All Forum Posts by: Sheena Drake

I appreciate your input. I would be interested if you find a great place in this area to invest. This is the portion of STR that makes me cringe.

I am from NE Missouri and vacation yearly in Branson. After diving into LTR in SFHs for the last few years, we are interested in purchasing a home (preferably lakefront or lakeview) with dock access on Table Rock Lake. Not as interested in HOA fees, but willing to consider. The intent would be to rent it out as much as possible other than the 2 weeks we would use it ourselves. This is about a 5 hour drive for us, so manageable if we needed to be present for any reason. Look for real estate agents with experience for STR around Indian Point or toward Kimberling City. Thank you for any information.

Thank you for the input.  That's exactly how I approach this.

With renters who mention staying for years, do you charge the nonrefundable pet fee each year?  We charge $300 fee per animal but are now approaching the time for a new lease signing.  Just not sure if that is reasonable to charge each year.  Thanks for the input.

I appreciate the information!  Will help make this decision easier for my husband.

Looking for opinions.........2/1 SFH in Missouri. Bought for $33,500, B/C neighborhood. We have rentals in this same area so expecting $750-800 rent. Taxes, insurance $1000 together for the year. Nicely fenced in with shed but no true garage. dilemma.......Our bank has just recently moved to loan of 75% LTV for acquired cost + anticipated rehab cost. cannot refinance until owned for 1 year. If we were to do the right thing (rip out drywall where window units have leaked, tear out the chimney that was a past problem but could be in future) we would anticipate $25,000 approximately in rehab cost. Experience tells me the bank analyst will show up, look at the house for 5 minutes, give current appraisel (with anticipated rehab) at exactly $58,500. So what will be offered from bank leaves us with a substantial gap that will come off our personal HELOC>

I personally see the value in doing things the right way, as we are buy and hold. Much easier now while vacant. Should ease the risk for capital expenditures in next 5 yrs minimum. ANd the monies not going toward the bank loan could be applied to our HELOC, so that we still have a renter paying down this cost. I feel fix it now is better than fix it later. If we were in the mode to sell quickly without reaping a gain over next 10-15 years for appreciation then I would forgo that much improvement. But longevity is my target. What would you do? Scale back to the $43,875 the bank will give and leave it or fix it and hopefully do nothing but babysit it for 10+yrs?

Looking for opinions.........2/1 SFH in Missouri. Bought for $33,500, B/C neighborhood. We have rentals in this same area so expecting $750-800 rent. Taxes, insurance $1000 together for the year. Nicely fenced in with shed but no true garage. dilemma.......Our bank has just recently moved to loan of 75% LTV for acquired cost + anticipated rehab cost. cannot refinance until owned for 1 year. If we were to do the right thing (rip out drywall where window units have leaked, tear out the chimney that was a past problem but could be in future) we would anticipate $25,000 approximately in rehab cost. Experience tells me the bank analyst will show up, look at the house for 5 minutes, give current appraisel (with anticipated rehab) at exactly $58,500. So what will be offered from bank leaves us with a substantial gap that will come off our personal HELOC>

I personally see the value in doing things the right way, as we are buy and hold. Much easier now while vacant. Should ease the risk for capital expenditures in next 5 yrs minimum. ANd the monies not going toward the bank loan could be applied to our HELOC, so that we still have a renter paying down this cost. I feel fix it now is better than fix it later. If we were in the mode to sell quickly without reaping a gain over next 10-15 years for appreciation then I would forgo that much improvement. But longevity is my target. What would you do? Scale back to the $43,875 the bank will give and leave it or fix it and hopefully do nothing but babysit it for 10+yrs?

Our CPA has recommended that we maintain suspended losses.  Therefore, we are accumulating quite a number of receipts and I thought I saw a post regarding a way to take a picture of the receipt and incorporate it into an app?  Please let me know because the paper trail is becoming very lengthy.

Do you all require that seller has electricity, water, heat turned on before your initial or final inspection?  I've just learned the hard way that not all sellers are honest.  Go figure me as too trusting

Not sure that he travels to Cameron, but call TopHand in St Joseph, MO.  Marty Lyle owns the company. He is our realtor and property manager.