All Forum Posts by: Maxwell Lee

Yes, most likely it will be best to sell. The considerations for keeping it are that you bought it as a primary residence and a year ago, so likely at far better terms than you will get for a rental property anytime soon. If your DTI is low enough it might serve you to hold on for a little bit until you really need to unleash that borrowing power.

Of course, such a strategy then would require selling in a year or two and selling can be difficult if you are doing it long distance with tenants in place. We just went through this with our condo in DC. 

Congrats @Mihir Bhimaraju! Can you post your airbnb listing on here? I am an out-of-state investor who visits every few months and stayed in several different airbnbs. Wouldn't mind trying yours some time. 

Sorry to hear about your difficulty in selling. 

I do think a beaches location for airbnb is not a bad idea, and I dont think you should have a much harder, if any, time with winter rentals. But I have not analyzed this...it could be worth it to use mashvisor or airdna to get good data. But $300/night and 60% occupancy is a lot to bank on. It is certainly possible, i really dont know, but it is a lot to be dependent on. 

Also, be sure you are considering all your costs. Managing an airbnb isnt too terrible but it definitely is a hassle if you are expecting it to manage itself. So factor in the cost of airbnb management as well as your cleaning costs. Finally, it is possible to continue to list the home while renting it on airbnb. We have done it successfully with two houses now. But we list our airbnbs at a bargain and make it clear that while they are securing a brand new remodeled home there will be showings and potentially inspections, repairs, etc during the day. 95% of guests have been very amenable. Of course, ours were hardly "luxury" rentals and such clientele may not want to be bothered with this. But it's just food for thought, if you want to go the sell route and offset some of the bleeding you can rent on airbnb for under market. We stage our properties so it's not really an added furniture expense to do airbnb. 

Good luck!!

Hi @Glenn Bennett and welcome! I'm a Jax investor moving down to Miami in a few months. What can you tell me about the market there? Jax has treated us well, particularly Murray Hill, but prices have risen quite a lot. 

Hi @Dusty Burgess we are meeting at the SPAR office. 1321 N Main St. at 10a. Looks like we have a nice little crew @Evan Greenfield @Ethan Lee

This is the key imo. I actually did something similar as I had narrowed down to Atlanta and Indy. From there, just went where the deals took me. Actually, all of Elizabeth's post is spot on lol. Good luck!!

Just bumpin this topic. I was at the Hyperion Brewing Grand Opening Fri evening and that block is looking very promising! Such a great vibe. 

Hi guys, 

Although I have been investing in Jax for years and have spent a decent amount of time in Springfield, I've never invested there nor do I feel like I'm much of an expert in the area. 

So at 10a next Tuesday, May 23rd I'll be meeting with Christina Parrish, the Exec Director of SPAR Council (Springfield Preservation and Revitalization) and going on a tour of the neighborhood with Kevin O'Halloran, SPAR's Community Outreach Coordinator. Anyone interested is more than welcome to join me!!

I'd imagine this will be useful for any investors looking to get a basic knowledge of the historic neighborhood that is poised for explosive growth, but if you already are an expert you are welcome to join to share your knowledge as well!

The rent (which obviously you just provided above) and the repair cost to get to that rent number and the ARV of 265k.

Yep, please provide more specific numbers, even if just an estimate.