All Forum Posts by: Lisa Beard

That's wonderful! There are so many parameters here and such a small STR district. I'm finding greater returns on Folly Beach in Charleston and in the smokies. But I love downtown, so I will eventually have something there :)

I connected and messaged you - great to chat!

Yes! I live on James Island, a 5-10 min drive into downtown. That is so exciting! I primarily have STR's (BRRRR STR mostly), so downtown is not the friendliest place to invest for my strategy, but I have always wanted an 1800's home to rehab and bring back to life down there. I'm sure what you're building will be beautiful! Vacation home? Investment?

The existing lender may be cheaper, however with the sales contract falling through, it means pressure to get a contract quickly. I won’t want to feel pressured to sell for less due to a loan coming due. I’d rather close a 12 month bridge than a three month extension :) 

We had a contract fall through last night and need to pay off a hard money loan by Tuesday (that or extend with the current lender for only three months, and I would rather have a 12 month bridge loan at this point). Any hard money lenders who can close in three days?

We use Dialpad. My VA in the Philippines actually asked for that one because he was familiar with it.

I only invest in areas where tourism and STR's are the norm. This allows me to choose larger cleaning and maintenance companies who I know have the staff and ability to cover all turns. I do have one cleaner who is an individual, but she has friends who clean that have been able to step in before.

If you're wanting to stay fairly local, look for properties that have sat on the market for a while, attend local auctions, check FSBO and Zillow for FSBO properties. I found one of mine just driving around - A woman had a sign in her yard just to see if anyone was interested. Go to local REI groups, socialize on here with other investors or wholesalers. There are so many different avenues to finding property! Focus on the STR niche, if you're good at it, and go from there. Don't settle for 10% CoC return - There are plenty out there with 20%, 30%, 40%.

@Nick Belsky thank you! I have been contacted by a few folks who can do it with no seasoning period, but I am definitely still comparing rates. Do any of your lenders have no seasoning period?

@Andrew Postell Thank you! Yes, I have found a few lenders who say they can do it as an LTR with a signed lease. On one hand, I understand there is security in a long term lease, but STR's are so much more profitable, so on the other hand, it's funny lenders don't want to see the additional cash flow/reservations.

I appreciate the response!

@Erik Estrada How about the STR lenders? I am open to a 30 year.

I appreciate the help :)