All Forum Posts by: Jenny Milu

Ed Mylett! - This guy is the man!

Dr. Jim Dahle from The White Coat Investor - Great Content provider!

@Account Closed - I'm in the analysis paralysis phase, and I'm not sure what my actual question is, but my situation is there is absolutely no inventory in the market I'm wanting to get started in (a small resort town in MT), and I'm struggling to want to get started in a different market. I identified a need in the particular market I'm wanting to get started in, but there's no inventory under 600k. The higher price point, makes me feel uncomfortable with the risk of it a STR potentially not doing well at that price point for the area, but I'm also eager to get started and have enough capital to get started. I see endless possibilities of making various moves, but where to start and why?

@Brandon Beardt

YES! This is what he was referring to!  Thank you for explaining this is so much detail! This is helping me realize I need to learn what a 1007 is as well as more details about the specific loan product he was referring to.  

I'm working on getting my first STR, I had a call with a broker from The One Brokerage ( why not, I listen to Bigger Pockets Real Estate Religiously). Anyways, the broker I was speaking with let me know I had two options for financing, one being an Investment Property Loan ( forgive me, I'm likley messing up what this is called) and the second option was a second home mortgage.

When he was talking about the Investment Property Loan, he kept talking about a "credit" to me based on comps in the area for rents if the home had never been rented before. Not credit in the traditional sense and it seemed like it was more of proof.  This was super confusing, I asked questions to try to understand more and still am feeling a bit lost. Does any one understand this credit which seems to be more like proof and why it's necessary or even matters?

I'm still in the "researching phase" although we were ready to purchase our first STR / vacation home in a couple of towns nearby. I'm dragging my feet a bit on pursuing something due to uncertainty in my partners job. It's a small ski community where a STR would thrive in the winter, theres a possibility we might be moving to an to be determined location mid winter (in the next 5-6+ months) but there is also just of a likely chance that we stay. I'm not wanting in case we do stay, but I'm also not wanting to jump into a STR if we are having to relocate, any words of wisdom on managing a first STR from afar IF we do move. Or how to just stop feeling very stuck!

Thank you!

Hello! 

First time posting on here!  I've been in the researching phase of things for way too long,  there is a house in my neighborhood that has been vacant

for quite sometime now,  I'm interested in approaching the owner to see if he's interested in selling it, was wondering if anyone had suggestions for this

type of communication of what works well and things to avoid?

Thanks!