All Forum Posts by: Clayton Plummer

@Rob Joon

In your previous comment you said that Saugatuck city has a STR cap, but it was in its infancy.

The township does not have a cap though?  Weird that the township would go one way and the city another.

@Zach Edelman - I'm probably misunderstanding what you are asking for, but Bigger Pockets literally has a BRRRR calculator under the "tools" menu.

Good luck!

@Mohammed Milord -

It can help to have the rental unit occupied already, but that is not going to stop things from needing to be fixed.

Also, to back Manny up, the home warranty is only good for less than a year.  You need home insurance as well.  They overlap each other, but don't cover the same exact things.

Yes, it is important to have cash on hand.  If you're doing well for yourself, you're making about $100/door from a rental after EVERYTHING is paid.  $100/month is $100/month, but it doesn't add up too fast at first.  

The basic rule for the amount of cash to have at hand is 3 months of ALL expenses as if the rental was unoccupied and you had to pay all the utilities on top of the full Primary mortgage, Interest, Taxes, and Insurance (PITI).

As well, it's pays to have a bit more because life happens.

Good Luck!

@Rob Joon 

Good to know.  I'm surprised Saugatuck set a cap.  Isn't that basically how the city makes all of it's money is tourism?

Doesn't matter.

An above average property huh.  That seems like a tall order up-front, but I get what you're saying.

Thank you.

I grew up in Battle Creek. We use to go vacation in Holland, Saugatuck , Grand Haven, South Haven, etc. I've been out of state for a long time now. Where are the good STR locations on or adjacent to Lake Michigan? (Are there any bad spots along Lake Michigan?)

Also, is the Traverse City area still the Lower Peninsula ski destination?  Boyne, Crystal Mountain, Nubs Nob, etc.

Thanks in advance, Clayton.

Hi, my name is Clayton Plummer. I buy houses in the Manhattan, KS and surrounding areas. I'm looking to buy at least 2 single family houses that need minor repair in 2024. If you or anybody you know is selling a property in this area that fits that description I will pay you $1000 for any single family homes I close on.

@Alessandro Ricciardi -

I would ask your realtor if they know any in the Miami area.

Or if you belong to a REIA (real estate investing association) there in Miami, there has to be one or two of them also in the group. OR, most likely there are members who have run into issues and have a lawyer or two that they know.

You definitely want someone that specializes in real estate and even more specifically in whatever issue you are running into.

Good luck!

I don't know about the Dallas area, but I am currently house-hacking a duplex and it's great.

A deal is a deal, so definitely do your homework and make sure it's the right property.  

My wife and I use a property manager to handle the other side of our duplex.  My wife and I work full time jobs, so dealing with tenants is a low priority.  Yes, we give up 10% of the monthly rent, but we have the piece of mind that someone else is dealing with the issues.

Anyway, good luck!

@soleangel - Technically it depends.

If you try to use a big bank like BofA or Wells Fargo, then Yes it matters that you have a gap in your employment.

At the same time, if you talk to a local bank and speak with one of the brokers there, they may be more lenient.  Definitely good to know a fellow investor in the area that uses said local bank for their investing.  They can go in with you and help steer you to the correct person to talk to.  Having the cash in your HYSA and the great credit score are always good things.

It will still "cost" you for having the gap, but there are ways around it.

Good luck!