All Forum Posts by: Kristin Solbach

Thanks so much everyone, this is all great advice and information. o.k. going to get the loophole out of my head then.

As we are based in Hawaii I have been trying to find a market that is "closer" to us, especially since I would want to self manage an STR and the time difference to the East Coast is pretty substantial.. So far I looked in Idaho, specifically Boise and Nampa but property prices are a little high to have an LTR make sense and while Nampa has better Cost Seg estimates than Boise it also seems a lot less desirable for both STR and LTR. Maybe @Michael Baum has a little more inside on the markets in Idaho. I just recently listened to you BP episode.

I have also actively been looking in the Flagstaff area with the Short Term Shop agent over there after talking to Avery, @Luke Carl. I flew over there a couple weeks ago but property prices in Flagstaff are higher than in the Boise area which makes it a lot harder for us to push into the market. Still looking but not much out there. 

@Nathan Gesner do you invest in Wyoming? Its good to hear converting your STRs to LTRs worked there and good for you to have less hassles this way. 

@Savannah Holzer Texas might be interesting for us and if anyone has any experience there any any favorable markets to suggest I would so appreciate it. And I will also be checking out Branson, MO @Gary Nelson and thanks for the reminder of ALL the benefits.. that long term view is important. 

I so appreciate you sharing your experience @Heidi Kenefick. I am so happy for you that you made it work and it sounds like you did a bunch of learning along the way too which you will benefit from greatly over the next years as well. Way to go! North Carolina sounds like a great market and if its not in the coastal areas I would feel better about any hurricanes too. 

Thanks a lot everyone.. still hopeful to find that STR this year. Aloha, Kristin




 

First time investor here that is feeling pretty stuck.. we want to get started in one way or the other with lot of different approaches and advice out there. We hired a tax advisor and were told to get an STR this year to help offset our taxes with the STR loophole... One Cost Segregation Study is included in our package with the Tax team as well and the tax savings would actually help us to get started investing of course. We only have 30-40K down payment and are hesitant about 2 things:

1) Investing into a property purely for STR... we would want to ensure it can still pay for itself as an LTR if need be PLUS ideally we would not invest more than 350-400K. Is there a market out there in which this could work?

2) Using our HELOC to supplement the down payment.. we do have some bonus payments coming at the end of the year we could pay it down plus the tax savings could help us pay it off, so maybe it would be worth it in the end?

Has anyone invested in STR for the loophole reason? Any advice? Any good and bad experiences welcome. 
Thanks a million, Kristin

Thanks so much David, this is very helpful indeed allthough unfortunately PNC doesn't offer HELOCs in my state (Hawaii). I appreciate your insight and I am so glad to hear your investment journey is going well. Kristin

Hello David, I am looking into getting a HELOC and was trying to see if anyone had experience with them. Are you still happy with their service and with your HELOC? Thanks so much in advance, Kristin

 I would be interested to learn more about Reno if you dont mind sharing. Thanks a lot in advance, Kristin

Hi Jimmy, I am looking at investing in Columbus and would like to connect. 

Thanks a lot,

Kristin