All Forum Posts by: Casey Maib

To be more Specific, Napa County has 41 Short term rental permits. They are bought and sold much like a liquor license, and at least seven of them belong to local politicians. That said there are hundreds of listings daily for homes in Napa on AirBNB.(apparently they are comfortable with the risk of a 1000$ per night fine) I have heard it is less enforced in condo resort communities like Silverado. There are also a handful of exceptions to be found for things like Hunting Clubs.

Hey Ryan, long time no see.

I am also in the process of buying my first property and would love to grab a coffee and chat. PM me and we can exchange info.

-Casey

Thanks @Greg B. That would be exactly why I ask.

What numbers do you expect to hit on a house? What is the market like where you invest? How do you find your deals?

@Greg Scott Thanks for the quick response. I did include insurance at 120 a month which is a number I made up to fill in the space,but i think it should be close.

 Please explain the math on the refi better. My understanding was if i borrowed 95,000 from the bank and 25 from the second and refied at 120 that would pay off the principal and leave me with interest to pay.(its a very loosely structured loan from a family member but i am determined to make it worth their while at all costs.)

I do have a modest reserves account, i am also in the residential construction industry and plan on doing any repairs and PM myself at first. The 10% for PM will go straight into a reserves account as will all rent and cash flow until I am comfortable with it. Does that seem spread to thin?

Thanks @Greg B., the rate is a 30 yr fixed at 3.75 and the repairs are all out of my pocket does that change the math at all?

4/Br 2 Ba 

Asking 130,000 (hoping to close 115-120)

Rent in area varies but updated 1400 should be reasonable

Needs updating mostly floor, paint, maybe counters estimated 15000

Potential 5th bedroom 3rd bath kitchenette in basement

ARV 160000

Tenant pays all utilities

Annual property taxes 1800

10% cap ex 10% maintenance 10% vacancy 10% property management 

Cash flow 160$ per month

Cap rate 6% ROI 4%(I'm using 100% opm so my ROI is better)

Financing conventional with a private money second that balloons in eight years.

My hope is that i can do the work need and refi to pay off the second otherwise eight years rent should be enough equity to do so.

It seems to work to me, But know I don't know what i don't know. Is there something I'm not taking into account? I can add more info as needed. How would you treat this deal

Thanks for taking the time to read this any and all advice is much appreciated.

-Casey

There is a county wide restriction requiring you own one of 41 vacation rental permits, two of which belong to city counsel members. That being said  I have seen hundreds available on Airbnb at any one time. While I feel it would be an ideal location the risk is a heafty fine per night if you are caught.

I make concrete countertops. Very durable and customizable but there are a lot of subtle nuances. The materials are dirt cheap but the labor drives the prices sky high.

Thanks @Larry Fried