All Forum Posts by: Jackie Tang

I am currently looking to invest in STR as well. From my research, you have to be very careful on the new local government regulations. Lets say for example in the Smokey Mountains, there are working on limiting STR permit to a certain number per person. Also find out if you need to pull permits for short-term rentals. The current LTR we had for our townhome cannot be rent for less than a year per HOA rules. Another things I am considering is also if I can put a team in place, such as the handyman and the cleaning crew. They are the "superstar" for your STR, especially investing from long distance.

Hi April, sounds like you got an agent who is not meeting your level of motivation to buy or understand what you want. As an agent myself, I focus on finding the properties and communicate it to my investor buyer quickly. Sometimes I will further filter out the MLS listings before I send them to my buyers because I don't want them to waste time looking at properties that I know for sure they won't have an interest to look at. Also, you should talk with your agent and discuss your expectations. Sounds like you are actively looking, I try to further priority my time for my clients has higher motivations to buy, compared to clients that are just casually looking at the moment.

Depends on how you want to invest, there are good BP book focusing on specific strategies: Long Distance Real Estate Investing, BRRRR, Short-Term Rental Long Term Wealth, or a more general read will be Real Estate Investing by Brandon Turner.

Took about a year for self-education and about a month to buy the property. I understand the first rental is not gonna be a home run and I truly believe that the first few property is to build momentum. 

Quote from @Brad Brazier:

If I'm wanting to buy a property on the other side of the country, how I can find out if the property needs a lot of repairs or is in good shape? Do I need to hire an inspector to check it out and also would someone selling their house just let me send an inspector over to check it out, I'm not sure what the common practice is in this situation, thanks in advance for any help! 

The Core 4 from David Greene's book is definitely super helpful. 
We just acquired a rental property sight unseen. What gave me the confident for the purchase was I had a trusted realtor who did a live video tour of the property for us. In the offer, we also had pass or fail inspection so if there was anything wrong that would cost too much for us to fix, we still could back out the deal.

Hi, 

Anyone has recent experience to share with the new Google Voice for Business? 

Thanks,

Jackie

Quote from @Michael Noto:

You gave gotten good information on this thread, in general it all comes down to your debt to income ratio so if your properties are cash flowing it should be less of an issue to qualify for loans on the personal side. 

Is it better to buy the rental under my name and collect the rent under LLC to show the income?

Quote from @Jack Robinson:

Hi Jackie. If you are worried about buying a personal property, I might suggest looking to put the rental into an LLC. This way your rental property is separate from your personal liabilities, and that can make buying a personal home easier.

From my understanding, it will be hard to obtain a loan with a new LLC? And also the due on sale clause might cause some issue, although it is a small possibility.

Quote from @Steve Smith:

Not necessarily, but depends on the lender. Most lenders will look at the investment house as an investment and it shouldn't affect a new loan, unless it's negative and not producing well. Also, a lot of lenders get turned off with investors once they get about 4 rental properties, then they get hard to deal with. There's an argument for seller financing and you don't have to deal with banks.

 Thank you Steve, I'll check with my lenders on that.

Hi BP members,

I am a newbie here but I have been listening to the BP podcasts for the past year. We are thinking to buy a long term rental property. We currently have a mortgage for our home and I am just wondering if we buy a rental property now with a conventional loan, will it be harder to obtain a bigger mortgage if we were to move into a bigger house down the road? 

Thanks,

Jackie