All Forum Posts by: Maria W.

Thanks for that advice, @Mason Weiss. I do plan on listing the house on Zillow with an increased rate and then "short-term" and "furnished" in the keywords/description. Do I need to list separate rates for 3-month, 6-month, and 12-month or would I just list $5,500 and see who bites? Also, is there a formula to calculate each one?

Thanks, @Jamie Banks. I haven't heard of Hello Landing before so I'll check that out. I created a spreadsheet and calculated the average rents for comparable properties on Zillow and Furnished Finder. I think I'm getting closer to my target pricing as I do more research. Here are the stats from FF for my particular area. From these stats, does it mean that more entire homes are sitting vacant compared to rooms?

Thanks @Don Konipol! I was thinking about asking to be grandfathered in but wasn't sure how to approach that with the HOA. I could threaten legal action when I send the paperwork in with my vote.

Just to clarify, the property is a single-family residence (not a condo). I like the idea of pitching to the HOA about having my place be a go-to place for family visiting. I had a neighbor come up to me when I was landscaping outside and he inquired about my listing since he thought it would be nice if his family was down the street from him rather than at a hotel. I won't go down without a fight though that's for sure lol. 

Thanks for the feedback and advice everyone. I've been watching Jesse Vasquez's videos and I think I'll try to contact insurance companies to get on their radar and be persistent. He was successful with renting out one of his homes to families who were displaced and they loved the amenities like the pool and other things that made the property feel like home. I'd rather pursue that niche and not just settle and make it a LTR. The property has so many unique features and I'm definitely not going to sell it just because of the HOA just yet.

Doing more research, it seems like this particular property would work best in this order:
1. Insurance companies hosting displaced families
2. Traveling Nurses (room-by-room strategy)
3. Construction Workers (probably a last resort since I read other threads about needing space for construction vehicles and wear and tear on the place). 

Hello! The HOA for my STR investment property will be voting on banning STRs soon. If the vote passes, 3-month stays will be the minimum. I'd like to convert it to a MTR but I'm having difficulty coming up with a pricing strategy for it. I've come up with a price per room rate, but wondering if I should advertise it as an entire house on Furnished Finder instead of separate rooms?

Here are some details about the property:
-Located in Gulf Breeze, FL (12 min to Navarre Beach and 20 minutes to Pensacola Beach)
-4/2 with bonus sunroom, in-ground pool, waterfront lake views (I don't see any other properties for rent that include a pool + waterfront views so this property is unique)
-Earned $16k as an STR for its first year for May-July 2023
-The high-end LTR rate for this type of property is around 3k in my area

Here is the Airbnb listing
Here is the pool master BR listing on Furnished Finder (I haven't added the other rooms yet since I'm still not sure if the room-by-room strategy is best)

Questions:
-Should I list the entire home on Furnished Finder instead of listing separate rooms? 
-How do I price the entire house? Is it just as simple as adding up my separate room rates or am I missing something? So ($2000 + $1800 + $1600 + $1400= $6800/month) 

I'm going to reach out to hospital staffing recruiters, insurance agencies, and construction companies in my area but I need to make sure my pricing strategy is nailed down first. 

Thanks in advance for any help! :)

Here is the conversation via text that verifies the lender was going to cover his origination fee. He highlighted both origination fees and lender credits to show me what he would do and how I would bring less to closing. This was the determining factor in me choosing them to service my loan. 

The rate lock box on my LE was checked with some verbiage I'm showing below. I just erased the loan ID since I don't know if that's personal info. Let's say I am due the $3,052 in lender credits then, since it was allocated for the origination fee, is that the only thing it can be used for?

I'm about to close on a property tomorrow and the latest CD doesn't have the lender credits ($3,052) that were initially a line item in the LE. The origination fee was and still is $3,052 however there is no longer lender credits that wipe that out in section J. Am I missing something or can that credit be used elsewhere that I'm just not aware of?

Another curve ball was this latest CD also had a slightly lower interest rate (5.834%) vs. what I thought I was going to get (5.99%). Nothing was communicated about getting a lower rate either prior to me receiving this latest CD and I told my lender multiple times that I don't want to pay anything extra at closing for a lower rate if my closing costs don't cover it since I need all of my cash for renovations on this property. Everyone keeps talking about rates dropping anyway in the next year or 2. 

I'm getting 3% in seller concessions (equivalent to $11,460)  and those were supposed to cover all of my closing costs. Even a few days ago apparently there was an extra $500 sitting on the table with my current rate and all the seller concessions allocated so I asked if the appraisal could be reimbursed so now I'm am confused as to why these latest numbers have me bringing ~ $1,400 more than my down payment to closing.

Any advice is appreciated as I wait for an explanation from the lender. 

Thank you all for your responses so far, I really appreciate it. I'm not sure if I can do a HELOC since it's not my primary residence unless there's something I'm not understanding.

Assuming a cash-out refi is the best option for me with my current situation, which would be ~$250k … what are the best strategies for me to consider to reinvest that money?