All Forum Posts by: Ann Wing

Hello,

I’m still new and learning as much as I can so I appreciate all feedback and thoughts anyone would like to share. I am ready to purchase another rental property (my second) but like so many am in a very hot market. I have considered looking into other areas in my state that aren’t as competitive, but have also been intrigued by an out-of-state rental.

My question: what experience/thoughts do others have about purchasing a property in a vacation area that will serve as an occasional vacation home for my family and myself and but will primarily serve as a rental - not sure if there is a term for it, but minimum one-week rentals and ideally snowbirds who will rent for a month-6 weeks or so during the high season.

In my very preliminary research I have seen there may be some additional tax considerations but I’m wondering if this ever makes sense? I’m not necessarily opposed to shorter-term rentals but living out of state and having to have a team in the area to turn the place around after a 2-day rental seems like it wouldn’t make sense financially or in terms of stress.

Thanks!

I’m probably going to show my inexperience here, but does it ever make sense to purchase a new build in a master planned community for an investment? I’m in a very competitive market (Denver area) and have the funds to purchase a second rental property when the right one comes along. However, properties are getting snapped up, quick. (Could share lots of stories to illustrate this.) We really like our area and it is very desirable for young families moving out of the city. A national builder is developing a huge area with various types of homes. I’m curious if it ever makes sense to buy a builder home in a new development. I’m sure there’s a term for what these are called, but I am very new and still learning all of the lingo. 

I considered buying one in a nearby area a few years ago for my first home, but quickly learned there are a lot of additional costs for things that would already come with an existing home, such as air conditioner, blinds, etc. It turned me off and I bought an existing home instead. I’m guessing these homes are not ideal to add to a portfolio due to the build time, potential delays, and all of the additional costs, but curious to hear from others.

We used LMA funds for the purchase of our current home. Very new to real estate and investing but happy to answer any questions I can.

@Aaron Daniel Can I tag on to this question and ask what one should look for when making these relationships with lenders? I have a few friends in the industry, but should I be looking elsewhere to make professional-based relationships? What else is helpful to know? Thanks!

Hi all,

I am brand new here and could use some advice. We are preparing the listing for our rental property and have been looking at real estate websites to see what price seems reasonable. Unfortunately there aren't any direct comps currently for rent in our town so I am having to get a bit creative to come up with a number. I am wondering if we should go on the higher side and potentially drop our rate down if we don't get much response, or if it is better to start lower.

Thank you for any advice.