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All Forum Posts by: Account Closed

Account Closed has started 10 posts and replied 24 times.

Post: How to find owner financed condos in Galveston?

Account ClosedPosted
  • Lake Charles, LA
  • Posts 24
  • Votes 3
Quote from @Landon Bleau:

What exactly do you mean by owner financed condos?  Owners willing to seller finance their condos?  Owners who bought a condo with financing in their personal name?  


 Owners willing to seller finance. 

Post: How to find owner financed condos in Galveston?

Account ClosedPosted
  • Lake Charles, LA
  • Posts 24
  • Votes 3
Quote from @Holly Brown:

@Roger Poindexter, I have one at Casa Del Mar. If interested, shoot me a DM


 Sent! Thank you!

Post: How to find owner financed condos in Galveston?

Account ClosedPosted
  • Lake Charles, LA
  • Posts 24
  • Votes 3
Quote from @Lyndsey Garza:

Hi Roger, 

Good question…let me do some looking around & make some calls to see if I can help point you in the right direction!


 Thank you!

Post: How to find owner financed condos in Galveston?

Account ClosedPosted
  • Lake Charles, LA
  • Posts 24
  • Votes 3

Hey all -

I'm looking for owner financed condos (beach front if possible) in Galveston, TX. Whats the best place for me to find owner financed properties?

Post: Critique my plan going forward

Account ClosedPosted
  • Lake Charles, LA
  • Posts 24
  • Votes 3

:)

Post: Critique my plan going forward

Account ClosedPosted
  • Lake Charles, LA
  • Posts 24
  • Votes 3

Good afternoon,

I have made numerous financial mistakes and I'm tired of it. I want real estate to be part of my investment portfolio and I think I have an interesting way to do it... Please critique my plan.

I currently have three houses: 

House A - primary residency, $180,000 in equity.

House B - rental property, $30,000 in equity, breaks even on rent

House C - Beach house, for me. $18,000 in equity, and I owe $180,000 on it.

(Special note, I am in the process of opening a large business through the SBA and they are going to put a lien on the equity of House A, so if I sell House A, they said I have to take that equity and move it to another property and they will put the lien on that property, so I cannot like use that equity for anything else, although I wonder if a home equity would work?)

I am sick of being a consumer. I look at my house, and I've spent so much money on stuff in here, and it's very nice, but just all so unnecessary. I have one child, and I don't need a big house for just the two of us. Yes that could change later, but not at this moment. So my plan is to sell house A, and move the equity to house C, which would pay off house C. So I would go from having three notes (A, B, C), to having only one note (B). House C, I just bought, is a < 1000 sqft beach house, it's very cute and simple, and the furniture I'm putting there will all work as furniture for a simple AirBNB/VRBO. 

I made an offer on a beach front lot in the same neighborhood as C, and am examining the feasibility of building a small beach house (D) there. My plan would be to live full time in C, and when D is complete, move to D, and rent C out as a AirBNB/VRBO. The income from C would more than pay the mortgage on D because C would be paid off by then.)

Then it would be repeating this, just develop a beach house after beach house, and put them all on AirBNB/VRBO. 

(By selling A and paying off C, that gives me like $5000/month to play with)

My fears:

1. All eggs in one basket - we know that coastal areas get hit by storms, so it worries me to have my vacation rentals in one area, because one storm could wipe them all out. I think after I have D built, then house E would be in a different beach community a couple hours further away.

2. I'm looking at < 1000 sqft beach houses, so it does start to feel a little cramped to live there, but the beauty of it is to get rid of all the garbage possessions we have that hold us back. 

3. I do have a serious girlfriend, and right now my house A is very close in proximity to her, and house C is 55 miles away, which will make it harder to see each other. But she knows this isn't about her.

My loves:

1. When I sell A and pay off C, I essentially have no bills. Yes, I owe on B, but that's paid by my renter, and at any time I could sell B and have no note there. This puts me in position to "coast retire", meaning I would still work, but it's just to save money or make more money, but not just working to pay stupid bills.

2. I love the beach, and that beach front lot is heaven, it's literally road, then my area, then a dune, and the beach. I will be able to walk from the house directly to the beach with nothing but mother nature between us.

3. I love the simplicity of it all. The camps I like are simple and clean. They use nicer quality premanufactured cabinets, granite, etc, but not like over the top. All my friends have these almost million dollar houses that they have to work for the next 30 years to pay off. I don't want any part of that.

What do you think?

(I have owned an AirBNB in this area before, and it did amazing, I just had too much work stress at the time to deal with it.)

Post: STR bed sizes / sheets question

Account ClosedPosted
  • Lake Charles, LA
  • Posts 24
  • Votes 3

Are bunk beds bad idea because of it being a rental, and risk of some kid hitting head on fan and then suing?

Post: STR bed sizes / sheets question

Account ClosedPosted
  • Lake Charles, LA
  • Posts 24
  • Votes 3

Hey all -

I'm about to purchase a three bedroom STR. The master can accommodate a queen, the two other rooms are smaller, and could probably accommodate a full without it being too large.

I need help figuring a few things out:

1. What would you do for beds? I'm thinking a queen in the master, and the two smaller rooms get a full / twin bunk bed, or the two smaller rooms could get a twin / twin bunk bed.

2. For sheets, if I went with all white, I can see where this would be a disaster to have 5 beds worth of sheet, all the same color, for three different size beds. Would you do a different color for each size bed? Whats your strategy?

Post: How do you remotely manage your STR VR?

Account ClosedPosted
  • Lake Charles, LA
  • Posts 24
  • Votes 3

Hello friends,

I plan to attempt to self manage a vacation rental shortly. I will list on VRBO / AirBNB. My fear in remote managing is not having someone there that can "fix" things when they invariably go wrong. From anything such as a light bulb to some electronic device. And then coordinating cleaning.

How do you find a cleaner that you can trust remotely? Sometimes there is literally a 5 hour window between check out and check in, how do you make sure they show up on time? What would you do if the cleaner bailed out, and your guest shows up and the place is a mess from the previous occupant?

What tools do you you use to manage your vacation rental remotely? I've read of IGMS and YourPorter.

What other software do you use? What else makes your life easy?

Post: Considering a 4-plex, would you do it?

Account ClosedPosted
  • Lake Charles, LA
  • Posts 24
  • Votes 3

Hey all! I'm considering purchasing a 4-plex. It's an older apartment building, in a nice part of town, good school districts. It's listed for around $356,000. I would put down 25%. Mortgage would be around $1300/month. We asked for the financials on the property, this is the "best year." Each unit supposedly rents for 875-1000 per month, which makes me think they typically operate at 1 unit being empty or being turned over. This gives a much better view of what the potential income/expenses is than I had come up with in my analysis. If I had the same success they did, and had the net income of $20,254.00, I would still have to pay the mortgage, which would be approximately $16,200 for the year ($1350 x 12), which nets me around $4,000 for the year, or $333 per month. 

For adding value, the units do not come with washers and driers, I could add those. But otherwise there's not a whole lot to be done. Could bring all rent up to $1000. But man, this is razor thin margins. How are people making money in this game??? Would you do this deal? Spend $89,000 down payment, plus closing costs, to make $333 per month?