All Forum Posts by: Mike Grudzien

You piqued my interest, but I really need to understand logically and logistically how this works!
Mike

Richard,
There are so many moving parts. Start with the monthly nut that you need to cover: those are your numbers and they'll be different for everybody. Then, is your STR in a high-tourist area? Have you done comps with other STRs in the area? What are folks charging for similar properties and how full are their calendars? Are you going to self-manage or add the cost of STR Prop. Management? A 5 bedroom will work for one segment of the travel market, not for a single, couple or family of 4 or 5. I could go on, but you got the idea. Stick to your research, then make a decision.
Mike

Justin,

Most important is to be responsive, communicative, empathetic and curious.  Get over there right away.  Take a good look at the fallen blade, how it was secured, look at the other blades and adjust if necessary to avoid another blade drop.  Look for wear and tear or improper installation or (possibility) the Guest "created" an accident.  
My 2 cents,
Mike

 Excellent!  

Sarah,
Almost forgot to mention a BiggerPockets featured book: "Lend to Live" by Beth Pinkley Johnson and Alexandria Breshears.  This is the private lending bible.  Get it, read it, use it.
Mike
(it's in the BP Store)

Bob,

I join you in looking forward to an experienced Poster's answer since I'm getting more calls for DSCR loans. I just started researching when I saw you post. DSCR in not currently in our toolbox, but I'm recommending to my partners that we should embrace this product.
Mike

Use an attorney.  Particularly one familiar with PM/HM, Promissory Notes, Property Liens, etc.  If anything goes south on a given loan, you already are working with an attorney.

My 2 cents,
Mike

I agree with all the above.  Get a lawyer.
Mike

This is 2024.  Last night I had a dream about 5% rate and 100% financing: (sorry to be snarky, but) does that count?
My 2 cents,
Mike

Anurag,

Definitely find an Immigration Attorney.  Don't take chances that could affect your H1b status.
My 2 cents,
Mike