All Forum Posts by: Patrick Mencel

This sounds like a decent move to me. Rates are definitely a buzz kill at the moment, but cash is cash. However I will say that soon banks are going to be able to weigh the potential income of STR's and finance them appropriately. Holding out may not only get you a better rate but the cabin may appraise for even more.

Welcome Matt. What a great opportunity at your hands! House hacking is certainly the way to go. I believe someone mentioned using a VA loan. I would absolutely go that route if do-able, much less limiting factors.

Have you considered the Philadelphia market? There are some great opportunities all over the city. What I love about Philadelphia is that it's home to so many great colleges and universities that are all a stones throw away from each other. Students always need housing and rent keeps appreciating. All the best my man. Any questions please feel free to reach out!

- Patrick 

Omar I spend a lot of time analyzing the market through social media. You can tell a lot about an area by the social trends. Look for instagram accounts of local businesses. Take note of what people are saying about the businesses. How active are the accounts and where are most of the posts coming from? You can also look to airbnb and analyze the average nightly rate on a 3 bed 2 bath. How frequently is it booked? Look up local comps of recently sold homes and analyze the days on market and appreciation. Feel free to reach out anytime. I'd be happy to show you how I go about researching specific locations.

Diversify and multiply. You are on the right track.. One suggestion I always have is aside from just population growth, to determine whether or not a specific area is on the cusp of a boom, Look to the arts. What is happening artistically in an are is so telling. When was the last music venue built and what types of acts are coming through? Where were the latest breweries built and what does their social media presence look like? What are people saying about them? Are their other airbnb's in the area and if so what is the average nightly rate for a 3 bed 2 bath? Find this information out and you will learn how to identify the best markets. I'd be happy to chat with you about how I identify these booms. Feel free to reach out any time. Cheers!

 Touché, though many don’t have the liquid cash to throw at a property. 

No problem man. Let me know if you have any other questions. Happy to help... love to invest

Have you thought about short term rentals? With home prices, good cap rates are difficult to find. Not impossible if you are working with the right people...Long term cash flowing rentals as of late are exactly as they state. I live in Doylestown PA, in the heart of Central Bucks. Like anywhere else, I see a lot of opportunity here but you have to find it. Let me know if you need any help lookin in New Jersey. There's a bunch of great pockets there.... especially in the Lambertville Stockton area!

Cody, I was once in your shoes. My wife and I lived in the city with our toddler... had about $25,000.00 of liquid funds saved up and had a bunch of equity. We decided to take the plunge, refinance our house and pull enough equity to cover the closing costs and down payment on our next house. Now many investments later, we still rent out the first house and have paid the equity back. A lot of what you hear about analysis paralysis is true. Work with professionals and seek advice from the experienced. I live on the other side of the country but would be more than happy to discuss with you and help in anyway I can with your journey. 

Flippers and investors are one in the same. However flipping may lend itself to liquid funds sooner. Run the numbers and see which makes sense. Cash out quick via re sale or flip and hold to collect positive rent and appreciation. Flipping is very effective for the investor looking to play the short term game! Good luck.