All Forum Posts by: Christin Prince

Hi @Kyle Kobel and folks,

I teach hosts how to use Pricelabs more effectively or I also a have full service offering that includes STR revenue management and listing optimization as well. To date, I am getting 20-30% increase in net revenue for clients. Happy to help :)

@Coty LeBlanc I originally used it as a set it and forget it tool and it was better than not having I suppose, but then I really dug into training and learning and I saw 50% increase in one property and 20% in the other. I have since become a revenue manager and either do it for people or teach them how to use it. Good luck! 

Thank you! that was one avenue we were considering as well. Wondering the difference between LLC and solid contract from real estate attorney? especially if my mom would prefer the cash that she gets back out not continue to live in the LLC but her personal account.

 thank you!

Hello @Nicholas L 

Thank you for the reply and question! Yes I have done a renovation this large essentially house hacking my primary. My primary was $192k on a $535k purchase price of a 4.1k sq ft home in 2021. 6 months later we were able to cash out refi $160k to cover the initial renovation and then one year later get another $168k HELOC on the property with 95% LTV. Obviously, we won't be seeing the kind of growth in appreciation we previously had so this new property would be one shot for at least the next 1-3 years to get the money back out and repay the HELOC.

The realtor is actually projecting $750-$800k ARV but I think that is high. The loan is 15% down per mortgage broker. The Gross Rev from AirDNA on this property is $100k gross / $71k NOI which has proved accurate with our other STR 15 min away. So even with the additional $80-$100k HELOC payment we should still be profitable until we can either get more money out with a later refi or continue to chip away personally with profits / personal funds / another investor who wants a second position on the house.

Would love your further feedback b/c #1 we are not 100% sold on the property as we know values and STR rents are likely to go down. What I have seen via video the renovations shouldn't be $200k but closer to $150k, but we hope to see it this weekend to confirm / deny. Thank you!

Hi everyone,

We are going to purchase a house w/ my mom and would like some recommendations on how to best structure the deal. Given it's the holidays I can't call my CPA and lawyer right now, so in the interim hoping some of you all will need a break from family, be perusing Bigger Pockets and be graciously inclined to answer :) 

Price of house $375k

Renovation Costs Approx $200k

ARV $700k

We have enough to do the initial purchase in cash from my mom and money in a HELOC for the renovations from me and my husband. Therefore, based on conversations w/ my CPA in order to write-off the renovations, we (or one of us?) need to be on the title. The plan is to refinance to get as much cash back out as possible and we have a mortgage lender lined up and ready to go. My goal upon financing with the bank in my name, is to pay my mom back the $375k purchase price plus give her $20k as interest. Then whatever other cash from financing we pay back as much of the HELOC as we can. Doing this also, to ensure she only pays taxes on the $20k not the $375k.

First question, If my mom and husband were on the title as tenancy in common, after the renovations could they then "sell" it to me via a bank loan, sooner than 6 months post purchase (the waiting period I have heard banks require for you to refinance and I think finance a house if your name is on the title). My broker says I can qualify without my husband's income.  

Second, as for how the title is put into both names (whether it be mom/husband or mom/me), I read about tenancy in common but it always seems like it's a % ownership of the house. Is that true or can it be a flat amount each person "owns" and therefore is given upon sale? If it has to be a percentage, then can she be 99% and we 1% initially, so the bulk of her repayment is via purchase of the house and ours is mostly renovations and THEN before we sell, we change that percentage to equal the flat amounts we want each to get? All of this legally documented of course and how long does it take to change this and does it have to be filed with the county before processing the new title / closing documents?

Thank you all for listening and offering any advice possible and Happy Thanksgiving!

Cheers,

Christin

@Brendan Miller thank you!

Hello from Rookieland! I have a long term investment property that was originally our primary residence for 6 years, so it has quite a bit of equity. I would like to open a HELOC on it to fund repairs on new yet to be found investment property BRRR, but I am finding that most lenders don't open HELOCs on investment properties and the interweb says I should ask groups like this. Anyone know someone who does? Myself and property are located in North Carolina if that matters. Thanks! Christin

Thank you @Allison Ezzi, appreciate your help!

Thank you @Mike Szabo, @Abigail Gibson and @Derek Robinson for the information!