All Forum Posts by: Bruce C.

Not correct.  The guest can cancel within 48 hours and get every penny back as long as the stay is more than 48 hours out.  I think the hosts should have the same option. 

When I first set up my accounts and was still figuring out how the booking window and seasonal pricing stuff worked, I had someone book a weekend in June and the bike rally in November months in advance.  I lost a couple hundred each weekend.  I now have my base prices set at the highest price id ever set so that when dates open up automatically I won’t lose money if someone books them before I adjust them  

How does DOM going up make sense with the other numbers?  Seems like they’d be going down. 

Same to you @Sam B.

Only the issue at the one house fortunatley. It was a weird storm. Wasn’t even close to Harvey. I’d say area wide, I’ve been through quite a few that were a lot worse (and not all were tropical).  Most of the area only had 8-12” over a 48 hour span. BUT, there were some pockets that got it worse than Harvey. I think the biggest issue is the water flow and drainage. We need to drop the money to get the drainage right. I’ve been here 30+ years. 4-8” rains happen a lot, and we’ve started flooding every time that’s happens because we’ve paved everything over without putting in proper drainage. 

If you haven’t done it before, hire an attorney. 

@Andrew Postell thanks for the explanation, and yes it does make sense. 

I have gone in to mine assuming I’m “right” and will get my appraisal number (my wife would have a one liner response to that statement) or I’d have to bite the bullet and leave money in the deal. I believe I’m a little pessimistic on my numbers, but that leaves me more room. I’m sure it has the side effect of costing me to lose out on some deals (or not even jump in to them in the first place). 

I hadn't considered the possibility of a lender that might let me go 85% ARV. I've only dealt with WF, Cenlar, Moody, and Prodigy, so I've just assumed that 75% was it as that is all they offered. I probably need to look around more because having 85% or 80% as a back up would be good

Well we had scheduled to close tomorrow (Thursday) evening, but due to all the rain and tropical depression, no carriers are binding flood insurance. We’ll have to wait for markets to reopen, so close is probably pushed to Monday. 

When you say $9k down, do you mean you’ve already paid the seller $9k?  Or that is what you will pay?  I’m assuming you are seller financing or all cash since the price is so low. Did you put earnest money and an option fee down? 

How big is the house?  I have a hard time believing a house needs $70k worth of work and will only be worth $100k when done. You’re either fixing it up too much or you have bad estimates. 

If you’ve only paid the usual $1k earnest money, then just back out. They keep the option and earnest. 

What type of work needs to be done?  Can you swing a hammer or paint a wall?  If yes, try to do some of the rehab yourselves. 

If you aren’t willing to do some of the work and really already have the seller $9k...well that wasn’t very wise, and if you’re numbers really are correct, it might be with it to still walk and lose the $9k. If you’re all in for $101k in the worst case scenario, by the time you pay agent fees, you’re going lose $7k. If that is a likely outcome you’re better off losing the additional $2k and saving a few years of your life with reduced stress. 

Hey @J Chad Davis what did you estimate on the rehab? And what purchase price were you thinking?  They had it listed at or over 200k from end of last year until fairly recently. My understanding is that the lady who owned it (for a long time) passed away and she left it to her church. They never looked at it and probably thought they could get that from someone wanting to live in it and do the work at the same time. 

@Andrew Postell

Can you explain what you mean on points 2 and 4 please?

1. When do you start using “After Repair Value” on my property? (this had better be immediately too)
2. How can they use the ARV before the work is done?
3. How long do you need me to be on title to refinance? (this is important if you do need a short term loan to purchase then refinance out - and the answer should be 1 day...very important that it is 1 day on title is all that is needed to refinance)
4. What is my minimum down payment required? (if they only require 15% down on a single family home that is usually a good sign that you are working with a flexible lender)

I’m thinking about this from the perspective of a HML to 30 year, but how do you only put 15% down?  Or are you talking about commercial (non QM?) loans?

Total format fail.  Sorry

I’m terrible at the decorating thing. I’d personally prefer to live in clean, uniform white walls with no pictures. Wife tells me I’m welcome to go stay at the insane asylum whenever I’d like!

So painting the doors of the garage is probably a obvious solution, but not one I’d even considered. Thank you!  

I’d probably paint the whole thing, but the exterior is vinyl, and my understanding was that vinyl shouldn’t be painted. 

Where you drew the window is where I think we will put a door long term, but I agree a window would also look good there. The house makes an L. From just to the right of the current door it goes straight back. We may go ahead and toss up sheet rock and put in flooring to add about 1000 sqft. We'll call it a large game room or something on AIRBNB. Eventually we'll make it a 2/1 bungalow to STR as well. This picture is looking more or less from where that window would be, straight back.