All Forum Posts by: Luis Garcia

@Mike Bargetto thank you, I will certainly reach out and at least compare with other before I make a decision.

Happy Holidays everyone, I am looking for a good property management company in Charleston SC. Any help is greatly appreciated

@Michael Sato thanks for the info!

I am looking for a good property manager in Greenville SC, any help is greatly appreciated.

@David Barnett How do you advertise for corporate renters? How do I gage demand before making the move? I hate to go all out and furnishing the house to be negative cash flow because it will crush me.

@Jonathan Greene The hesitation I have on going the Airbnb route on top of furnishing the whole house is that I am 7 hrs away from property and I would have to find someone to manage my property. I know that if I was local, I have more control of providing the best customer service. Any advice on analysis of whether Airbnb is the way to go? I tend to look at other properties within the area that are Airbnb.

Never done the jump from long term rental to Airbnb. I find myself wanting to try something different but a little hesitant about furnishing the home without know how well it would go. Should I give it a try? I normally never have a problem renting my house long term but my mistake was allowing the lease to go month to month and the tenant decided to move out in November! I have always had more than enough demand during spring summer time. Any advice would be greatly appreciated.

@Michael Doherty do you have pictures you can share? I would love to see before and after pictures

@NIcholas Hamel your house appreciated $150k but your rent went up only $150 dollars. Even doing some rough numbers... A $50k increase on a purchase of a home sets someone back about $200 dollars extra a month but lets say mortgage just increases by $100. If every $50k in appreciation you increased your rent by $100 dollars a month, it would come out to $300. Don’t be shy of raising your rent to adjust to market value. I raised my rent in Charleston SC from $1300 to $1700 and I had a ton of interest. What I am trying to say is don’t be afraid to test the waters. Look at how much a mortgage payment would be for a $550k home or rentals around you to get a better idea of what you should be charging. If what you charge is less than the payment of a mortgage there is something wrong in my opinion.

To answer your first question.....I would refinance and capitalize as long as you make a smart investment that is bringing you positive cash flow. I believe your current property can cover your refinance and even become cash flow positive at the right market value.

@NIcholas Hamel if you bought the home back in 2013 and the home has appreciated $150k and I wonder why you are not cash flow positive on your rent? when did you start renting the home and at what price? What are you renting it for now? I would think if prices have appreciated that much, your rent should be a reflection on that as well. A mortgage of $375k might be around $2,000 give or take how much you put down.....at that price my rent would be around $2300-$2600 a month. If your home is now worth $525k the rent scale should be sliding to the right at the same time. Maybe NY market is different than SC but I have been able to capitalize on rent due to price appreciation around my area.