All Forum Posts by: Joseph Bafia

I've leveraged equity in my properties to fuel growth in others. Rather than refinancing, can you get a HELOC? We've funded our properties in various ways, so there are always options...including the way you described if the deal is right and the numbers make sense.

Your vision for doing an STR are spot on in that cashflow will be better than an LTR, but it's not as passive as LTR. If you're interested in more info on how to get into STRs and even self-manage (like we do), then happy to connect!

Best of luck!

We've financed several different ways. Second home loan, Seller financed, DSCR (there are some now that will do 15% down) and partnership deals. We've used personal funds, Heloc, borrow against retirement account and private money. There are so many ways to be creative and just takes a plan and strategy. Happy to help share our story!

We're not in Milwaukee, but have helped many get going with STRs through Zoom calls and virtual help.  Feel free to reach out!

Reach out and we're happy to help.  We've helped many get started or convert homes to STRs. We self-manage 6 STRs and 2 LTRs and pursuing several others.

@Tuli Green as with everything real estate, it varies. Our best cabin (our first one) does roughly $30k/year Net and CoC is about 90%. Our others range from $10k annual net although the way to "too new to rate" as we've had 3 new purchases in the last 5 months, so they're just getting started and don't have the momentum yet that the first one does. Coc can be anywhere from 20-60% estimated.

We have 6 STRs and 2 LTRs.  We are north of Asheville about 45 Minutes, Northeast of Asheville about 40 mins and now pursuing a larger project west of Asheville about 40 mins away.  We also have one at the coast of NC and also one in CA.

Our places in Western NC stay busy all year long with little vacancy issues.  

As for VT, really anywhere near outdoor activities.  We lean towards smaller homes that are a bit remote.

1. If your comfort level is being near your STR, then sure...look closer, but as @Mel Adams states, you do NOT need to be close to it (even if it's your first one.  Our first one is 4.5 hours away and we have one in CA (and we're in NC).  I'm not driving to my STR to fix things or do a cleaning regardless if it's 20 mins away or 20 hours away.  Build your system, your team and things work out.  We've helped many people who own properties nowhere near their home town.

2. We have purchased in all markets.  We've bought a home for $88k just 2 years ago that now appraises at $210k+.  We paid full retail & high price for our first coastal property, but the numbers still work.  

3. Advice is "Don't wait & take action".  There are plenty of properties being sold every day.  Others are buying in this market and in any market and do well.  You've heard the saying "you don't need a home run on your first deal".  I agree...but I believe you can't even get a single if you don't step up to the plate and swing.  I WISH I would have taken action much earlier, that's why I'm not slowing down now!

Best of luck!

We have several STRs and have financed using various methods including second home loans. Just depends on your personal financial situation, funds, DTI, etc. Always a solution for a great deal. All of our STRs are are SFH, but I would personally look at condos if the right one came up. We have several people we've worked with that are doing quite well with their beach condos in terms of cash flow.

As far as analyzing CoC, a simple spreadsheet with your revenues and expenses will answer what you need.

PS - I also have a LTR just outside of Chicago. 

We've had 100% success with Facebook as well.  My son will simply join the area/neighborhood group and then use the search feature for "housekeeper" or "cleaner".  He then browses posts and referrals and then contacts the person.  We will usually have 3-4 come and meet us and "interview" and then pick one.  Have not been disappointed yet and we're in 4 different markets.

I will add, we pursue more "individual" people versus a company/service.  The ones we've found are loyal, local and bought in.  We pay them top dollar (higher than anyone else in the area) and they LOVE us and go out of their way to help us.

Good luck!

Have you considered a Second home loan and doing 10% down?  We did that through a traditional bank on a home for $88k.