All Forum Posts by: Keith Shackleford

I was checking in with a lender yesterday to get an updated feel on where commercial real estate loans are (refinancing a paid off SFR). He mentioned that one of the new questions being asked if you accepted a PPP loan. I cant find anything online in regards to how much this will affect commercial loans or if this is just one of the many other questions asked that goes into the pot to help determine over all risk of the loan. Anyone had any similar discussions?

@Todd Goedeke

located 2 miles from downtown. closer to downtown, better the nightly rate you can get, but also the higher cost of acquisition, so its a numbers game. Zoning is crucial. This one is zoned commercial which is ideal (vs some of the other zonings they are trying to get rid of like RM 20 which is multi family basically) and would take a huge government undertaking to rezone, which they won't and really cant, and if they do, my contract will allow me out. 

hope that helps. 

@Todd Goedeke indeed. 

@Todd Goedeke because they will eventually be long term rentals as well as parking requirements for the development, and it lifts the living units up for the rooftop deck view of the city.

Im working with a developer in Nashville 7 unit development for  short term rental units. They haven't gone vertical yet so room to add some small things. Somethings I was thinking of making sure are in the units that are obvious:

wifi smart locks

external garage key pad

closets that can fit a twin bed, small nightstand, power,  with air vents

luggage storage in the garage

dedicated full bathrooms for each bedroom

semi glossy paint that cleans easier on stairs below chair rail

dedicated cleaning closet

large capacity W/D

What are some other ideas out there that STR owners "wished" they had in their units.

I've used Proper for years but they recently raised their rates significantly. Since the STR insurance space is fairly new, they under priced the product early on and now catching up to what it should be. Caused me to go take another look at other products. State Farm actually has a great rate now on their STR product. It is essentially a hotel/commercial policy. The big difference was bed bug coverage. Proper/Lloyds of London offers protection for bed bugs and State Farm does not. The difference however was significant in price (half). I have not had beg bud issues so I opted to go with State Farm and with some of the savings I made sure I had bed bug proof mattress covers and some other preventative measures. Hope that helps!

Less than a year ago, I purchased a home from a rehabber (one of the ones that have a TV show).  The home came with a one year warranty. Yesterday, the owner of the tri plex was here with a surveyor and informed me that the front fence and part of the HVAC units were on his property (about 18 inches).   Since this was added by the rehabber and no survey was done, is it his responsibility to fix the issue or mine?

@Brian Mulligan hit me up about this and music business:)

@Sean Kelly need to know this bank that let you take a HELOC out on a non owner occ. Sign me up.

@Sean Kelly  sorry about your choice of companies.  Are you going to buy a ton of stock when they go public and cut your bonuses?  

I personally enjoy the purchase on an owner occ loan, live it for a period, put a HELOC on it, rent it, and repeat the process. Technically the HELOC should be shut down when you move on, but bankers i talk to basically say off the record that as long as the ratio is good and you are making your payments, they dont care. I also dont over leverage and use the money wisely and pay it back quickly in case there is a market downturn and they start shutting them down.

#paradigm