All Forum Posts by: Christina P.

@Rik Hunter if you haven't already, check out Avery Carl's (Short Term Shop) podcast- she had a couple guests discussing MTR's and instead of targeting nurses, they work with insurance companies to place clients in need of temporary housing.  Seems like a brilliant idea.

@Alex Roter That's very helpful, thank you! I think I am understanding the HELOC much better now.

We live in NY.

@Alex Roter thank you! I should also add that if I'm understanding the Cash-out refi correctly, we won't have enough to cover the new down payment, so it would have to be a combination of cash-out refi and stocks/mutual funds.  I'm not sure that's even an option and if it would be even be worth it in this case to do both.

Hi @Mitch Davidson for the down payment, closing and set up costs as needed.

Hi, we are newbies and hope to get pre-approved soon for our first STR deal. Trying to wrap our heads around the best way to approach financing. Should we pull cash from our current stock/mutual funds (based on current market prices we're estimating we'd pull out ~10-15% of our current investments) or would it be better to do a cash out refi or HELOC on our primary residence? We've been in our primary residence (current mortgage rate 4.25%) for 6 years and will likely be looking for a new primary in the next 3. Thanks so much for helping us understand.

How are you accounting for overhead costs to run your STR or LTR (pricelabs, accountant, etc etc etc) since these costs are not covered in the BP calculators?

@Wesley B Williams Thank you so much! I appreciate the advice!

@Evan Polaski @Will Barnard Thank you, will definitely read this book and search the forum for your posts. @Bruce Woodruff also great idea re: virtual walk throughs and thanks for pointing me in the direction of @Matt M.  Assuming he has posts on this forum and will see what I can find.

We are newbies looking to purchase our first LTR property in a student housing area surrounding a University hospital.  In researching the area (which is already pretty small) we've discovered another investor who owns a large portion of houses- he appears to be a doctor at the hospital, in his 70s.  Although the houses have been acquired over the past 20 years, he does still seem to be actively investing- found a couple properties purchased in recent years.  Google tells me he does have kids (interested to know if he'd be looking to pass the properties along to family when he's ready to retire) although they may not be local.

We also work at the hospital.

Is it crazy and pointless to approach him (call, in person, via email)?  And I'm not sure what we'd say.  We're a young newbie couple interested in investing in the area- can you please keep us in mind if you think about selling any of the properties?  Is there anything we can help you with/any way we can add value to you in exchange for strategies and advice for purchasing and managing in the area?

I am a newbie looking to purchase first LTR in student housing neighborhood around University hospital.  In researching the area, I discovered another area investor is rehabbing his purchased properties to convert living spaces (ie dining rooms) into additional bedrooms and also adding en-suite bathrooms to new and existing bedrooms, thus increasing occupancy and cash flow.  He rents out by the room.

In the current market, these houses are selling in a few days.  I am finding it difficult to analyze the properties without knowing what the rehab cost would be.  What is the best way to go about this?  Do I find a contractor to put on standby?  Available time once property is listed to get in there, with contractor, get estimates (especially more than 1) and then analyze #s seems very limited and tricky.