All Forum Posts by: Christopher Cornett

Hello All - We bought our first Airbnb in November last year. I have 5 other long term rentals, this is my first short term. It is a lake front property on High Rock Lake in Lexington, NC with dock and direct water access. There was an error by my insurance agent on the cost of insurance the day before closing it was discovered the property was in a severe flood zone even though the lake is controlled by a dam and my insurance quadrupled unexpectedly. Because I only put 10% down on a second home in this scenario I have PMI on the house too. My payment is $2,157 when originally I had planned for about $1,750. It is still expected to cash flow in season but I would like to get the payment down. Any refinance suggestions or ideas on using private lending so I don't have to have flood insurance? Thanks in advance!

@Chad Maxwell I recently closed on a second home that I am renting and used Movement Mortgage. My broker was terrific and was available 24/7 during the process. We got the home closed in 15 days from sellers acceptance of my offer. My agent was in Burlington, NC but they are national.

I went to look at several SFRs today as I am getting ready to jump in on my first deal. One of the properties we looked at we walked in the front door and somebody had thrown a rock in the side door and broken in and spray painted graffiti everywhere. The graffiti seemed to be from a prior disgruntled tenant. The home is in pretty good shape with a newer roof and all the vandalism is repairable. I have the crime data on the area and know the area.

My question is does this bring major concern that there is a disgruntled ex-tenant out there who clearly has no boundaries? Could this bring on further trouble for me down the line if I was to buy?

I am new to the BiggerPockets form and have recently listened to Brandon Turner’s book on Real Estate Investing. I am about 40 miles outside of the Raleigh, NC region where housing is booming. I am starting to analyze properties and drafting my first financial statements so I can plug information in and run numbers before making any purchases. Any advIce for fIrst rental property type and general key things to be aware of? Thanks!