All Forum Posts by: Gerald Pitts

I'm closing on some refis with a local community bank in the area that was much better priced than every other option I found. They offer a portfolio loan product that allows mortgage under LLC, charges 1 point, and 30yr amortization. Minimum 15% down and you have to own a total of 6 units or less to qualify. Not sure what the rate is now but I'll bet it's much lower than 6.5% and with less points.

Here's the link if you think it's a fit for you: https://fcbanktn.bank/casual-i...

Website says 500k max loan amount? Assuming that was not the case with your loan correct?

Luke, Purchase price may be the deal breaker. I agree with others that I wouldn't let the rate be a deal breaker necessarily. Would think you could refi out soon enough. I do think rate could be a negotiating tool. Prices seem to be coming down due to rates. They may need to too.

1 Vote

Get paid for your pad podcast just had someone on from rank breeze to discuss.

0 Votes

Quote from @Arwin Nassiri:

Does anyone own a rental unit here and if so how is it doing?

You wouldn't believe it. Tremendous. You're gonna win so much, you're gonna be tired of winning. A lot of people are saying that it's the best market they've ever seen.

7 Votes

Chicago, Illinois

Quote from @Ariel G.:

@Mike Dymski haha thank you, that is reassuring. I feel like I’m should be doing better and have acquired more properties by now.

Stop and smell the roses, Ariel. You're killing it!

0 Votes

Fort Lauderdale, Florida

Avery Carl had an interesting conversation with an STR investor in Savannah, Julie Gates on her podcast.

1 Vote

Savannah, Georgia

Quote from @Daniel O'Neill:

Quote from @Gene Hacker:

Most of the books I have read are geared towards the absolutely new investor.

What books did you read? I read Avery's book and right now I'm reading Optimize your BNB by Daniel Rusteen. Not really a systems book though.

Agree with these book recommendations. You might find more system related content in podcasts.

I like short term show, short term rental secrets, get paid for your pad.

Also Who, Not How is great for this mindset. And Vivid Vision.

4 Votes

1. Read the books
Who not How
Long Distance real estate investing (David Greene)
Short-Term Rental, Long-Term Wealth (Avery Carl-she also has a couple of podcast eps on BP)

2. Study vacation rental markets, find one with a long history of tourism, and where regulations are already in place (opposite of Nashville where I also used to try to do STR :) )

3. Analyze 1 or 2 STRs every day for a month or two.

4. Apply what you've learned above, pull the trigger.

2 Votes

Nashville, Tennessee

Some of the better reviewed virtual interior design companies are:

Decorist
Havenly
Decorilla

You could compare cost and value to what you could get on Fiverr or Task Rabbit, and see who has the better bang for the buck.

I also agree with gathering ideas from other local listings to get a feel for what ppl respond to.

1 Vote

Quote from @Maddison Gobble:

Hi everyone!

I own a short-term rental company and a property management company named Lively Stays Management LLC. I am curious how everyone is finding short-term rental co-host clients? Any advice would be helpful, and if I could return the help by answering any of your questions, I would love to help.

Thank you so much in advance.

Maddison

I haven't done this yet, but I plan to research virtual assistants when I do.

0 Votes

All Forum Posts by: Gerald Pitts

Gerald Pitts has started 11 posts and replied 460 times.

Post: Selling a Property that is Active Airbnb

Post: Keep the deal or walk away due to rates? Smokies

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Post: Trump Tower Chicago?

Post: Sell or not to sell VR with 650k Equity

Post: Expert in STR in savannah, GA

Post: Systemizing Short Term Rentals

Post: How To Setup A Airbnb Unit Remotly

Post: Interior design on short term rental

Post: Advice on short-term rental property management