All Forum Posts by: Pamela P.

@Will Fraser, thank you for the quick response. This is definitely an interesting deal. I'm playing the long game as there's an older tenant in place, but the location is prime! Hard money isn't right for the deal given the long hold time, so hopefully someone can inspire an out of the box / creative solution.  Fingers crossed!

Hi All – I hope everyone is staying safe and healthy.

It's been a while since I’ve posted anything on Bigger Pockets and may how the community has grown!

I’m looking to get some help / guidance on international financing. I have an investment opportunity in the south of France. I have enough for the down payment but not to pay the place in full. I’m looking for a loan of $130-$140K with a hold time of +/- 10 years. I’d prefer not to go the personal loan route only because the rate are between 6-7%.

Does anyone have any recommendations? Thank you.

That's good to know. I'll probably spend more time in the surrounding towns then. Thanks!

Hello Fellow BPers,

I'm heading to CT today for a day long scouting session. I've visited many towns in CT and I always like to re-check on them to see how things have changed (or stayed the same). That said, I'll be in/around Newington all day today. If anyone has specific questions or is looking for some insight with someone who's boot on the ground, let me know. 

How did you only invest $2900? Was the place in good condition (only needed paint work)?

That's amazing - thanks for sharing the details!

Hi @Natalie Reese,

Adding to what @Harrison Busbee mentioned...

Airbnb can certainly be more profitable, but it requires more ongoing maintenance and client management. Since you're just starting out, you may choose to manage your own property at first. If that's the case, you need to ask yourself do I have time to answer inquiries throughout the day? Does my current work environment allow for me to take (consistent) unexpected calls when guests can't figure out how to check in? Also, you have to consider that platforms like Airbnb are very public meaning that if a few people write a bad review on your place, it can/will affect your ranking on the platform and could affect how you price if there were a few 'meh' reviews.

On the other hand, long term tenants (LTT) won't bring in as much money on a monthly basis, but (in most cases) they're less of a headache. Have someone move in, ensure all the fixtures and appliances work and from there just ensure the money rent checks come in on time. In some cases, mostly for out of state landlords, you can work out a deal with the tenants that if something breaks, they can have someone fix it (must show receipt) and it gets deducted from that month's rent. 

It all depends on your bandwidth and goals. I personally like Airbnb'ing my condo because I also like going to PR a few times a year. I wouldn't be able to enjoy the apartment if I had a LTT in place. 

Last note, do your research! There are cities that would think you can charge $80 a night but in fact it's already saturated so you'd be forced to drop the rate to $50 just to stay competitive. Food for thought!  

The alternative is to consider other options such as room rentals and/or short term rentals. Both require more maintenance but you can hire a cleaning company to handle the turn over. It's cheaper than hiring a full property managing company. That route has worked well for me. 

Hey Patrick - happy to help you walk through the numbers before you jump in. Have you run your comps? Money is made in the buy not the reno cost. How are you estimating your reno cost? I'm not a lender or anything like that just a REI enthusiast. Feel free to contact me if you want to chat.

This is a very simple request and a small give to make a tenant happy. Personally, I installed my own ceiling fan when I was renting. These days they make the instructions very easy to follow. You don't have to be an electrician to do something basic like that. A month after I bought my apartment and moved out, I ran into my old landlord and he told me all the small upgrades I made to the apartment (i.e. lighting fixtures and fans) helped him rent out the place very quickly. Pays to be flexible.