All Forum Posts by: Laura Sima

@Jason Bott good to know- I’ll be sure to check with our lender. Thanks!

@Conner Olsen thanks so much! We don’t have a CPA yet… that’s on the to-do list!!

@Dom Radcliffe thanks for the advice!!!

Hello! I have a few questions about purchasing an STR. It would be our first rental property.

1) should we form an LLC first? Or can we do that after the purchase?

2) STR insurance: I'm guessing we should purchase a policy in addition to that of Airbnb (or whatever service we list it on). Any recommendations for companies?

3) we plan to purchase the property with a conventional 30 year loan. Right now we have both of our names on the loan app. I remember learning something about each person can have up to 10 mortgages to their name. Should we try and just have one of us on the loan, so we’d be able to get more mortgages? (“We” is me and my husband) I have absolutely zero legal or financial concerns that would affect that choice. Just wondering if we should leave both names or do one for the sake of future expansion.

I ordered the “short term rental, long term wealth” book which I plan to binge read as soon as it comes 🤣 but just looking for some help in the meantime! Thank you!!

@Jonathan Taylor

Newbie here, currently looking at multi family properties. The “loan shopping” process has me a little confused- I don’t think I know enough about them to really “shop.” What should I be shopping for, exactly? Length of loan? Interest rates? Points? Down payment requirements? All of the above, and/or more? And how exactly do I find out this information from lenders without filling out 10 applications within a 30 day period… or maybe that’s just what I should do? That doesn’t sound right though 😆

Thank you!!!

Shoot- I won't be able to make it this weekend but would love to attend in the future. How often does this happen? 

I'm a new investor in the Twin Cities, trying to soak it all in and meet as many people as possible! 

Hi Janel- I'm in a similar position as you! My husband and I are doing a live-in flip in Highland Park right now. Hoping to sell in the spring or summer next year and get into flips and buy and holds. 

Hi all,

Some background: I am currently doing a live-in rehab in St. Paul with my husband and looking to sell our house next spring to continue our real estate investing journey (we're looking to get into rentals and potentially flips). I've started a blog and IG account and have gained some attention for my design and decorating and have started a business. 

My business is currently broad and I am offering a variety of decorating and design services to homeowners. I am looking to create a "niche" clientele and hoping to market specifically to investors- specifically flippers and long- and short-term rental owners. This will allow me to combine my passions of investing and design, and ideally continue to learn more about the investing world.

I will offer 3 "levels" of service at a range of price points, based on the investor's needs: design (hard finishes/fixtures) only; design + furnishing/decor (investor orders/installs); design + furnishing/decor + install (I order/install/decorate/optional: photograph).

My questions for those of you who are very involved with the MSP market is: do you think these services would be of value to investors? What do you feel might be reasonable prices for such services? Do you have any advice on how I might begin to market these services to investors? 

Thank you!

*note: this is not an advertisement- I am truly looking for advice here!* 

Hi all- my husband and I live in St Paul, MN and are looking to purchase an investment property in Summit County, CO (Frisco, Breck, Silverthorne, Dillon, Blue River) ideally next spring/summer 2020. We'd really like a fixer upper home, townhome or multifamily (duplex/triplex), but we're thinking $450k is our limit for the property, excluding renovations. We've met with a REA and have been following MLS listings and stalking Realtor.com! From the listings it looks like we've got a near-impossible goal! I'm wondering if anyone here is familiar with that market and might be able to offer some advice on the best investor-friendly REAs, ideas for making our goals happen in our price range, any neighborhoods I should be looking into or avoid for the best ROI, great contractors, home improvement stores (other than the Lowe's in town!) etc.

Thank you!