All Forum Posts by: Lauren Heinen

Hi! We have moved our market to New Mexico mountain ranges for STR purchasing. These houses are a lot cheaper, and therefore bring in less income.

I am looking at some seller financed deals at <5% interest rate, but the numbers still aren't in the green because the cleaning fees are such a massive part of the expenses. Am I doing something wrong, or are these cheaper properties just a lot more difficult to cash flow? (Essentially the opposite of LTRs). Any help would be great, and below is an example! Thanks

$230k Purchase Price

$30k gross income/year (AirDNA/Rabbu)

Yearly:

$12000 Monthly payments

$8000 utilities/capex/mx

$7000 cleaning (70 stays/$100 per clean)

Add in all the other costs and the cash flow is negative, even though it's such good loan terms. I feel like I'm doing something wrong with these cheaper properties. Thanks!

-Joe and Lauren

Awesome thanks a ton!

Hi! Yeah we also have a STR in Two Harbors MN, and we've live in flipped two houses in NW Vegas. Just bought another LTR in Alamogordo NM as well

Hey! We used a realtor from Central MN Realty. Sadly, they have now put a ordinance for no more STRs for the foreseeable future, but we snuck in before that with no restrictions. 

yeah if we could find a few more with that ROI life would be good 😂

Hi! Looking for recommendations on bookkeeping/account management for a single family home. We are closing on it on Dec 21st and will live in it for a year, then rent it out as a long term rental. Are any of the repairs, purchase price, mortgage payments, etc considered business expenses or should they all be kept under our personal checking account? (We are just starting to get good at bookkeeping for our properties so I want to continue that trend)

Thanks!

Investment Info:

Single-family residence buy & hold investment in Two Harbors.

Purchase price: $180,000

STR in northern Minnesota. near Lake superior.
4 Bed / 2 Bath
Self managed from across the country.

How did you finance this deal?

Financed it 50/50 with a partner.

How did you add value to the deal?

Working with contractors and business partners to add fresh paint throughout the home & fixed things up in every room including trim, bathroom vanities, appliances, etc. Furnished entire home all while living in another state.

What was the outcome?

Currently a STR. In the first 7 months it grossed $70,000.

Investment Info:

Single-family residence buy & hold investment in Las Vegas.

Purchase price: $355,000
Cash invested: $30,000

Rented out the property for 6 months before moving in, then occupied the property for 2 years. Now a long term rental.
Mortgage is $1,668.
Getting $2,900 for rental.

How did you add value to the deal?

Added LVP and new paint throughout entire home.