All Forum Posts by: Stephanie Alexander

Does anyone have a website or resource for calculating amortization schedules where you can input how a large lump sum would impact time & overall pay down of the loan, or how regular extra principle applied to the loan would impact time/pay down, etc? I used to have a mortgage with a bank that had this capability but they changed it and then sold my loan and I don't have access anymore anyways. I have looked everywhere and can't seem to find anything that has the same capabilities. 

@Douglas Spence I think the price it about double right now, actually. A bit crazy to think that, but a unit in my building, same size and floor plan, just sold for $200k and that unit has not been updated yet like mine. Regardless, I would love to have a larger place there for my family already and have been keeping an eye out without any luck so far. 

For taxes, I don't know much about it TBH. There are the special taxes and fees in that town and they are taken out already by Airbnb, so I know that helps simply things on my end but I have my CPA handle the rest of it. I run my Airbnb completely separate from my personal finances and my business finances, and I am sure that helps her out quite a bit as well. Sorry I am not much help with that! 

If I had the $$ for it I would totally love a place in SD! 

Investment Info:

Condo buy & hold investment in Mccall.

Purchase price: $118,000
Cash invested: $40,000

Second home/short term rental in McCall. We use Airbnb as the sole platform for renting it out, and it stays rented at approximately 90% occupancy year round currently (except for 2 months during COVID-19).

What made you interested in investing in this type of deal?

We invested in this type of deal because we wanted it as our second home. We enjoy spending time up in McCall as a family and wanted to be able to do it in a way that would make us money. It’s gone even better than expected with a positive cash flow even with challenges from COVID-19 and having a hefty special assessment last year.

How did you find this deal and how did you negotiate it?

I found it on our local mls and I was able to negotiate the price down using my method of creating win-win situations.

How did you finance this deal?

We put a significant down payment then did personal Lon for the remainder.

How did you add value to the deal?

The condo was in great shape already, but we were able to add value to the deal by creating a cohesive atmosphere in the interior. It was mismatched before and getting it staged just right has helped catch the eye of guests. We have also been very successful in running it as an Airbnb and the history on bookings will bring a lot of value to resale.

What was the outcome?

Our condo stays booked about 90% of the time. We have had mostly really great guests who take excellent care of the property.

Lessons learned? Challenges?

It’s a very small unit (>500 sq ft), but we have loved running it. Having a great cleaner in place is key for us; with her help alone we self manage it. We have had a few unexpected challenges though. One was being shut down for covid for 60 days straight. The other was a special assessment for $3000 to add a lift station for sewer connection. Despite these unexpected events, we have been able to turn a profit and it is currently cash flowing for us over $800/month.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I’m a licensed agent so I have handled my own transactions on the real estate side. I love working with Toni Wood at Movement Mortgage for lending.

I just joined BiggerPockets a few days ago and am so happy I did! Already finding a lot of value in the information through webinar and website. I am a realtor in Boise, ID area that has done both long term and short term rentals, but they have been more by default and I am ready to continue doing them by intention. I am most interested in short term rentals, but I would also love the chance to do a rehab.