All Forum Posts by: Chad C.

@Lee S. Sdfcu offered me 1% for 10y draw. Then prime 4% after that. I guess I didn't realize they could be so low, unless I'm misunderstanding it, are they going to give me a 10 year loan for 1%?

@lee 

@Lee S. That is a great rate, but even better LTV! What bank did you use? I would love to see what I qualify for with them.

I was offered a 4.5 variable rate, closing cost of around $300. The way it is amortized is a little different. If it's under 5k it's amoritized 5 years. 5 to 10k 10 years, and over 15k, 15 years. 

This seems like a pretty good rate, I know some offer 2% but it's just an introductory period.

I believe I have what most banks refer to as tier 1 credit, so I qualify for their best rates. The rates go up as loan to value goes up, best rates are at 80% and increase if I go up to 90%.

So do y'all think this is a pretty good HELOC, or should I keep looking? any considerations I should think of?

Prime right now is 4% 

Thanks Carrie Carlton. Would you say running three Airbnb's is a "full-time job" type busy. The returns I'm coming up with from three Airbnb's would come close the income I'm making at my full time, and I wouldn't have to wake up at 5 o'clock in the morning! I calculate I would need 10 to 15 long-term rentals to see the same returns. That definitely sounds like a full-time job.

Carrie Carlton where are the units that you are selling? In Nashville? Where these units not successful rentals for you?

@Kimberly Jones  The thing Im learning is that the CBD is all condos, and no association is going to let you do short term rentals. I see many listed, so I guess it doesn't deter owners.  I talked to an broker today, and he said there is no real way to enforce it, or prove you are doing it, Just to say its family visiting. 

I suggested a "principal bed and breakfast" because it seems like an exception that can be exploited. With a principal bed and breakfast you do not need the homestead exemption, just leasing agreement. Once you get the licence, you can rent it out however you see fit, not literally a bnb where 2 parties share the same space. maybe Im reading it wrong.

http://czo.nola.gov/print.aspx?printpath=/Article-...

@Peter Mohylsky @Daniel Walker Great info! what would be a good range of rental nights per year that yall are seeing in your area? I imagine May to September is 85% booked. And, are there restrictions within these complexes that forbid short term rentals? I imagine not being a vacationing area.

@phillip

http://www.nola.gov/nola/media/One-Stop-Shop/Safet...

 And you can see the zoning map here, not mobile friendly. http://www.nola.gov/city-planning/property-viewer/

@Kimberly Jones  is a bed and breakfast a possibility? I see that you can get a license for that and need only an operator occupant. Would you consider renting out an apartment in the CBD?  It seems like that area is fair game. 

Nice, thank @Blair Russell how close are your rentals to the "strip" and how many nights of the year are y'all renting, Are these homes financed with a commercial loan,  or a second residential loan ?  I'm considering New Orleans, but they are laying down some heavy restrictions starting this month,  and would only be possible in the downtown commercial area, but still feasible.  I might could create a cabin getaway  on a creek, for relatively cheap, with  little competition.