All Forum Posts by: Jake S.

If you trust the operator and you like what they are doing, then absolutely. I think you should read the book The Hands Off Investor

I work with and invest in a few specific syndicators who I know personally and have had tremendous results. But if you invest with someone you are unsure of.... Watch out.

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Can anyone recommend a credit union that offers DSCR lending on short term rentals in NOLA? Looking to partner up with a union as I like to work with them up in MN.

Trying to see if any have some solid terms available

Thanks!

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Quote from @Stephen Keighery:

Quote from @Jake S.:

Hey guys! Im trying to refinance a loan but it may need to be underwritten as a long term rental rather than a short term rental like I planned.

So, was hoping someone could help me figure out what my 4 bedroom condo unit could potentially rent for in New Orleans near the french district

Thanks!!

It is hard to find rental comps as most landlords in New Orleans advertise themselves. I always ask my property manager @Stephen Leonard - I am sure if you reached out to him he would help

Fantastic, thanks! I just reached out!

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New Orleans, Louisiana

Quote from @Blake Lewis:

@Jake S. off topic - but what's your favorite beignet spot? Do you only STR or have you ever considered MTR?

Lol no idea, havent been to NOLA that frequently! and What do you mean by MTR

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Quote from @Will Fraser:

Absolutely someone can, @Jake S.!

You should connect with a property management expert in NOLA and let them use their understanding of the local market to guide you here.

Because real estate is local at its core it would be a disservice for those of us not deeply acquainted with NOLA to venture a guess.

Thanks Will, and yeah ill try reach out to a few if i can find some!

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New Orleans, Louisiana

Quote from @Blake Lewis:

@Jake S. New Orleans is such a great market! What's having you lean towards short term rental?

Its based on the location and what my investment team (who owns the building) have experienced thus far! And I agree with you!

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New Orleans, Louisiana

Quote from @Dave Foster:

@Jake S., as @Buddy Holmes said, there is no statutory holding period. The key is that your intent was to hold the property for investment use. Most folks feel very comfortable with anything over a year. But there could always be reasons why your intent could change in less than a year. You just want to make sure that your intent started out to hold for investment and now it has changed. And you want to be able to demonstrate that.

Thanks Dave! Ill be in touch with you in a few months to potentially go through this process if i decide i no longer want to hold it!

Keeping proper records of intent until that point

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Is it worth it to have each business/rental LLC be owned by a parent LLC and then a Trust?

Just trying to determine the pros/cons and the necessity of it all? Im assuming an Attorney could easily transfer my LLCs ownership to my parent LLC?

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I am about to begin a BRRR project where i plan to rent it as a short term rental after completion. I would like to have the ability to sell and 1031 if need be, but would like to know the exact details as to the time frame? Id just like to have this in my back pocket if the property doesnt rent as well I as hope after a couple of months or so

My understanding is it starts with what my intent for the property actually is and not necessarily a set time frame?

Thanks!!

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All Forum Posts by: Jake S.

Jake S. has started 44 posts and replied 828 times.

Post: Syndications, are they safe?

Post: Credit Unions that lend in NOLA

Post: Help with determining potential rent amount per month in NOLA!

Post: 1031 Exchange from a BRRR project

Post: Help with determining potential rent amount per month in NOLA!

Post: 1031 Exchange from a BRRR project

Post: Help with determining potential rent amount per month in NOLA!

Post: 1031 Exchange from a BRRR project

Post: LLC -> Parent LLC -> Trust

Post: 1031 Exchange from a BRRR project