get $1400 but a 5 bedroom gets 3400 in some places

@JD Martin

Not sure how they did this but there is normally a date where these kick in a month or 2 down the road. When others places did this people cried because every lease that was up went up 40% to combat this.