All Forum Posts by: Scott Tucker

Thanks everyone, very helpful.  @Luke Carl I learned my lesson I need to search the forums every day before posting.  I checked last week for a similar post and didn't see anything recent, just shows how active the bigger pockets forum is. 

I have two cabins in the Gatlinburg/Pigeon Forge area that I purchased earlier this year.  For those with experience in this location, can you provide a little insight on what is expected for holiday decorations.  Based on the questions I have received from interested and booked guests, decorating is a selling point.  I don't plan on going Clark Griswald but also don't want to under deliver.  Thanks in advance for any guidance or suggestions.  

@Luke Carl, great post and perspective! I was just dealing with a guest that from the moment they booked they were trying to get money back and I knew before they arrived the review would not be the 5 stars I strive to achieve.  At first I stressed about the impending review but once I accepted that there are some people you will never please, my perspective changed to view it as an opportunity to learn how to craft an objective response that demonstrates that the guest was the issue without getting into personal attacks or petty statements.  

Thank you @Jaysen Medhurst.  That is very helpful.

I have a 4 Unit investment property in Ohio which I purchased with cash. I would like to obtain a HELOC on the property instead of a full cash out refinance. The first lender, which I identified by reading BP Forum posts, states on its website that it does not offer HELOC's on investment properties. Has anyone successfully obtained a HELOC on a multi-unit investment property?

I am looking to expand my Short-term rental portfolio to Killington, VT. Currently I am between 3 properties each with pros and cons. One is a very picturesque 3 bedroom log cabin that is near the golf course but not right on the mountain. The second is a 6 bedroom that has character but again is not on the mountain. The third is a one bedroom co do that is on the mountain.

Does anyone have experience with short term rentals I this market that can share their experience with the occupancy cut rates of on and off market properties? I have checked with AirDna and have all that data but a first person experience would be really helpful.

Thanks

@Tom S.

Thank you for the suggestion @Tom S. 

Thank you @Luke Carl @Michael Baum @John Corey@John Underwood

Your answers are inline with what my assessment is and what I expected to hear. But I didn't want to assume I knew the answer only to find out later that other BP members have a history with this type of situation and were able to work different financing options.

Michael, I did look at a self directed IRA but it does not allow us to use financing for the properties but instead requires all cash purchases.

My wife and I created a C-corp using a ROBS 401(k) to start a vacation rental business. As part of our initial due diligence we took a deep dive into Lahaina, HI. After running the numbers, we decided to start out by focusing on the GATLINBURG/Pigeon Forge, TN and Killington, VT markets as they have a lower cost to enter which ultimately results in higher net revenue.

My question is does anyone have experience obtaining financing for a ROBS C-corp to purchase property? In order to not run afoul of the IRS rules, the loan has to be in the C-corp’s name but I can be a personal guarantor for the loan. From the lenders I have spoken with in Tennessee and Vermont, the fact that the C-corp has to be named on the loan takes me out of conventional financing and puts me into commercial or portfolio loans. Which increases the down payment requirements from 10%t o20-25% and doubles the interest rate. When I was looking in Hawaii, I did find a lender who had an in-house product that would allow the C-corp to be on the loan on terms similar to a conventional loan (10% down and 3.8% interest rate), but I have been unable to recreate such an option elsewhere. Any advice is greatly appreciated.

@Sebastian Garcia, congratulations on your first purchase.  I jumped into the world of real estate investing this year after about a year of listening to the podcast and reading several books. I chose from the jump to invest in out of state properties for a multitude of reasons.  My approach to getting comfortable with out of state investing was to go onto the bigger pocket forums and see who other members were using/recommending.  I also went into the "Companies" section under the Network tab and reviewed the companies listed in the markets I identified.  The next step I took was to get on the phone and call each of the people/companies that I thought would understand my needs and investment philosophy and would help me reach my goals.  For me it ultimately came down to my gut feeling after talking with the people over the phone, their honesty about (I appreciate it when a real estate agent tells you not to move on a property and can back up the recommendation with good reasons) and knowledge of their markets, and of course the feedback from other BP members.

I hope this helps.