All Forum Posts by: John Mausteller

I will mimick what everyone else is saying!  Congrats!  

I think you have a variety of options and all of them are good paths. If you could find another multi family and get a VA loan on it, that is probably what I would choose. I think with having a new baby, I would rather the multi family than a roommate. While you wait for a multi family, I would continue living in the camper. Once you find the multi family, you could even keep the camper and place it for rent on something like Outdoorsy. Since you are in Jacksonville - you could offer to trailer it and drop it at various state parks nearby (Little Talbot Island State Park, Fort Clinch State Park, etc). I know people who have done this other places in Florida and end up making good money - that pays off the camper AND then cash flows and it is relatively easy! There are lots of people who want to go 'camping' but do not have an RV or do not want to trailer one. Having it dropped at the campsite, and picked up - is so easy. Plus once you are a stay at home mom - that could be your side income, easy to clean them after check outs. Just an idea...

Congrats on your new family and how far you all have already come at such a young age! 

Hey Brandon -  You can certainly find properties that cash flow here - but as others mentioned, if you are buying turn key in this real estate market, you are paying a premium.  You can certainly find a deal if you are willing to put in a little TLC.   I would definitely focus on homes on the oceanside of Rt 158 - if you are looking in Kitty Hawk, Kill Devil Hills or Nags Head.  If you are looking further south, I would just be mapping how close the beach is via walking.  Renters want easy access to the beach.  I sell real estate here and also own a number of my own investments here - and as Wilson mentioned, if you self manage you can certainly save some of the fees and commissions that traditional management companies charge.  Of course, self managing comes with its own hurdles but it is certainly doable.   Reach out if you have any specific questions about certain areas or even certain properties you have looked at!  Happy to help!

I agree with this wholeheartedly.  No one ever talks about it - but buying a property that pays for itself and any suddent expenses and continues to grow in value is the way to go.  If you are in your 30s, then by the time you are in your 60s and retirement age - these properties will be paid off! (Assuming you did not refinance to pull out cash).  Great thoughts above Arn!

Outer Banks is a great market for STR rentals - with various management options, from full service companies, to Airbnb 'Hosts', and maintenance / services only companies if you are self managing!

Sounds like a nice life - we initially started investing with 'lifestyle assets' - finding a rental property in an area we like to visit and that would rent well - and buying it. We now have rentals in the Western NC mountains, the outer banks off the coast of NC, and Costa Rica - and split our time traveling to all three - and our primary home has an ADU that covers all expenses and mortgage. I would look both in Puerto Rico (lots of surf and adventure tourism there and it is easy to get to from most of the eastern US) and in Michigan (I know the great lakes attract a rather large tourism crowd in the summer months).

Good luck! Excited to see where it takes you! Also - in both places it would be icing on the cake if you found some sort of duplex or house with an ADU , so that you could be either place, and still be bringing in money from the neighboring unit.

Sounds like you have a good plan! House hacking is the way to go especially at your age. FInd a place you can add some sweat equity, live in for some time, and get some help with covering the mortgage (or maybe even be able to cover all of it!). Keep your options open - duplex, sfh with ADU, etc. We have moved from house to house that have adus, or were duplexes and it really is what helped us scale.

Anything that’s a novelty rents well short term , whether that’s a tiny house, container Home, a frame , dome house, etc etc.   People love something different on vacation - especially young travelers or couples.   Sure some people only like 4 bedroom or bigger homes - but there are TONS of those out there for them to choose from.   Creating an experience in a one of a kind rental (tiny house or whatever it is) can generate great revenue.  

Besides the typical higher rate, which is to be expected, we have had numerous DSCR lenders promise closings in 30 days or less and then end up taking sometimes as long as 60-75 days to fund and close - which has resulted in deals being lost because seller gets impatient and wont extend closing etc.