All Forum Posts by: Karoline Kaon

Hi,

I have a podcast called the First Deal Show. The premise of the show is to educate listeners on their options for investing in real estate. I am looking for guests to come on the show who have had an interesting first deal experience to discuss their first investment property! If you know of someone who has a story to tell, please reach out to me. I'd love to connect!

I am working on converting my LTR to an STR. It has not been updated, needs new flooring, roof, cabneits. To get an idea of how to update the place, I am using the enemy method to calculate how much I can project to make/make back my investment of fixing the place up.

However, I am having a hard time finding places rated with 100+ reviews. What do you do in that situation? I am also struggling to find places that are more inland relative to my place I am a 15 minute drive from the beach. I am targeting more of the nurses who want to work at the hospital near by. Any advice or tips? Is there a place where nurses generally go to find housing?

@Matt Medina I am working on refinancing the HELOC because the interest rate went up .25%. I was just floating the loan. My plan is to refi, get my money out pay it down.

@Jeremiah Dye Did you ever end up buying the STR?

 Have you thought an investing out of state? Are you tied to Oregon because you live there?

I used a HELOC to purchase my second property. The interest rate is variable. But you're only paying simple interest on what you take out. I got 95k out for the HELOC and only used $88k, so my payments ranged between $350 to $400 a month.

I used pentagon federal credit union and had a good experience. I guess my question to you is what are you goals with real estate? 

Knowing that you can make decisions about options you have. You could approach some private lenders to buy a home and then refinance with the bank too. Just depends on your goals 😀

I keep my cash in a checking account. But I like the idea of HELOC! Thanks for starting this thread!

Hi David, 

Congrats on taking action and owning 3 properties! Most people never make it to one. 

You mentioned that you work 70+ hours a week. Are your current rentals being managed by someone like a property manager or do you self-manage? 

@Jeff White mentioned goals and I'd like to put some emphasis on that. You said that you flipped a house but it took a lot of time. Owning rentals and self-managing is also time consuming. Although not as time consuming as managing a flip. What do you ultimately want to do with real estate? Are you trying to build generational wealth, create passive income, replace your active income? If you spend some time getting clear on your goals, it will help you to narrow your focus on what type of investing you want to continue to pursue.

For example, if you are strapped for time and want to take a more passive approach, multifamily syndication or commercial might be of interest to you. Passive investors are partners in the deal that fund it. While the general partners are actively working the business plan to provide the returns promised to investors. 

But I don't want to distract you even more. Get clear on your goals and I think the rest will all come into play.

To echo what Luke stated. Do you have systems in place to reduce your time spent on the STR?

In the multifamily space, if you lack experience with it, what makes you think that your time won't be taken up by that as well?

Shiny object syndrome is very real. You could look into syndication and being a limited partner if you want to reduce your active time being spent on real estate. Limited partners are silent partners that contribute financially but have no say in the business plan of the deal. Just a thought :)

Many of the posters provided a lot of valuable information! I want to put out there another perspective regarding strategy.

Something that I consider when looking at different markets, is what is my strategy. Before deciding on an area, I need to know what type of property am I looking for? Is it a vacation rental, an STR, Long-term rental, or apartment complex. In certain markets, there are deals that might work for example doing a STR in NYC might be more viable than a long-term rental.