All Forum Posts by: Jerry Zigounakis

Trying to understand how this step is beneficial with current rates. I understand that refinancing can lower payments if you can get a better rate, or extend the life of the loan, but arent you adding more to your loan in closing costs and if you are taking equity out, potentially increasing the monthly payment?

This just in from proper insurance

"Thank you for your interest in Proper Insurance® Due to strict brush/forest fire scrutiny, our program underwriters have declined your property coverage. I apologize for the inconvenience, but we will not be able to insure your physical property at this time. That being said, liability is often the biggest concern with short-term rentals, and the underwriters have agreed to offer a general liability only policy."

Do any of these STR insurance policies cover against fire, water, wind or hail damage. Or in the even of a total loss? It seems like they only cover against accidents or damage from guests. These seem like more supplemental insurance policies on top of home owners insurance.

I am trying to get home owners insurance before my close date Feb 25, and it's been a nightmare. Most local places are offering a CA Fair Plan within a couple days, but the DIC plan is taking weeks.

I got in contact with Kin Homeowners Insurance, which I never heard of. They offer an all in one policy, and also had a great rate compared to the others. Has anyone else used Kin Homeowners Insurance? If so what was the experience like.

Any other suggestions would be greatly appreciated. Thanks

Thanks for the feedback. I am using 20% to hopefully create more cashflow. The place already has a warm cabin home vibe to it and is fully furnished. I would like to use the garage as a game room for the kids.

I just bought my first STR and hopefully closing in February. The home is in a great location in Big Bear Lake, CA close to the Village and Ski Slopes.

I have an array of emotions being scared of failung and excited all at the same time. My head is spinning on how to make this run as smoothly and efficiently to help maximize gains and bare minimum, break even after expenses. I have a feeling just starting out my home is not going to get much exposure on sites like air bnb or vrbo until I get some good reviews.

If anyone has experience in this market I would be intrigued to hear how best to manage my new STR. Big Bear has a lot of ordinances and rules to follow to host STRs. Just trying to get my ducks in a row...feeling overwhelmed.

I agree , my plan is to refi after the 2nd year hopefully if rates drop. By the 3rd or 4th year if they aren't the same or have increased we all prob will have bigger problems

I would love to invest closer to where I live in Los Angeles, but it's so hard to find good cash flowing properties under 200k. Everything I have seen under 200k here are complete tear downs.

What is everyone's thoughts on 3-2-1 Buy Down. I'm in the process of purchasing a STR and am intrigued by the 3-2-1 buy down. 1st year of the loan would be 4.5%, 2nd year 5.5%, 3rd year 6.5%, 4th year standard market rate. The hope would be to refi after the 1st or 2nd year if rates dropped.