All Forum Posts by: Cat Calvosa

Hello All,

I’ve been studying and learning from all of you for a while and I’ve built my own short term rental calculator from several others that I have found and added in additional cost and figures from a few of the courses I’ve taken. This thing is supposed to help me calculate EVERYTHING. (Well at least that was my plan.) Is there anyone out there that can check my spreadsheet math / formulas? I want to make sure I’ve got legit numbers before I purchase my first rental property. It’s not a secret or anything so if it actually works then I will be happy to share, but first I need a second set of eyes please. Message me if you can help. Thanks!

Cheers!

Cat C

Hello All,

       I’ve been studying and learning from all of you for a while and I’ve built my own short term rental calculator from several others that I have found and added in additional cost and figures from a few of the courses I’ve taken. This thing is supposed to help me calculate EVERYTHING. (Well at least that was my plan.) Is there anyone out there that can check my spreadsheet math / formulas? I want to make sure I’ve got legit numbers before I purchase my first rental property. It’s not a secret or anything so if it actually works then I will be happy to share, but first I need a second set of eyes please. Message me if you can help. Thanks! 

Cheers!

Cat C

Thank you everyone. A lot of great advise in here. My realtor got in touch with the Condo and they unfortunately do NOT allow STR in their units. So this one will not work for what I want to do. I am thankful for everything. I will will reach out to some of you one on one for more info. Cheers!

Thanks. My realtor is checking it out now. I really think I can get it to cashflow if they will let me do STR there. I will keep you posted.

Hello folks,

I have been searching for a property near the beaches in FL that I can cash flow as a STR. I think I found a good one, but there are a few unknowns. 1) I don't know how to find out if there are restrictions for STR at this condo. 2) I don't trust my math in my STR calculator. I am afraid I'm missing things I should be considering. Right now my husband and I plan to do all the renovations, management, maintenance and cleaning in the beginning, so that did save me on some of the expenses, but still it seems too good to be true. I want to get started, but only once I'm convinced I did the math correctly. Could I request a review from someone who knows this business to provide me with some good feedback on my plans and math? I will share my excel with anyone who wants to help me out. Thank you and have a wonderful day!

Thanks for any help in advance.

Cat

Investment Info:

Single-family residence other investment.

Purchase price: $214,900
Cash invested: $12,000
Sale price: $206,000

I lived in this home for a year, then did a house hack and rented out two of the other bedrooms, since I traveled a lot. After about 3 years, I moved and rented it out while I was away. I managed it myself for about 4 years, till I wasn't able to manage it, due to being overseas, so I hired a local company to take over. After a few years, I decided to sell, so that I could purchase a home in Colorado with my family. Since then I've not made any more investments, but I plan to get back into it.

What made you interested in investing in this type of deal?

Holding it for longer let it grow equity while I was overseas and not required to hold another rent or mortgage payment. (My work provided me housing while overseas.)

How did you find this deal and how did you negotiate it?

I used a realtor that was recommended to me, and I came up with the rental plan when I learned I was going to be traveling a lot.

How did you finance this deal?

I used a VA Loan with 0% down. (I am a veteran.)

How did you add value to the deal?

I paid for a staging company when I prepared to sell, which helped it sell quickly.

What was the outcome?

I made about $85k when I finally sold the house.

Lessons learned? Challenges?

Screen tenants better and instill some sort of annual checkin on the property to ensure that damages are not out of hand.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes - My Property Managers in the end were fantastic! The Todd Gordon Companies LLC is amazing! Very professional, organized and true to their word. They took care of me and I highly recommend them to anyone owning a rental in the greater DC area.