All Forum Posts by: Joshua Esparza

Hi everyone, 

I have two houses in Augusta. I recently subdivided the lot from a single parcel with one house and an ADU on it to now two separate parcels with two seperate SFH's. I am looking to pull as much cash out as possible to repay my credit cards back from the renovations I did. Looking to get this done asap. Both homes, although now two separate parcels, are on the same mortgage and this is why I believe I would need a portfolio loan.

Thanks!

I typically prefer AirBnb for my mid-term rental bookings but with that being said I had a guest reach out on Furnished Finder and asked to book. I used the keycheck to screen the guest and write up the lease. However, I use RentRedi to upload the lease for signatures and collect any payment. I think this is the way to go if they don't book via Airbnb/VRBO

I think having it on VRBO/AIRBNB is the way to go. I set my minimum stay to 30 or more days 30 days from now and have a 3 day-minimum leading up to that. The reason I do this is because if you set your minimum stay to 30 days or more from day 1, no one will book your house (at least not likely) tomorrow for 30 days or more given they probably had to plan a little for that extensive of a stay. Doing this, I was able to get my first 30 day or more stay and filled in the weeks leading up to the stay with short-term stays to fill vacancy. 

I hope this helps. 

Hi Matt,

Who is your lender in GA? I have two properties there and as a lender myself I haven't seen anything like that whatsoever near a 5.75% range without paying a lot of points upfront. I would have to see the fee sheet first. You could do a 10% down second home loan/vacation home loan. This will use your DTI to qualify for the property and you are supposed to stay in the property 10% of the time you have it rented. So if you have it listed for 360 days a year, you are technically supposed to stay in it for at least 36 days throughout the year.

Personally I want to invest in short-term rentals all over the country so I can vacation for "free" to all of these areas. Have you thought about the 2nd home loan? It will depend on your DTI for a second home because it is an "owner occupied" home. The good part about the second home loan with it being "owner occupied" you get similar rates to an owner occupied primary residence. Your rates would def be lower than 8% with out any points (at least at the time of this post). You will have to pay mortgage insurance, however.

I bought all my TV's (5 of them) from Costco for my short-term rental. I want to say I spent no more than $170 for 3 bedrooms (40"). I got a larger TV for the master bedroom and living room (55" and 65") which I want to say were in the $250-$350 when I bought them about a year ago. Roku TV's are def the way to go for short-term rentals

To be honest, I think if the numbers work put less down. You can use that money for reserves and/or funding your next deal. Those rates seems like a large disparity from 20% down to 25% down. Do you know how many points up front to each loan scenario?

Hi Caleb, 

I do not think a local lender matters unless it is a very specific product that may have been created by the local credit union or something of that nature. The most important thing in my personal opinion is to get a lender who understands your goals and help you strategize. An investor friendly lender would be best.

I know a contractor who has been investing in the area for years as well as a landscaper and more. I am from the area. If you would like their info feel free to message me!

@Andrew Postell thanks for the advice. I will do just that!

Hi everyone,

I have read several books, listened to many podcast, and educated myself anyway I could and one question that seems the most difficult for me to answer is "do I get an offer accepted before I secure financing?" More specifically, in regards to hard money lenders. I have a specific deal in the capital area of New York. Could assist me with the topic?

Greatly appreciated,

Josh