All Forum Posts by: Kevin Young

Where have you guys found the best place to find traveling nurses?

I’m a new Airbnb host, off to a really good start. I I’ve had 2 cancellations so far. I currently it set for a full refund up to 24 hours before check-in.

What have you guys found to be the best cancellation policy? And why?

Thanks for any help.

I'm trying to decide on a 30 year loan vs a 15 year loan. Purchase price for the home is $150,000. Rent is going to be $1450 a month. The big difference is the rate. Does anyone have any thoughts on this?

30 year

25% down = $37,500

Rate = 4.75%

Monthly payment - $897

Cash to close - $39,000

15 year 

25% - $37,500

Rate = 4.125%

Monthly payment - $1149

Cash to closse - $39,000

I am trying to figure out how to best work my loan on my first rental property and thinking if I should use the BRRRR or not. Here are the two scenarios - What am I missing? What else do I need to talk to my lender about?

OPTION 1

Purchase price: $285,000

25% down - $72,000

Interest Rate - 3.85 - rate cost = $2002 (monthly payment around $1,270)

Closing cost - $3,500

Prepaid cost (escrow, taxes, ins) - $1,510

TOTAL FUNDS TO CLOSE: $79,012

Rehab cost - $10,000

ARV = $340,000

TOTAL CASH IN DEAL = $89,012

OPTION 2

Purchase price: $285,000

20% down - $57,000

Loan Amount - $228000

Interest Rate - 4.5 (monthly payment around $1,348)

Discount - ($1,600)

Closing cost - $3,500

Prepaid cost (escrow, taxes, ins) - $1,510

TOTAL FUNDS TO CLOSE - $60,410

Rehab cost - $10,000

ARV = $340,000

TOTAL CASH IN DEAL - $70, 410

Refi at $340,000 value

70% = $238,000

- $228,000 loan amount = $10,000

(Closing cost - $2,500)

(Point paydown - $1,000)

New rate = 3.85 (monthly payment around $1,270)

Cash out of refi = $6500

TOTAL CASH LEFT IN DEAL = $63,910

@Gamalier Sturgis have you used Solution Property Management before? 

@Josh Darley how old was that house when you bought it? I'm really interested in Maricopa - seems like it growing a lot. 

So I’ve found a cool, what looks to be, abandoned property that I’d love to buy and turn into an Airbnb. After some on-line digging I’ve found contact info for the property owner. Looks like it was purchased 3 years ago and hasn’t been touched since.

What’s the best strategy now? How do I try to get the property at the best price without having them blow me off? What have you guys seen work?

Any help is appreciated.

@Ryan Hoover yes I’m looking for someone to manage all things short term rental for me in the lakeside/pinetop area.

@Ryan Hoover Do you know of any good property management companies in the Pinetop area? Thanks. 

What sites do people prefer to help analyze and price AIRBNBs? 

Pricelabs?

AirDNA?

Mashvisor?