All Forum Posts by: Mike Grudzien

Check local Facebook Host groups or check with a real estate agent.

My 2 cents,

Mike

Richard,
I concur. DSCR is the route to go.
Mike

Brian,

Yes, talk to the seller.  They may be willing to negotiate/work with you.
My 2 cents,
Mike

Brandon,
Credit score?  Personal guarantee?  Collateral?  Interest only payments?  Exit plan? 
It helps to provide more info when framing your ask.
My 2 cents,
Mike

Steve,

$693 for $2mm

Mike

All,

I agree with the comments above.  Just upped my umbrella from $1mm to $2mm.  It is covering over 5 properties and 3 vehicles.  Does cost that much.
My 2 cents,
MIke

 Curtis,
"valued at $220k" is one part of the equation.  How much equity do you have?  Do you own it outright?  You could do a cash out refi, but you'd be dealing with current interest rates.

MIke

Patrick,
I understand.  Then not family.  Are you networked with colleagues in your local real estate community?
Mike

Patrick,
Do you have friends or colleagues in your network that you could syndicate with?  You could work together to develop your own terms.

My 2 cents,
Mike

Ernest,
Besides all the real estate/property/transactional tips above; you need to understand that running a short term rental is running a business.  If you don't, or can't afford to pencil in short-term rental property management, you will be responsible yourself for a seamlessly running, response intensive, hospitality business focused on your guests.  Doing this remotely just adds to the challenges. You say that this is your first step into real estate and you're choosing a path that is a 24/7 obligation.  I wish you luck.  I'd be happy to advise, no-charge, once you have purchased a suitable property.  (look at my profile).
My 2 cents,
Mike