All Forum Posts by: Sovat C.

@Colby Burt

I'm an investor and STR operator just not in Florida. I own, do RA and also do some cohosting as well. I would try buying the property or talking to passive owners to help cohosting their properties. RA is my least favorite of the three. I think at this time it's super risky to do RA. You will be limited on what you can really do to the property to stand out. In the Disney market it's all about the themes that gross the most revenue. You can't just drop a few grand and make it rentable. You will be disappointed and broke when you barely break even or clear a few hundred. Also your days are numbered and not in your control at all when you don't own it.

I think my favor methods would be a brrSTR. I tell my wife it’s like buying a house a for free lol. Go find a run down/dated Airbnb listing to see if you can buy it from them. Lock it up.. I use friends and family to fund my deals. Rehab, then list it. Wait a few months and refi to long term debt and pay back your family or friends.

I’d also go join a bunch of fb groups that do RA instead of asking people on BP if you’re set on doing it.

Good luck!

@John A Maghamez

I saw this. They purchased in April and selling 8 months later, seems a little fishy. I wouldn’t go against or push the limits on the hoa. It’s a matter of time until you get caught.

I would do 3 listing. 1 as the top, base and one as the entire place. Have them sync to avoid any double bookings.

Good luck!

@Mel Volland. Congrats on your success! We are doing something similar! How do the LtR feel that they have STR in and out of the building?

Do you know why Norfolk rejected your application? Is it something you can change or because of the unit count?

@Collin H. I think the math is wrong. 300k/20k is 15 not 6.6. The higher the ratio the worse the roi so you should be targeting lower price to rent ratio.

@Koo Sharifi - I was able to do one with SECU since I had more than 3 properties.  Easy process even during the height of COVID.  I did have to wait until two months for them to open things back up.  

@Kerry Baird DO you know any banks that will allow more than 1 HELOC? I wonder is there caps on the number helocs you can have on investment properties? Let's say you have 3 homes free and clear or with low LTV.

@Rob Rogers I went with SECU if you have more than 4 properties.  They are local as well. 

@Yannik Cudjoe-Virgil

Do you have a contact at Fulton? I was also looking at them for loans.

@Andrew A Sanchez

Navy fed, pen fed, td bank if you have less than 4 properties

Secu if you have more than 4.

Expect to pay higher interest on the heloc

Took me about 3 weeks to close.

@Taylor L. Can you recommend any hml or private money that’s still lending in rva?