All Forum Posts by: Michael Oliver

Thats cool I will have to check it out! Thats where the chunk of funds would come from is STR. If I went 1007 the area isn't the greatest so that number would be so much lower, but the part if the city im in is unique so I t would do really well.

 Yes, that is my thought.

 Amazing advice! Thank you!  I will go down that path and see where it goes.  I appreciate your time!

Sorry all!!! It’s 26.5k a year!!!! I don’t know how to change it. 

Hello All.... I have purchased a home a couple years ago that I rented out here and there on AirBNB.  It does really well.  I am looking to purchase something closer to town and turn this property into full time short term rental that would do really well.  My mortgage is 26.5k a month and the projection is 40k net income.  

I have been trying to find lenders but no one will approve me because I wouldn't qualify with 2 mortgages.  

Thoughts?

 Thanks for asking some questions and offering advice, not just what seems like post to have your name or photo pop up on a thread.  LOL.  My goal is to get closer to my job in the city.  Im currently in an hour commute each way in a jeep that is not gas friendly.  My girlfriend and I currently do live together, but we work for the same company/friends start up so the security is not there.  I think I am ok purchasing something now that I could rent out / house hack, but the town is very small (15,000 people). so I don't know how rent really works in much smaller markets.  

Tough spot I know. But my job is helping friends on those new endeavor. So I want to remain here helping as long as possible. The future is just not quite certain. Start ups. 

Ok so here's my scenario.

1. My 9-5 could be here today and gone tomorrow.  Very unstable. I make about 4k take home a month.

2. I currently co own a property with some friends of mine where I used my VA loan. Due to hard times and me needing to move back to the area, I now have to live in it when it was doing well as a short term vacation rental. I pay 800 bucks a month on that. Total is $2300 roughly for the mortgage.

3. I know that if I get out of this house, it would generate revenue to cover the mortgage.  But I need a place to go.  I have roughly 12k in saving that I could use.  My problem is instability at work for payment and I am in a semi small city (Traverse City, Michigan) where I am unsure of how much our place would rent for or if it would even rent due to the size of the city.  

Would love some insight here.. Very ready to pull the trigger if it makes sense.  I would love to house hack, but would need to be a back area sort of situation as I have a small dog and my GF has a large dog.