All Forum Posts by: Jake Chial

The two banks I deal with up here do both, as far as reporting. If your taking the loan on a personal side, they report to your credit monthly, just like any other bank would. If its done on a commercial side, they don't, unless you default on the loan. I went into buying a STR planning on financing with 25% down and 20yr am. However, reading more into it I found people are using 20% down with a 30 year amortization. This was looking nice till I got to this point. I know there are plenty of people on here with multiple STR's. Can anyone chime in? Thanks

Maybe this should go into the lending side, if so please move it. This is the form I follow most so posting it here.

I'm looking to get into STR's. Im as the point of lending. I know some of you have 1+ STR's. My question is reporting to personal credit. Do all of your STR's report to your personal credit?

Reason I ask, all the commercial building loans I hold up here in MN are in my LLC with a personal guarantee.The loan gets put into the LLC at the time of sale. Nothing gets posted to my personal credit. After speaking with a few of the lenders, all the loans get put into your personal name first. After that get moved into the LLC, but still report to my personal credit unless I go DSCR.

Reason I ask is, if you want to go buy something, refi your personal house, banks see all these loans your DTI will be horrible.

Thanks

Quote from @Michael Baum:

I wish I could be of more help but this post is kinda confusing to me @Jake Chial.

So your scan of local competition shows +/-25k per year? What does AirDNA say? Is that 25k based on AirDNA estimates as a starting point?

Enemy shows that scan of +-25k based on local airdna. I know it's this way in all markets. Not always, but you can have a 3/3 pushing a 4/3 out the door based on airdna/enemy. After looking at pictures you could maybe see it. Part that sucks, as a beginner right now, I want to be in an area that I wouldn't mind staying at. Just in case the puzzle doesn't fit. On the other hand Im in this to make money, invest in what brings the best ROI. Sucks being a noob

Quote from @Andrew Steffens:

Hey Jake

I always recommend that in FL money spent on the backyard has a higher ROI than money spent on the inside. Cool backyards rent extremely well as most people come to FL to spend time outdoors.

These are my thoughts as well. Im curious for those that, say were doing a 100k gross per year, added to the back yard. What did you do and how much did it go up from that?
Thanks

I forgot to add. The house already has a pool. I’m thinking things like outdoor bar/grill under a tiki hut. I know some have put in pickle ball courts. Things like this

Im looking at a property in Florida. Its walking/golf cart distance to the beach. It has a big back yard. Airdna has a value thats ok. COC isnts super based on the number it spits out. However, based on enemy method in the area that range is +-25k per year. The one thing this property has vs the others, that are 5min closer walking distance to the beach, is back yard. My question is for those that took their basic backyard, and pimped my yard. Did you see the increase in adr/bookings to justify the cost? When I look at places to stay its all about the look. I would think I would work but want peoples opinion that have done this.

Thanks

@Scott Wolf

SFH. 850k purchase price

Looking for recommendations on local banks in this area. Hoping for a 20% down commercial lending bank. If you know of one please post. I can do 25%, just hoping for 20%. Also if you recently closed on a property what did you see for a rate?

Thanks

@Ryan Moyer

Thanks for the info man. That was a great write up. What your describing, is what I'm leaning toward. Buy a house already furnished.

Then get the theming and game room done. 

Quote from @Sarah Kensinger:

Just make sure you're calculating your cost triple twice and talking to local PM, hosts, and STR realtors about the market. It's very hard to find a property cash flowing right now, and if you put $100k into the property after purchase you might get in way to deep.

Why do you say its hard to find a property that's cash flowing right now?