All Forum Posts by: Michaela Cephas

DHM is ridiculous. They use the lowest comps they can possibly find to give you your ARV. They require comps within 1 mile 10%+ or 10%- the sqf of the subject property and it has to be sold within the last 90 days. I live in a city that can change from middle class to lower class pretty quick and they don't use newly renovated comps, they use the bare minimum as long as its inhabitable.They also start charging higher interest rates and origination fees for more expensive projects, and even add a $1,600 single purpose entity fee. They require your contract to be assignable or the buyer to be " [address] Industries, LLC", which is complicated to explain to a seller, especially if they have a good Realtor. Overall, finding a deal that will qualify is virtually impossible. I could go on and on. I wrote a BBB complaint and hope to be refunded my deposit.

DHM is ridiculous. They use the lowest comps they can possibly find to give you your ARV. They require comps within 1 mile 10%+ or 10%- the sqf of the subject property and it has to be sold within the last 90 days. I live in a city that can change from middle class to lower class pretty quick and they don't use newly renovated comps, they use the bare minimum as long as its inhabitable.They also start charging higher interest rates and origination fees for more expensive projects, and even add a $1,600 single purpose entity fee. They require your contract to be assignable or the buyer to be " [address] Industries, LLC", which is complicated to explain to a seller, especially if they have a good Realtor. Overall, finding a deal that will qualify is virtually impossible. I could go on and on. I wrote a BBB complaint and hope to be refunded my deposit.

Hi! I am currently a new homeowner who put $80,000 down on a $200,000 house in Greensboro, N.C. I have just recently gotten in to short-term rental via Airbnb. My first full month I made enough to cover the mortgage, with bookings up to six months in advance. I’ve gotten really positive feedback on my property, it’s cleanliness, how it’s decorated, etc. I have found an interest in the whole process of setting up an Airbnb and then managing it. I am currently using the house I live in and would like to acquire a new property to start an actual short-term rental business! Here are the questions I have:

1) Should I be looking to rent a property with an incentive-based agreement with a landlord (pay rent in advance, extra rent, % of profit) or should I buy a property?

-I currently bring in around $3,400/month with the ability to have $15,000 in capital in the next 6 months. With a credit score in low 700’s. However, I am very young (20).

2) If buying, how would I get approved for another mortgage on top of the one I already have?

3) Any insight/advice on these locations, or locations you would recommend on or near the East Coast? I am thinking about: Charlotte  or Raleigh/Durham

4) How much should I budget for acquiring location, furnish it, and for unforeseen circumstances?

Ultimate goal: do short-term rentals until I can build up to long term student-housing type rentals (renting by room).