All Forum Posts by: Angelique C.

Thanks so much for the input, tough love, etc.

Here are some additional details:

- This is our second investment property. The other is an LTR that cashflows 300/mo  

- Loan amt: 348K (bought for 490K and put about 30% down)

- Current value: 490K

- Home value post-reno: $685ish. Comps with no pool have sold for $665.

- STR projected monthly net income (before taxes): $1700/mo. (with $200K in reno. Estimated 4.5 years to recoup the 200K)

- LTR projected monthly net income (before taxes): $611/mo. (with $60K in reno. Estimated 11.7 years to recoup the 60K)

- Disposable income, roughly $2600/mo. which gives me peace of mind in terms of covering the mortgage and the $60K if we do the smaller reno for the LTR. But does fall short (by about $800) of covering both the mortgage AND the loan for $200K (if we decide to go 'Full Monty Renovation' and make it a STR with pool, etc.). The 200K is money borrowed off the value of another property @4.5% for 20 years. So that's why I'm leaning a bit toward LTR even though I will get more cash from STR. I don't want to be overextended. But I also want to maximize cash flow so we can buy another property soon!

This is all pretty new to me and I'd love input from other investors.  Thanks again!!

Help! I recently bought a single family property in Scottsdale, AZ.  (This is my second investment property and it was at the top of my price range).  I had intended to make it a Short Term Rental because I want the higher cash-flow.  Now that I have priced everything with contractors, pool builders, etc. I realize I have to spend much more than I had anticipated to bring this place to where it needs to be as a successful VRBO/AirBnB.  Another option is to find long term renters for much less money per month and also less debt to pay for the rehab.  Or maybe flip it??  I'm just not sure which way to go.