All Forum Posts by: Joseph Hossenlopp
Joseph Hossenlopp has started 9 posts and replied 40 times.
Post: Lake Front-income question
- Posts 40
- Votes 10
Quote from @Stephanie Jacobson:
I agree with @John Underwood that that's actually the best method right now. Where in the Finger Lakes are you considering?
Post: Lake Front-income question
- Posts 40
- Votes 10
Quote from @John Underwood:
Check out your competition on Vrbo and Airbnb to see how their calendars are and what they are charging per night.
Yeah I’ve started that. I looked at one that looked like it’s booked for 125 days. So I’m thinking 150 days/year. Want to see what others think if that rod realistic.
Post: Lake Front-income question
- Posts 40
- Votes 10
Hello! I am interested in getting vacation rentals in the finger lakes area. In figuring out rental income, how many days do estimate for a VRBO type of property on the lake? I figure it would be somewhat seasonal, with an occasional ice fisherman in the winter. Thanks for any help!
Post: Hello from Joe- advice needed for buying a rental property.
- Posts 40
- Votes 10
Quote from @Trevor Naumann:
Sure, first off welcome welcome. What part of new york are you in?
In my opinion, the best bet would be to try to get the rentals sooner rather than later, as the old adage goes, it's time in the market, not timing the market, that counts. So, I would definitely tap into your equity if that's what you need in order to get the rental. Unless you're locked in at a nice low interest rate, in which case, you may want to consider combining the cash you do have with a DSCR loan. Your best bet is to start talking to some banks and see what type of products you could qualify for. You could also consider moving out of your current home sooner and renting it, and then using a lower down payment to buy a nicer investment property to live in until you move out of that one. There are lots of creative ways to tackle this situation.
Trevor,
Thanks for your response! I am in Rochester, near the beautiful finger lakes area. We did take out a HELOC, and am beginning to look at properties! One just came in today, that could be a rental, or our house. Gonna look at it next week. It's getting exciting!
Trevor,
Thanks for your response! I am near the beautiful finger lakes
Post: Hello from Joe- advice needed for buying a rental property.
- Posts 40
- Votes 10
Quote from @Lyndsay Zwirlein:
Since cash flow is your biggest priority, I would start by identifying markets with great cash flow (versus those that have an opportunity for appreciation, etc).
Also in terms of down payment, you can use a HELOC on your primary. It will be easier for you to get a HELOC on it now while it's owner occupied. Then you can use the cash flow from the rental to pay it down over time.
Another idea for the down payment would be a self directed IRA if you have one.
Good luck!!
OK, thanks! I will look into those ideas!
Post: Hello from Joe- advice needed for buying a rental property.
- Posts 40
- Votes 10
Quote from @Jason Bowden:
Hey Joe, congratulations on retiring soon. A DSCR loan would be your best bet. Do you have any properties in mind that you're looking at?
Jason,
Thanks! I will look into those. I am looking in the Finger Lakes area of NY. Quite a range of prices there.
Post: Hello from Joe- advice needed for buying a rental property.
- Posts 40
- Votes 10
Quote from @Trevor Naumann:
Sure, first off welcome welcome. What part of new york are you in?
In my opinion, the best bet would be to try to get the rentals sooner rather than later, as the old adage goes, it's time in the market, not timing the market, that counts. So, I would definitely tap into your equity if that's what you need in order to get the rental. Unless you're locked in at a nice low interest rate, in which case, you may want to consider combining the cash you do have with a DSCR loan. Your best bet is to start talking to some banks and see what type of products you could qualify for. You could also consider moving out of your current home sooner and renting it, and then using a lower down payment to buy a nicer investment property to live in until you move out of that one. There are lots of creative ways to tackle this situation.
OK, thanks! I will look into that. I am in Rochester, NY, about 45 minutes from the beautiful Finger Lakes area, where I am looking. I am going to meet with a couple advisors and go over my options.
Post: Hello from Joe- advice needed for buying a rental property.
- Posts 40
- Votes 10
Quote from @Brandon Rabe:
Welcome and that's an amazing accomplishment! Considering you're near retirement, what's more important to you, managing rentals or receiving passive income? If receiving passive income, have you considered other vehicles to get you to your goal without having to take on (or even learn the skill of) managing a rental property?
My goal is to replace my wife's salary (about 2k/month) in a year and a half, so she can retire with me. She just has a small 401k. So I guess my feeling is, I would like to get some income generated quicker, versus an investment like an Index Fund.
Post: Hello from Joe- advice needed for buying a rental property.
- Posts 40
- Votes 10
Post: Hello from Joe- advice needed for buying a rental property.
- Posts 40
- Votes 10
Hello! My name is Joe, and I am interested in getting into the real estate investing game. I am a bit late to the party, but by the time I retire (in 1 1/2 years) I would like a rental income coming in. I will have a nice pension (from 37 years teaching) to live on. My plan is to get a rental property ASAP, then eventually buy a downsized house on the lake to live in and rent my current house. The trick is saving up for the down payment. I may have to use my current house's equity, as I only have about $20K of the 60K I figure I need for that. I do have some income on the horizon (couple years). We do have equity (about 160,000) but I would also like to pay off the house. Any suggestions would be helpful.