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All Forum Posts by: Rashelle Turner

Rashelle Turner has started 2 posts and replied 10 times.

Post: The Darker Side of Airbnb - Good Article

Rashelle TurnerPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 10
  • Votes 4

That was quite the horrifying article but it’s also unfortunately the world we live in today.  Hosts should be looking towards automation for safety reasons (like keyless keypad locks that the hosts change the code to each turnover and outside security cameras) as mentioned above.  Guests also need to also be more careful and screen where they stay based upon the safety of things like key retrieval or the area in which they are staying.  Bloomberg does expose AirBNB to seemingly trying to pay its guests to keep them out of the press but at the same time they are trying to host a tech platform for homeowners to get paid for hosting guests, not be a hotel that takes on the safety of their own accommodation.  I’ve stayed at plenty of AirBNBs in Europe where you stay in a room of the owners’s home and you sit at the same table for breakfast and they let you borrow their bike.  The owners are in the same building the whole time.  That choice is to be made by the guest.  I think AirBNB has done a lot “reactively” to these incidents, but besides a rating and review system, they aren’t going to be able to keep out the weirdos of the world.  They still run a background check on hosts but they can only do so much as a tech hosting company on the front end.   Like most other decisions in this world, the guests need to be careful and aware of where they are choosing to stay (not to say that any of these horrible experiences were at fault of the guests, but just ways to help prevent them as much as possible). As a host, we must do what we can to provide a safe and secure accommodation and provide those security features in our listings so guests can make sound decisions and have those safe options.  Thanks for sharing this article! 

Post: Owner occupied rentals qualification question

Rashelle TurnerPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 10
  • Votes 4

@Dustin Allen

Ok thanks for the info! I’ll look into these rules and see if I can still get the owner-occupied loan with STRs.

Post: Paying cash for land. Loan type to get my cash right back?

Rashelle TurnerPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 10
  • Votes 4

@J. Mitchell Bernier

Good to know and thanks for the tips! I will look into this option with a small lender.

Post: Owner occupied rentals qualification question

Rashelle TurnerPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 10
  • Votes 4

@Rashelle Turner

*Renting the other three houses as STRs via airBNB.

Post: Owner occupied rentals qualification question

Rashelle TurnerPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 10
  • Votes 4

Hey all!

I was planning on building four small houses on a piece of rural land in TX. My intent is to live in one (owner occupy) and rent the other three. Any advice on if I could get one loan for all four houses I intend to build as a owner occupied rental property loan?

Thanks for your insight!

-Rashelle

Post: Paying cash for land. Loan type to get my cash right back?

Rashelle TurnerPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 10
  • Votes 4

@J. Mitchell Bernier

That's a good option. My LLC is brand new. Do you think that would put me at a disadvantage to go the commercial route? I was thinking I needed to have two years of business tax returns before I could apply for a commercial loan. Thoughts?

Post: Paying cash for land. Loan type to get my cash right back?

Rashelle TurnerPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 10
  • Votes 4

@Drew Hittner

Thanks Drew. No other properties yet. I sold my previous investment properties and want to use this land to start new STR properties.

Post: Paying cash for land. Loan type to get my cash right back?

Rashelle TurnerPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 10
  • Votes 4

@Kelly Kinne

Hey Kelly. I’ve been told it’s TX state law that you can’t get a cash out loan product on land itself. Are you familiar with that? Not sure where you are located.

Post: Paying cash for land. Loan type to get my cash right back?

Rashelle TurnerPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 10
  • Votes 4

@Torrell Palmason

Thanks for idea! Unfortunately I’ve been told by multiple lenders that in the state of TX they do not do any sort of cash out or land equity loans. The ONLY refi or cash out they can do is on the buildings themselves, not in land. So I wouldn’t be able to refi the land right before closing on the construction loan since in TX you can’t get cash out on land (even if owned out right).

Seems like my other option is: Pull my cash offer and make a offer with financing from the start.

Post: Paying cash for land. Loan type to get my cash right back?

Rashelle TurnerPosted
  • Rental Property Investor
  • Houston, TX
  • Posts 10
  • Votes 4

Hi all!

In today’s market I need to use cash to buy this large tract of rural land and beat out the other offers. I will then start construction. I need to be able to pull the cash from the land purchase back out as soon as possible (prefer not to wait 6 months after the finished project to refi). Seems it’s too risky for most lenders to do cash out on a land loan. Anyone have any ideas or know of financing options that would allow for me to get my cash back out. I’m fine with carrying a loan on the land and new construction.

Thanks for your insight!

-Rashelle