All Forum Posts by: Darius Inge

 What are the options? I have heard of giving the lender a second lien. I'm not really sure how that works and what else can be done.

I applied for a HELOAN but the payout was not enough to roll into another property without a PML. I would like to take the equity loan once I have enough for a down payment, so the PML would need to come first -- at least for the time being.

I have not made a presentation. I will shoot you a msg

I purchased a short term rental (STR) December 2021 and it is doing great. I am ready to purchase another but won't have the funds for another 6+ months.

I have reached out to family but even though they see the money I am making they don't want to invest. How are you all finding private money lenders (PMLs) in your area that will allow payment terms of longer than a year? I am not rehabbing properties. 

The terms I want to offer are 5 years 10% interest. 

I am located in the Los Angeles area.

It is definitely slower; guests are being hit by and are worried by a lot, plus the post-Covid demand is subsiding.

We are in a few FB groups as well and the admins are stressing to not drop prices. I dropped prices in May, which is a historically slow month in my market and got booked 87%, while many of the others who held firm to not lowering prices have 1 or 2 bookings max. I am cash flowing $3000+.

I am holding strong on not lowering for the summer yet. We got some bookings about a month ago for June before we increased our ADR. Since the increase we have only gotten 1 more weekend booking in June. We plan to hold strong for a little while longer before dropping rates some.

I have been looking around and found a few major cities where it seems to be common practice for the landlord to pay most, if not all, utilities. However, I plan to meter and pass all utility costs to the tenants wherever I buy. Would doing this in a market where this is not common hurt my ability to get tenants?

@Garrison Weiner @Rich Littlefield we are looking primarily in the south for 6+ unit properties, however we are open to other areas.

If we are investing in an out of state property is it possible to use a small bank in that particular town for a loan, or do we have to use a bank in the town we currently reside?

@Aaron W. Thanks for the helpful information, I really appreciate it! 

@Aaron W. ^^