All Forum Posts by: Micaela N. Wolfe

Hello! Not sure if this is the appropriate spot for this query. I have a beautiful home in the mountains of western NC which is a very successful Airbnb. We recently had a very small plot of land at the base of the drive put up for sale and purchased by someone that has since moved in with RV's and dumped their trash ALL over. They are pumping water from the nearby stream and who knows for sewer. All of the neighbors have begun to call the local health department and code enforcement etc. I am not sure that will go far except pissing them off and some fines. 

My question is other than making them an offer to buy out their property....any other ideas to get this nightmare under control? We also found out the new owners may have some scary criminal records with child abuse involved as well. HUGE issue with families with children visiting my home. This kills all of our property values and of course horrible for my guests to drive by. ANY ideas welcome.

Thank you all!

Micaela

Looking for construction loan options. Having issues finding any banks locally wanting to lend on an investment property (too risky for them right now.) We have 1 STR which grossed 54K last year and set to gross 75K this year. We have used profits to purchase 2 more pieces of land for 2 new builds. Best we are getting is 3 points, and will write for 65% of the LTV. Depending on the appraisal ( which I believe the finished project will appraise for far more than the build costs itself), depends on how much we would need out of pocket.

Any other options - we even have considered any private investors looking to just make some interest on us for the next couple years as we have a mortgage company that will take over the construction loan and put us into a decent investment mortgage already. They just don't fund construction. 

Any contacts, thoughts, leads, or otherwise fun discussions welcome. 

Thanks!

Micaela

I would like to reach out to someone via email if they would be interested in selling an owned property to us. I am wondering if reaching out via email is bad etiquette vs snail mail. Wanted to get a general consensus about it as so much is digital these days. Thanks!

P.S. I did it :) https://www.vrbo.com/2588169?n...

Yes, W-2 investor. :)

Could use a little advice. Really itching to make the first jump into the STR's. Looking to purchase a property in the smokeys somewhere (not necessarily Gatlinburg since the market is a bit out of our price range.... I think). We get approved for the loans and everything and get ready to secure our down payments and hit a brick wall every turn. Don't have quite enough in savings, thought we would pull from retirement but discovered pulling from retirement places me into the next tax bracket and will get smashed with taxes, then try to get a HELOC and appraisal comes in crazy low, giving us a super low HELOC. Not sure where to get additional funds to put down. Obviously new so still learning of all the financing options out there. I'm frustrated none-the-less. Ideas?

I’m the same situation- would love if you could share any info! 

I love the suggestions guys! Thank you so much for all the support. Great to feel like I have a support base 💜

Thoughts:

1.I thought perhaps it would be work with the constant flipping but if I am out of state, don't I have to have a property manager to help? How does that work?

2. Zero real Estate experience except the purchasing of my own home. I am a nurse practitioner in Dermatology, previously worked 15 years in Er so all my experience is medical. I have rented before prior to owning my last two homes. We have zero family members who are rental owners.

3. Again my skill set it all medical. Now I am pretty handy on the tech side of things. My husband is obviously more handy but not to the point of being good at fixing up home stuff as again he is medical too.

4. I have 20K saved and would be interested in how to utilize others capitol as well.

5. What kind of return are you expecting? - Anything positive....Do I expect millions? absolutely not. I just don't want to lose money....bad investing etc. The ultimate goal is to become financially free through this but I also want to learn and understand and make intelligent choices so I can maximize the returns.