All Forum Posts by: Amy Stanley

Thanks Robin, I will pass your information along.  

Amy

Hi to all the STR RE Agents in Philly. I have a relative looking to purchase a STR property. Their budget is only $250kish. Would there even be anything out there for that price? If anyone wants to do a referral and take this on, as long as you are knowledgeable about the STR market, I will send them your way. They are visiting today-Wednesday.

Amy Stanley  NC/SC Broker/REALTOR

Hi all, 

I am newer to REI, I have 2 STR investments and my own home. I have over 50% of my homes value paid off and 25% in each investment property paid off. Can one use equity in a property without doing cash-out refi?

TIA,

Amy

@Dave Foster Thank you!

@Joe Splitrock Great information!  Thank you!

@Dmitriy Fomichenko Thank you!

Interesting, @Jay Hinrichs.  I will have 25% equity still left in the unit.  Is that what you are refering to?

Thank you,

Amy

Thank you @Brad Hammond!

I am doing a cash-out refinance on my investment property.  I will be using the money to invest in another investment property.  Do I have to put the money into a 1031 exchange if I plan on purchasing before the end of the year to avoid capital gains or income taxes?

Investment Info:

Condo buy & hold investment.

Purchase price: $240,000
Cash invested: $48,000

1 bed / 1 bath Direct Oceanfront condo vacation rental on Hilton Head Island.

What made you interested in investing in this type of deal?

Small and manageable with high return.

How did you find this deal and how did you negotiate it?

Knowing the area, I knew where I wanted to invest and kept my eye open for the right opportunity. Direct oceanfront condo's don't last long so I jumped on it as soon as it hit the market. It was in 2018 so I just offered full price without an appraisal gap. It appraised $10k below offer price and they came down.

How did you finance this deal?

We financed through a mortgage lender that deals in condo-tels. (There is a check-in reception desk with property management as an option so they consider it a condo-tel)

How did you add value to the deal?

Being in real estate for almost 20 years, understanding the process made it easy. I also do my own property management and doubled what the past owner grossed.

What was the outcome?

Best purchase I have ever made, I am currently looking to purchase another small vacation rental.

Lessons learned? Challenges?

Knowing the challenges of buying in a condo-tel resort and resorts that still have timeshares pose a challenge. Being creative and shopping for a good mortgage lender that knows ahead of time if they provide loans for such properties makes a difference.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Myself!