All Forum Posts by: Earl Cohen

Does anyone have any experience with renting to Corporate Relocation companies who provide temporary housing solutions for insurance clients who have been displaced from their homes due to claims? Does anyone have any experience working with Dan Housing or CRS (Catastrophic Response Services) for Medium Term Rentals?

Thanks, Earlc

Ozzy,

I am near caroll park 1370 Washington Blvd

Have you seen the Property Llama tool by Bigger pockets member Chris Lopez? 

https://propertyllama.com/

I am looking for recommendations for Baltimore RE Agents familiar with the Pigtown/Washington Village neighborhood in Baltimore Md.  Looking for agent with a track record of sucess in marketing and finding tenants for rental properties in this area.

Troy,

I am assuming you are taking out the HELOC to get money for a downpayment for the new STR #2. If that is the case, have you considered if the seller, or bank would allow you to pledge or cross collateralize your "equity-rich" STR #1 in lieu of a typical cash downpayment. This may be possible if the Lender for the new property and the property you already have the 3% loan on are the same lending company. In theory, that lender that has the 3% loan with you now on STR #1 would know the current value of your home and your payment history and would know how much equity you have. They may allow you to pledge that asset's equity instead of a cash downpayment and pick up a new loan on STR #2 at the prevailing interest rate. The only caution I would have is that you need to make sure the combined net cashflow from both properties covers each note.  Because terms of the loan will most likely contain a cross default clause.  Which will allow the bank to foreclose on both properties if you default on one of them. I would also see what your sensitivity to vacancy is.  You cannot afford any major long term vacancy. You should also make sure that your jurisdiction has no plans to change rules on STR rules especially during the early years of your acquisition.