All Forum Posts by: Elizabeth Park

A quick tip we learned from @Al Williamson:

If there are extended stay hotel brands in the area, that's a good sign there is MTR demand. Akin to Burger King placing restaurants near existing McDonalds. McDs did the market research, BK drafted in McDs wake. Same with extended stay chains.

Best wishes to you.

Hi @Elizabeth Park
I have started my out-of-state real estate journey in Indianapolis. Now, I have a portfolio of long-term rentals and STRs.

I've also helped other investors with their DSCR loans and flip projects. Happy to share my experiences and chat with you more if you're interested.

Furnished Finder, Airbnb by comping out other MTR (you can use pricelabs to make it quicker), or calling the local hospitals and asking them how many traveling professionals they have on a regular basis and if they struggle to find housing.

Good on you for jumping in and doing it yourself! Let’s connect! If the numbers are solid, I should be able to help with funding! 

Hi @Elizabeth Park, 

You're getting some great advice on loan products. You will need some cash however, at least for the earnest money deposit. You can also raise private capital, but structuring creative deals and private money does have its own learning curve outside of the real estate itself. 

I'm curious, why try to do this all on your own? If your husband has already figured these things out himself, I feel it would be much faster to have him show you what to do. Asking for help doesn't make you weak, it ultimately makes you stronger as you can level up faster. 

@Elizabeth Park

I have to ask - you're based in California but are looking to start in Indiana?  Will you go there in person?  Do you have a team in place?  Why did you choose Indiana?

 Hello Elizabeth, 

For the properties at a $70,000 purchase price, you may be able to finance this with a blanket loan on 2 or more properties that are the same property type. Min loan amount is $50k per property 

For those that are $200k, you may easily finance this with a single DSCR loan. Min loan amount is $75k per property.

Most DSCR lenders will use either long term or short term rents to qualify you. I have not heard of any that use Mid Term Rents...

So, if you are looking to do a purchase only, no rehab a DSCR loan would be the way to go for you. DSCR loans do not use your personal income to qualify, rather your FICO and if rents will cover the PITI(pricipal&interest, taxes and insurance).

If you want to buy and rehab a property to increase value and rent out, a hard money loan would be a way to proceed

@Elizabeth Park

Get it from your husband 😃

Search the stats on Furnished Finder for your city and check out listings there. Also search for 30+ day stays on Airbnb in your area to see what type of listings there are and look at their calendar availability.