All Forum Posts by: Jenn Richardson

 You can get financing for american properties through most of the big 5 banks in Canada.  They use your Canadian credit score to qualify you.  Last time I borrowed it was min 20% down, I went with RBC USA bank.  They also charged a decent interest rate at the time (2011) which was 3%.

I rent a house (I live in the house), and when it rains alot, and the ground is saturated, a small river starts coming out from the foundation, runs down the cement stairs and goes down a drain.  I live in the PNW where is rains all the time.  It doesn't affect anything, including my water bill.  Has your sewer or water bill increased since the leak....if not, it's probably ground water, still a problem though!

@sarah 

@Sarah Hansen I use the same property for the MTR/STR. I adhered to the philosophy that if folks are staying for 4-6 months, they are "living" in the property as if it were their home, they bring their pets and sometimes their family visits. For example, I supply towels, plates, cups, bowls, sheets, duvets etc. as if I was living in the house (so many multiples of each thing). I have a dutch oven, slow cooker, rice cookers, baking sheets, muffin tins etc. and a billion utensils! The STR guests are always commenting on how "well equipped" the house is. I bought the home with the intention of eventually living in it myself, and stocked it accordingly. I rent exclusive to MTR snowbirds. IMO that group is low risk: they have a home they want to go back to in their home state/country so they won't be overstaying. I hope that helps.

Determine which niche you're trying to attract to your MTR's. Some niches will pay significantly more than others i.e if you own property in a sunbelt state, you could attract snowbirds for 4-6 months of the year. I do MTR for 4-6 months and STR the remaining part of the year. Also look up monthly rates on VRBO and find some direct booking sites where an MTR guest would book directly with an owner and check their rates. Also, furnished finder and some sites that cater to "travel" health care staff.

Investment Info:

Single-family residence buy & hold investment in San Tan Valley.

Purchase price: $90,000
Cash invested: $45,000

RE market crash enabled purchase of vacation rental property.

What made you interested in investing in this type of deal?

Vacation rental cashflows, property appreciation, being able to use this property as our own place to stay while on vacation.

How did you find this deal and how did you negotiate it?

We supplied local RE agent with our price criteria and she recommended a number of properties.

How did you finance this deal?

Savings

How did you add value to the deal?

Fully furnished, new paint, fixtures, blinds, flooring, doors, ceiling fans, new AC unit and Furnace, irrigation, landscaping, garage door, water heater, toilets, updated cabinets, built in pantry.

What was the outcome?

Available via direct booking for 3K/month to Canadian snowbirds, Nov-April, Airbnb and direct booking occupied other times of the year.

Investment Info:

Condo buy & hold investment in Victoria.

Purchase price: $200,000
Cash invested: $13,500

Buy and Hold 1 bed condo purchased for my young daughter to eventually live in and be able to pay less than market rent when she moves out.

How did you find this deal and how did you negotiate it?

Agent/MLS, on market for 6 + months in a very heated market where multiple cash bids over asking was normal. Starting price was 236K negotiated down to 200K. Property had 3 owners, originally purchased for approx 120K, they were looking to cash out. Interior had not been updated since 1990s at the earliest.

How did you finance this deal?

10K self finance from savings

How did you add value to the deal?

3500 in renovations from savings, new carpeting, paint, fixtures, doors, blinds/curtains, baseboards, heaters, refinished cupboards, new flooring, closet doors and organizer, electric fireplace.

What was the outcome?

Rent increased from 900/month to 1600/month, vacancy rate 0%.