All Forum Posts by: Richard Schubert

Maybe @james wise ?

Myself, I would stay with the numbers in front of me that have proven to be profitable. The STR, if purely an appreciation play, is speculation to me.

Hello, personally, if it was me in your situation, I would not trade the low interest rates you currently have by cashing out the relatively smaller equity you have in your current properties for a much higher interest rate. You have to factor in the increase in the cost of your money. The slight decrease in NOI for me would alter my outlook on if leverage on my portfolio makes sense to buy a STR. I also would not take out a loan to get a loan. For me, I would, put together a prospectus for the STR and approach my friends and family to see if they would be interested in a partnership on it. Keep your portfolio cash flow.

I don’t provide a washer and dryer. If the house already has them, then the lease will state the washer and dryer is provided as a convenience and the tenant is responsible for all maintenance. If the units break, then again, they were a convenience and the tenants must now replace them with their own. The tenant then takes their units with them if they move out. Damage is always on the tenants and comes out of their deposit. 

On the flip side, you will be surprised that many tenants do indeed own a washer and dryer. If your house already has them, what do they do with their own?

My suggestion is to limit your risk on your first endeavor. I don’t feel a house hack is needed because you have the capital to start out anyway that makes sense to you. Limit your risk by purchasing an inexpensive single family home that is completely conforming to be either an owner occupied or a rental. You don’t have to skimp on the neighborhood or the quality of the house, but if it is a nice little 3/1 or 3/2 single family home in nice condition with no deferred maintenance, then your chance of making a mistake or getting hurt financially while you learn is limited. A first rental such as this is easy to exit if needed. Once you learn , then go for value adds, multi, or renovations.

Welcome, always nice to see another fellow Akron investor.

I'm selling a house in North Carolina and will use all the proceeds to buy a couple houses here in Ohio. My appreciation in North Carolina was amazing but I could not rent it for what the capital is worth. If I was keeping the NC house I would probably do Airbnb STR.

Closed and now have the keys in my hand. Meeting some people tonight there to create a scope of work and do some additional discovery. Thank you to @Owen Rosen for helping me with the insurance on this one. Definitely will be moving my other rentals over to him. 

Closing on Monday! Did a second walk through this weekend to make sure everything is still the same condition as the first walk through. Ran into the neighbor who might have a daughter in law who wants to live  next to her grandmother. So might have a tenant candidate already. Going to put together a scope of work for the rehab sometime next week. I need to come up with 40 to 45k for the rehab.