All Forum Posts by: Afoma Okwudiafor

We are just starting out with our first MTR property and we are currently paying for 2 mortgages at the moment (house we bought and live in and for the condo that we are going to MTR that we used to live in). We haven't finished furnishing it yet fully (looking to spend between 1-2k to furnish it fully), also some minor things needs to be done in there (<800$) and will need to verify the contract that we have with a lawyer to make sure we are protected. Kind of getting into analysis/paralysis regarding how long will it take us to rent it after we are finished getting it ready? Having a fear that 1 or 2 months we wouldn't be able to get anyone in there, so my question is how long do you keep trying for and manage 2 mortgages before deciding its not working and we should convert it to LTR or sell the place? Anyone with previous experience on this would be helpful. Currently we are using the HELOC funds to furnish the place and also used the HELOC to buy our new house.

I will advice against using heloc to furnish. Use 0% card instead. Also do some research on your market. You can use furnished finder or airbnb to guage demand.

2 Votes

Denver, Colorado

Quote from @Nicole Heasley Beitenman:

Month-by-month. If it's a 6+ month stay, you're asking them to come up with thousands upfront, which isn't reasonable.

I don't know that we'll be making many modifications to our lease that aren't term-related. Some clauses stating they're responsible for furniture damage, that any inventory missing will be charged, and some tweaks to what we're responsible for vs. the tenant. But I don't see a lot of major differences needed. That being said, we haven't sat down with our lease to make the necessary amendments, so I'm sure there's plenty I'm not thinking about. I'm eager to see responses from others.

We have utilities in our long term lease. So we take that out for mtr

2 Votes

Mobile, Alabama

Quote from @Caleb LaBelle:

She already booked through July 8th though...

That shouldn't matter. You can also change it from the host side

1 Vote

Denver, Colorado

Quote from @Caleb LaBelle:

My tenant started a 70 day stay beginning April 29th. She is here in Denver because she is getting special stem-cell treatment for a rare disease that she has and needs to be near the hospital for ongoing appointments.

On the first day of her stay she told me she will need to cancel early because her nurse needs to move her to a different hospital on the other side of town. Per the cancelation policy, whatever day she cancels, she would NOT be refunded the next 30 days (anything after that she would). She wants June 4th to be her last day, but if she canceled then, she would still have to pay the next 30 days even though she wouldn't be staying there any more.

Here's the pickle...she seems to be very stressed because she needs to find a new place closer to the new hospital but is worried financially about the expenses for June. One thing I could do to help her out is to have her cancel today and she would pay the next 30 days and then I could have her sign a lease outside of Airbnb that would essentially be FREE (because she already paid for this month technically on Airbnb per the cancelation policy). The other side of me thinks I just need to stick to the Airbnb policy and have her wait until June 4th to cancel.

What are y'alls thoughts??

She doesn't have to cancel. She should be able to change her checkout to June 4th with no issues. If she does that today she only pays till June 7th (30 days from today). If you choose you can refund her the extra 3 days.

0 Votes

Denver, Colorado

Quote from @Afoma Okwudiafor:

Quote from @Michael Baum:

Quote from @Afoma Okwudiafor:

Are there any fact sources to this apart from fox? I doubt anyone will agree to this policy.

Credit worthiness is less about how rich a person but more about how "responsible " a person is

I just chose Fox as it was one of the first to cover it. It is all over the place now. Do some searches and you will see.

I just found a post from 3 months ago talking about it - https://www.biggerpockets.com/...

I searched around and still only finding the same fox article posted everywhere or an opinion piece.

There are several articles posted on official websites (e.g hud) which talk about ways to make housing affordable but none talk about rewarding those with low credit

If the administration thinks it's the right step, I am sure they will talk about it a lot and I am just not seeing it

Here are the numbers from the Fannie Mae website. Old on top. new below

0 Votes

Quote from @Michael Baum:

Quote from @Afoma Okwudiafor:

Are there any fact sources to this apart from fox? I doubt anyone will agree to this policy.

Credit worthiness is less about how rich a person but more about how "responsible " a person is

I searched around and still only finding the same fox article posted everywhere or an opinion piece.

There are several articles posted on official websites (e.g hud) which talk about ways to make housing affordable but none talk about rewarding those with low credit

If the administration thinks it's the right step, I am sure they will talk about it a lot and I am just not seeing it

0 Votes

Are there any fact sources to this apart from fox? I doubt anyone will agree to this policy.

Credit worthiness is less about how rich a person but more about how "responsible " a person is

0 Votes

My family members stay in mine when they are in town and I stay at other STRs when I travel with family if I need more than one room.

0 Votes

All Forum Posts by: Afoma Okwudiafor

Afoma Okwudiafor has started 1 posts and replied 22 times.

Post: MTR Operations + Lessons Learned

Post: Looking for good markets to build a MTR portfolio.

Post: MTR long term strategy tips/concerns

Post: Medium Term Rental Payment and Leasing

Post: Medium Term Rental Tenant Situation

Post: Medium Term Rental Tenant Situation

Post: Get ready to pay more for you mortgage

Post: Get ready to pay more for you mortgage

Post: Get ready to pay more for you mortgage

Post: STR Investors! Do you also regularly use your/other STRs?