All Forum Posts by: Andrew Rascoll

Hi BP Community,

My brother and I own a long distance STR in Davenport FL, about 15 mins from Disney. We live in PA and NJ and have only owned the house (4 bed, 3 bath) for 8 months. Thus far we are extremely underwhelmed with our Property Manager's performance. Mostly due to lack of responsiveness, delays in getting things done/fixed that we noticed and requested, and lack of bookings (this is less his fault but be has no sense of urgency/importance to help book, which is frustrating).

We had talked about giving him an entire year but each month it just gets worse and delays in getting things done, responding keep growing.  

Does anyone have/know of a PM they recommend?

Thanks,

Andrew

Hi everyone - thanks for the input.  Great things to consider and I'll definitely be following some of the steps/thought processes put forth.

The property to be purchased would be in the Philadelphia area.  

I am hesitant to provide such a large investment for such little return.  If the investment was 100k, and the flip takes 6 months, I'd only see a profit of 5k. 

Thanks Chad.  Yes, definitely gave me a couple things to consider.  Namely the available Bond and revenue declaration as interest and not capital gains! 

FYI it's a 2man LLC with my partner

Hi BP Community,

I am new to REI and currently have 1 STR.

A friend of mine started flipping houses a couple years ago with 2 friends of his through a company they started (which, after speaking with him got me interested in pursuing REI as well).

I am thinking of investing money with them to get some passive income and learn something along the way about that area of REI. While I will be reviewing their past financials and history of payment back to investors before making a commitment, I was wondering what the usual payout structure is in these scenarios, as well as the fair return I can expect.

His company has a minimum I find high, that I can disclose through DM. They promise 10% annualized return monthly starting from when they call on the money, to when they flip the house.  Is that fair/in line with industry standards?

Also, from a tax legal standpoint, I am wondering if it matters that the investment comes from me individually or through my LLC. And best way to handle the repayment of investment and capital gains from the sale - from a tax implication standpoint.

Thanks a lot!

Thank you so much for breaking it all down. I agree it isn't ideal to lose to inflation at the moment. I think the best course of action is a combo of cash and HELOC.

It's a primary residence so I'm happy investing in a property I love to make it exactly what we need.  Especially the market in my area, and the price in which we got it for compared to other similar properties nearby.  I don't have a big concern about the value dropping dramatically.  So I think it's best to invest in the property along with my happiness and satisfaction with our home.  

Thanks for the advice!

Hi, my fiance and I own a home in NJ and are looking to add an addition over the garage.  Let's assume the total cost of the work will cost 50-70k (quotes pending).  The home was purchased for 580k 2 years ago, is currently valued (according to Realtor/Zillow etc) at 750k, and we owe 450k still.  We love the home and definitely don't plan on moving in the next 5-7 years, and depending on the space added, can see ourselves living here for 20. 

I would normally consider taking out a heloc for this but: 1. Our mortage company doesnt offer them. 2. Rates from other lenders seem high (+7%)  right now.

Our current mortgage rate is 3.17 and we recently/coincidentally got a letter from them saying we can cash out refinance of 90k and the interest rate would be moved to 4.2% (30 yr fixed).  

Would you suggest:

1. Paying all cash

2. Finding a heloc and paying high interest rate

3. Refinancing based on the figures sent from our mortage broker in the letter

4. Combination of the above in some way.

5. Selling the house and buying a new home that has what we want, but would be at about 900k.