All Forum Posts by: Account Closed

Quote from @Lindsay G.:

Hello, I am in a position to make all cash purchases for rental properties (either turnkey or recently updated, NO rehab) using a HELOC. What is the fastest way to get that cash back to pay back my HELOC after purchasing? Is there still a seasoning period when a purchase is all cash? Do I get a private lender first and then refinance with a bank if I do have to wait for a seasoning period? What if I'm using a LLC? Thanks!

You should be able to find a bank or another lending establishment that will not have a seasoning period if you talk to enough of them. Otherwise, I believe 6 months would be the typical time frame. Other investors with more knowledge in this area, please correct me if I’m wrong. 

Hello Biggerpockets Community!

I own two one acre parcels in Star Tannery, VA. I initially planned on setting up primitive campsites. After getting labor quotes and running the numbers, this doesn't seem like the way to go. I'm currently thinking that building a house on the property to use as a STR will be the next best move. I have a few questions.

Does anyone have any experience with STRs in this area? (Shenandoah Valley) 

What options do I have as far as financing? What would be the best way to go about financing this and possibly refinancing after the build is complete? 

Is this still a good time to be building a new house to use as a STR?

Thanks!

Hello all, 

I have talked to two different attorneys now that have both said that they need confirmation from the sellers lender that the will allow the loan to be assumed before they can write up a Purchase Agreement. How are others out there structuring subject to deals? Is it typical to ask the lender if you can assume the mortgage? 

Quote from @Henry Zhu:

Looking for Airbnb properties in Luray, Front royal, Shenandoah valley area.

Any experience and advice would be much appreciated.

Hey Henry, 

The area is an excellent place for STR’s, but make sure you do your due diligence on HOA’s and the towns your looking in. As far as I know, Front Royal is a bit iffy on the whole STR thing. 

As far as an agent goes, give Amanda Downs a call. If you message me, I can send you her contact information. 

 
Hope this helps! 

Quote from @Bruce Woodruff:

What does the contract (signed by both parties of course) have to say?

There is no contract. He never actually spoke to me. Is he able to put a lien on the property for work that he did without getting in touch with me? 

I’m in a bit of a dilemma. I had contacted a surveyor over a month ago and they never got back in touch. Fast forward to yesterday, and they sent me an invoice for work they stated they did. My plans for the property had changed between when I contacted them and now. Additionally, we never agreed upon the work, pricing, or anything. What do I do in this situation? Do I just pay up to avoid a lien being put on the property? 

Check out websites like listsource.com. You should be able to glean a good bit of information from there. 

Quote from @Jonathan Christmas:

So I have a friend selling his place for well below price a true wedge deal. I have a few options for it the first thought is BRRR then a buyer called me and is wanting in on it. The issue is if I give out the address and asking price they could scoop it up because I don't have any paperwork on it yet. How do I protect the deal if I wanted to find out what a seller would pay for it?

 The only way to protect the deal is to put it under contract. I may be wrong, but even with sub to you would put it under contract. The title would then be transferred to your name at closing. 

That being said, I would think your best plan of action would be to sell the house. Then funnel that money and savings into several short term rentals (larger cash flow). From there you can work into more short term rentals and/or long term rentals. I don’t see why you couldn’t pick up at least two good properties to use as short term rentals now with your savings and equity in that home. You’re going to want to focus heavily on cash flow. You may not find that where you live or move too, but don’t be afraid of investing in other areas. Just be solid in your research and due diligence and you’ll do well! 

Your goals need to be something you decide. Do you like your job? Are you making enough money to live how you want to? Do you have kids that you want to provide a better life for? These are all questions that are different for different people. If you don’t like your job, maybe your goal would be to build enough cashflow to quit the job with. Maybe you like your job and just want to be able to take more vacation time or more time with your family. I’d recommend reading as much as you can about different investing strategies and picking one that suits you, but you have to stick with it. Then set goals (ex: 10 units in the next year so I can quit my w2 job). Work backwards from there. Listen to Biggerpockets podcasts if you aren’t already. Just start soaking up information and do a little digging within yourself to see what you want out of life. A lot of these questions can only be answered by you! While it’s a lot of hard work, it’s worth it.