All Forum Posts by: Kathy Corressell

Has anyone used the company turnify to help manage their airbnb cleanings?  I'm not happy with my current cleaners and having trouble finding a company with enough time to take on a new listing. I stumbled upon turnify but it seems to good to be true.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $515,000
Cash invested: $35,000

Single family home that has an extra addition that is going to be converted to a studio apartment. Very desirable neighborhood but the house needed some major work and had a lien from some expired permits from 2009. After much negotiation with the sellers we were able to get a $15k credit at closing AND a $12k check from the sellers after closing. My business partner and I are going to move into one of the units and house hack the property so we only had to put 5% down. (after moving out of our current house hack we expect to generate 5-6k monthly in airbnb income from where we live currently). We are 50/50 on the deal and put around $16k each in. We are now using 2 interest free credit cards to do the reno. The larger 2/1 unit is almost complete and we plan to furnish and rent to travel nurses for 3800-4000. The Mortage/tax/insurance is 3400. We are going to live in the studio until we can move and house hack again. Once fully rented the studio should bring in about 2k monthly. Putting our cash flow somewhere around 1500 monthly after expenses.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $515,000
Cash invested: $35,000

Single family home that has an extra addition that is going to be converted to a studio apartment. Very desirable neighborhood but the house needed some major work and had a lien from some expired permits from 2009. After much negotiation with the sellers we were able to get a $15k credit at closing AND a $12k check from the sellers after closing. My business partner and I are going to move into one of the units and house hack the property so we only had to put 5% down. (after moving out of our current house hack we expect to generate 5-6k monthly in airbnb income from where we live currently). We are 50/50 on the deal and put around $16k each in. We are now using 2 interest free credit cards to do the reno. The larger 2/1 unit is almost complete and we plan to furnish and rent to travel nurses for 3800-4000. The Mortage/tax/insurance is 3400. We are going to live in the studio until we can move and house hack again. Once fully rented the studio should bring in about 2k monthly. Putting our cash flow somewhere around 1500 monthly after expenses.

I was looking to do the exact same thing at this time last year and had the same thought as you. However I ended up getting something that is working out better than I could have imagined. I got what I call a fake Miami Duplex. Its in Little Havana and its a 3/2 with a 1/1 'guest house' that about 900 sq ft. I had to spend about $60,000 in renovations however now that its done I'm living for free. I furnished the 1/1 and rent short term to travel nurses (off a site called furnished finder) and I have yet to have even 1 day of vacancy. And then I rented the Master bedroom to a good friend of mine. 

All that to say, you might have to be a little creative and short term rental will bring it a lot of money here in Miami. That little 1/1 gives me 2500/month. Maybe look for house with 'in laws' quarters you could STR.

Hello,

I'm a new investor but I have been able to get 4 properties in the past year (1 condo long term rental, 1 sfh long term rental, house hack with an adu short term rental and a duplex short term rental) and I'm extremely excited to keep going. That being said most of my cash is tied up in these 4 properties and I'm looking to use private money, helocs other more creative financing options.  I have a lot of options but I'm just not exactly sure how to structure these types of deals. I've read books about partnership and using other peoples money but I can't see to find the practical steps to it. For example I have my eye on a quad but I need about $170k cash to buy and rehab. I have 2 private money investors that have enough cash combined to do the deal. Lets say I do the loan only under my name, then do all of our names go on the title? And then create an operating  agreement with the equity and cash splits?  Do I just create a sperate bank account and pay them out monthly or quarterly?

I did a partnership deal already and had created an LLC and operating agreement because we were told we could transfer to the LLC but then the bank went back and said not we can't. So now the property and loan is only in my partners name and its been a mess. I know all the gray area about LLC and that if you transfer they probably won't call it due but my partner doesn't want to transfer without bank approval.

Anyway I just am confused about how partnerships work with multiple people involved as far as who gets the loan, whos on the title, who holds the money etc.

Thanks!

Kathy 

@Grant R. Thanks! Very helpful. And yeah our attorney was confused why the loan servicer back tracked as he says it is legal and common in Indiana. We are working with our attorney now on a solution. I appreciate the feedback!

I purchased a property with an ADU in Miami in May of 2021. My best friend and I decided we wanted to try to house hack even though Miami is so very expensive. Therefore we teamed up and went 50/50 on the deal. We purchased a 3/2 sfh that already had a 1/1 ADU. We closed in May and were able to complete a pretty big reno and move in by July 1st. We were hoping to just live for cheaper than we were but we actually are now living completely for free. We fully furnished the ADU for use as an Airbnb but then shifted and decided to target travel nurses. It was rented out with in a few days and hasn't been vacant a day since. The ADU currently is rented for 2400/month.

We then turned around and rented out the Master bedroom in the main house to a friend for 1300/month. And my friend and I share the 2 smaller rooms and bathroom. 

Our mortgage/tax/insurance is 3400/month. We collect 3700 and rent and this leaves us 300 to cover water/electric/internet for both units. 

When we move out the main house should rent for around 3800-4000/month 

@David M. thank you for your detailed response. Very helpful. I guess my understanding was no bank was going to loan to my brand new LLC that has no money and no credit but maybe I just need to look harder for a bank that will.

I have 2 properties with partners and I'm getting some conflicting guidance from real estate attorneys on how to handle them.

The first property is more straight forward. Its a completely 50/50 partnership between my business partner and I. The property is in Florida. The loan is in my name, but both of our names are on the title of the house. We have an LLC and an operating agreement. Our attorney says although the loan terms say we can not transfer the title of the property we can still quit claim deed it to the LLC as its done all the time and no banks call the loan due. Right now we have just left the title in our 2 names as we aren't sure what's best.

The second in more complex its a 3 way partnership. My business partner and I brought in a 3rd party as a passive investor. The 3rd investor put up 70% of the cash and put the loan in her name and my partner and I did all the work and manage the property. We did the same thing, created another LLC and have an operating agreement. However this property is in Indiana and we were originally told by the bank, title company and lawyer that we could quit claim deed the property to the LLC the next day after closing. After a big run around, the bank came back to say that no in fact we are not allowed to transfer the property. Now our attorney says that since the bank has flat out told us no we should not go ahead and do it as apparently everyone else does. So the title is in the name of our 3rd investors solely. And our Indiana attorney says we should have been able to close in the LLC's name.

Just wondering how to best structure partnerships when it comes to whos name the title is in, whos name the loan is in, how do we get the property in the name of the LLC?

Hope this makes sense. Thanks in advance for any advice!

@Chris Webb Yes I have a house hack in Miami I bought in May and a Duplex in Indianapolis in October. Looking to get another of each this year.