All Forum Posts by: Louis Zameryka

I found a home that I believe will be good for STR. It went under contract in about 3 days last month but now came back on the market.

The asking is $349k

It was purchased 2 years ago (Oct 2020) buy the current seller at $260k, they put a $245k 15 year mortgage on it. They quit their job in November this year and moved back to their home town with their husband and kids.

That’s all the info I have now.

Is this an opportunity to do a subject 2 deal and take what might be a low interest rate 15yr mortgage from a local credit union? If it seems like a good candidate for a subject to, how do I approach the realtor and ask? Also how should I structure my offer?

The home needs updating and at asking price it will not cash flow easily, so I’d like to get it at closer to the $260k they paid. Meaning they give me the current mortgage and get their down payment plus a little bit back.

I’m a complete newbie, any advice?

@Matt Bickham if there is one thing you don’t want to buy as a hotel investor it’s a NY hotel.

DM me if you are really in a jam and I’ll consider what I might be able to do to help.

@William Anderson i think maybe you posted this in the wrong thread. My investment is passive and no scorpions or anything like that.

@Alex Olson

Hi Alex

I want to keep the property because the cash flow is likely to 3-4x in 2.5years.

I bought it in 2021 knowing that a huge new demand driver is coming in 2025 and that the condo would go up in value leading up to then and that the cash flow will triple or more per month then too.

So I don’t want to sell yet but was wondering if I should be thinking of getting the equity out to use for another deal because I really did not think it would appreciate this much only in 12-14months.

I appreciate the information thanks so much for using your time to help others.

@Scott E. Oh I thought that I could do a 75% LTV and get out my down payment plus some. Am I wrong in thinking that?

I’m clearly new at this.

I appreciate the information thanks so much for using your time to help others.

@Andrew Garcia

I'd like to ask a Heloc follow up question. I have a heloc with 9 more years on the draw period and am adjustable interest only period (10yrs). It's not even close to being used, should I just use some of that heloc to invest in the syndication? And then just leave this STR alone for now to just keep cash flowing and appreciating?

@Trenton Engle thanks for the advice. I already have a heloc on another second home and have not invested much from that HELOC so with that new piece of information do you advise that I just sit on this STR and not even heloc it then?

I appreciate the information thanks so much for using your time to help others.

I own a condo in Orlando that I purchased in 2021 at $270k with 20% down at a 3.65% mortgage. I put $7k additional into renovations. It’s a short term rental that cash flows steadily every month after all expenses.

Based on recent sales and Zestimate it seems to be valued at $375k

Should I refi now or soon even though the interest rates will be 6.5% or higher? And I’ll have to keep 25% in most likely.

The only thing I know I can do with the refi cash out is to be a GP in a syndication I like that just came across my desk. Other than that I do not have another readily available real estate deal to put the $ in.

I’d love some advice. Thanks

@Joe Villeneuve

Thanks for you advice yesterday Joe.

You totally schooled me to how to approach an opportunity to at least swing at it with a approach that might make it a great outcome!!

@John Clark thanks John. Luckily no rent regulations!