All Forum Posts by: Kristine Ann

Hi @Cheryl J McGrath Yeah, that's kind of how it always is

Are you preapproved for a mortgage?  You don't need the specific property picked out to get preapproved.  You just need to work with the lender and show that you can afford a down payment and the monthly payments.  The lender will give you a generic preapproval letter that states how much they are willing to loan you when you do decide on a property. 

If you are paying in cash, you'd have the bank write a letter indicating you have the capital on deposit or you can also print out your bank statement showing the funds.

Unfortunately, it's all or nothing.  They will not accept 1/3 and leave you alone.  Either the taxes are paid on the property or they aren't.  You can't avoid the lawsuit because as a property owner, you know you have to pay taxes.  They will go through the process whether you sign or not.  

You are going to need to pay all the taxes for now.  If you don't pay, the property can be auctioned off and you will lose all equity you have in the house. They don't mess around with delinquent taxes. It's brutal, really.  

Putting a lien on the house is probably not practical if you are part owner.  Talk to an attorney asap.

@Robert Ellis that's interesting.   Here I'm thinking it'll be easier because there was literally a house there before and there's already electric, sewer, water and gas at the street to connect to. 

I bought the land after the house was demolished.  Does that make a difference?  Maybe it won't matter if I'm not depending on the equity of the land to get the loan.  Definitely something I'll ask the town about.

@Manuel A. Are you as tired of collapse ceilings, peeling wallpaper, and scary basements as I am?  I just started to think recently, why don't I just build new?

@Manuel A. I'm also thinking of doing this, though I didn't think of it as "flipping."  I guess that's the area where you come from and your mindset.  I am looking to do this on land where old vacant houses were demolished.  I will rent to LTR when completed.

Personally, I am looking into modular homes for this.  You have to get the foundation poured and be prepared for the delivery.  They set it up in a couple days. Kitchens, bathrooms, plumbing and electrical is already set up and you just have to have the tradesman do the hookups, theoretically.

If it's anything like our area, there is no inventory.  Go ahead and list whenever you are ready.  I bought our current house in the middle of a harsh winter because we were relocating and need to find a place.  People buy in all seasons.

It's important to track all your business expenses.  Any supplies you buy to clean the house between guests.  Any pillows, blankets, or towels you bought.  Any coffee pods for guests. 

Sounds like you need to sell.  While you are deciding, see if you can't raise your nightly fee.  Sounds like guests like your place and are willing to pay more.

Also, lesson learned on the realtor.  They are salespeople.  Always remember they are salespeople.  They can be really helpful, but in the end they make money from commission.

You might just need to be patient. Like you said, students are home for summer. Can you do STR or MTR furnished for families coming in the summer to look at the school?

Also, do you have photos and have you staged? Even a little bit of staging can have a huge effect. 

In your description, I wouldn't just say downtown. I would list the large venues in town that the cabin is near. Also specify it's "a convenient 10 minute drive".  If there are any concert venues, festivals or wedding venues within 30-45 minutes, list some of those two.

I'd also change your phrasing of "our hot tub" and "our fully equipped kitchen." Take anything that is possessive and replace with "the hot tub" and "the fully equipped kitchen.  You could even try "your hot tub" and "your fully equipped kitchen" and see if that snags more guests.  Really make them feel like it's theirs to enjoy.

Overall your beautiful house doesn't look very homey.  It's nice and uncluttered and beautiful, but looks very sparse. You need to add some art or photos that depicts the local nature, local mountains, or something special regionally.  It doesn't have to be expensive or overdone.  Some flowers or a potted plant in the kitchen for photos might make it look less sparse.  It sounds weird, but a vase filled sticks or small tree branches from around the property might be a nice touch on an empty table or counter.  Anything to highlight to local area.

Take another look at your beds.  They actually don't look comfortable or professionally made.  Maybe add a textured white or off-white Afghan and/or a wooden breakfast tray at the foot of the bed.  You could also have a basket filled with nice rolled towels at the foot of the bed.  Check out some ideas for staging bedrooms.  You really only need 2-3 items to make the bedrooms look more comfortable and put together.

Photos:

Your house looks beautiful, but I agree some of the pictures should be changed. If you were getting fully booked the photos would be fine, but since you need to increase your occupancy, definitely change your pictures. 

In my opinion your first photo should be the evening photo of the house with the pretty lights. Even the fire pit in the evening with a fire burning might be nicer than the plain shot from the front.  

You don't need a full shot of the bathroom sink.  You don't need the sponge in the kitchen sink photo.  Sponges and dish soap can be put in a small metal or black wood container to give it substance or removed for photos.  Just having things out on the sink without an "anchor" like a dish or basket makes it seem like they are junk when in actually it is very well planned out. The paper towel roll doesn't need to be photographed.

I think only show one bocce ball photo and leave out the evening bocce ball picture completely (you can't tell what it's showing and it's confusing).  Definitely leave out the pails.  Even though I'm sure it's super fun, it doesn't photograph well.

I would add one or two photos of the trees or the start of a nature path on your property.  You would be surprised how just a picture of trees or nature in your yard conveys the feeling of a cabin in the woods.  You don't show the view enough, in my opinion.

I watch foreclosures pretty closely and it takes two years to foreclose is some cases. It's not easy to do.

Do you have ties in Columbus, Ohio?  Any reason you wouldn't do MTR closer to home?