All Forum Posts by: Buddy Platzke

I'm starting conversations with lenders for STR purchase. What are some important questions to ask them?

I’m 6 hours from the market I want to be in (somewhere near Asheville NC - Gatlinburg TN areas) I’ve seen several properties come and go I like, but without a management plan and people in place I have not pulled the trigger. Seems like bigger management companies charge to much and don’t have the personal touches and smaller individuals, cleaners etc are unreliable and maybe even have personal issues going on. I don’t want to give up on the area. How are you finding reliable help?

Also worth noting that I believe the house is in a good location in which the demand for housing will continue to grow and expand to the area even more regardless of what happens to the market as a whole 

I don’t THINK I could either. So assuming that is true, my question is it best to hold onto the house and rent it (1190 for mortgage, escrow, ins) for 1600… or sell and maybe make $20k? 
I would like to buy another property, but we qualify for a third home at 3-350k and I have the down payment (would be comfortable with that purchase as long as my house stays rented and no major repairs) (the home really is basically new) 

Holding on to it would benefit me in what way? Good appreciation sure, but renters are tough on things - is that possible repair list worth the appreciation and management duties?! 

It’s a great long term rental area. Great appreciation too. I’m hoping to buy land within the year so renting long term is tough bc I think selling in high demand is a plus right now, but who knows next year and I’ll want to have the funds to help before then. I’m wondering if there’s a way to get cash out of it before selling 

My primary is sitting since I bought it 7 months ago. I live with my now wife and want to sell it or rent it…. Or??? I paid 226k owe 213k could rent for $1600 with mortgage/insurance at $1190. It has great appreciation too! I think I could sell at 260k. I want to buy land and build. I don’t have to rely on the funds for next purchase necessarily but it would definitely help achieve goals faster if I have a little more cash on hand. How can I get a decent amount of cash out of the house without selling?

I have my primary sitting unoccupied (moved in with someone) and I want to purchase another property for STR. I'm not sure if I should sell or rent the house or if there's another possibility. I bought this house 6 months ago at 214k and I've had offers to sell at 254k. Rent could easily be $1600 with mortgage/insurance at $1190. I want to buy land to build on and could use the funds from sale to help with that purchase, but I'm torn bc the house seems to be a great investment and has the potential for good income (I think). I'm not sure if refinancing this early or if I'd get enough cash out is the right move or if it's an option really. Any suggestions on what I should do ? I would love to buy something this summer/fall, but I'm not opposed to waiting. Thank you for your opinion and insight!