All Forum Posts by: Elena Casey

Just made the offer. I thought and overthought and analyzed 'till paralyzed and ultimately, a bunch of the "worst-case-scenario" needs to be supported by a little bit of hope. I'm mortified. Is it bad that a part of me is so scared, there is a little bit of hope in the back of my mind that it won't get accepted? Wish me luck. 

Not much available for rent in the area. Only one 2-br/1ba unit for $1,000/mo. According to the current landlord, he was "flooded" with applications at $1,250 or $1,275. Might or might not be true but the one unit is renting at $1,200

Maine. All utilities except for water and sewer covered by tenants. 1 of the two-units occupied with a month-to-month. I don't own any other properties. Roof replaced in 2004. Self-managed. 

Financing the Down Payment with a HELOC

Good morning, 

I'm in analysis paralysis on pulling the trigger on my first two-unit investment property. Could you please help figure this out before I put in an offer this morning? Location is great for kids. 2 3-room units in a great neighborhood, move-in ready condition. I'm scared of making a stupid offer. HELP!. See attached in comments

Thank you in advance!

Elena

@John Clark Unfortunately it is right and Airbnb was most definitely discovered. If you rent for a weekend, you essentially sacrifice one night. And then pay association fees and other costs on top. I posted a link in this thread to my cost calculations although I might have not taken ALL the costs into consideration. Just enough to scare me off. :-)

@Ken Latchers Very true. Once you're in, you're on the hook for pretty much anything they decide. Which can flip a good investment into a bad one pretty quickly

@John Underwood Agreed. I don't have to go through them but with the check-in and housekeeping fees would pretty much end up in the same spot. :-(

@Cliff H. Thank you very much for taking the time to provide advice and offer your thoughts. It also helps that you are familiar with the area. It's a very small resort condo (600 sq feet or so). Rents for as high as $135/night during the peak season but as low as $59-$69/night off-season. That's why I'm assuming $90/night. The place does come fully furnished but lots of things are outdated although functional. The reason I assumed $3k for repairs is to install a ventless washer/dryer but yes. It feels like I'm way underestimating it. The bathroom vanity needs to be replaced and a bunch of cosmetic work needs to happen. Probably should be more like $5-$10. Which makes it even less attractive to pursue.

Oh and it wouldn't be used very much by the family. I view this first as an investment and second as a getaway. When it doesn't interfere with income :-)

How do I keep up with he regulation changes? News?

Board meeting minutes? Thank you again! It means a lot. I feel unpleasantly "immature" at all of this.