All Forum Posts by: Nathan M kiefer

Great response and something I think most people dont consider. Str has elusion that it's money maker or break even, great to highlight the fact that break even most likely comes with no mortgage and even then hope you don't have any capital improvements that are needed. 

we work our strs the same way 

Two things 

Number 1- two kings for two couples and two double bunks (4 people in a bunk room). Still sleeps 8 but will allow you two families. 

secondly and more importantly make sure your bathrooms match sleeping rooms, this is a deal breaker on all str that we purchase and has been proven time and again. 3 bed needs to be 3 bath 

Timing or not, I wouldn't sign a lease in my personal name, you have little to no protection in the event there is a liability issue - ie grandma slips on the sidewalk - under LLC they have to sue the LLC if that's where property is owned and the lease is drawn.

if it's owned personally they can sue you and everything you you have. 

bottom line is I say delay and get an LLC but that's just me

Is there a valley in the roof above that area- looks like no gutters and a valley in the roof causing water to erode? Or grading issue but I would bet more than you have some serious water coming off a valley in the roof without gutter.

have to fix the water erosion issue first or it will happen again 

Your lease should cover the fact that they walked through and accepted the house - this includes the yard.

also, regardless of the tree location you can take the straight line vertical and trim those branches in most locations - check with local HOA, building or code enforcement

I would never own a property in my personal name except the one I live in. Your exposure is compounding due to having it in you or wife's name. Put in LLC so you can realize the benefits and have the protection of the LLC when liability comes your way

 Very odd post - seems like he's "asking for a friend" so weird 

Others have already stated but

1 saturation - better do your due diligence.i wouldn't buy in Kissimmee unless someone has some serious verified books and even then it won't represent the future.

2. And probably more importantly - not so sure you will be able to refi it fi the house after 6-8 mos. We bought two str with mostly cash, about 99%, and found that banks want longer than that before they do a loan in that type of property. We knew this risk going in and just left out cash in and are doing great with them, of course your a little cash poor for a minute but you'll be realizing heavy cash flow so it wasn't a big deal for us. We never did pull money out and do t regret it.