All Forum Posts by: Steven C. Suarez

Hey BPers, I'm currently buying a vacation rental in South Padre island, Texas. It's already booked through summer. The company handling the listings is vacasa and charge 30% which seems high. I'm looking to Airbnb the condo myself. Do I have to honor the current bookings? Can I work a deal out with vacasa to keep the bookings but they take a smaller cut? Or what options do I have? Thx Stevo in Hurst

Esteban Flores yes please! Message me if you could! I still haven't pulled the trigger yet and your advice and wisdom would help me tremendously with my decision! Thx so much!

Blair Russell I thought of that. But the idea of owning it free and clear for the same monthly payments that Wells Fargo was offering on a 30yr sounds awesome. Also, i have a daughter on the way so it would be great to have it paid off before she graduates high school. It could in turn pay for her college ;)

Jeremy Baker Robin Boyer Andrew Postell Cody L. Nick Costello Thomas S. Good thing I posted here on BP! As per yalls advice I shopped around for a better loan. Lending tree hooked me up w Quicken loans at a 4.3% rate 15/yr loan and my payments will be actually cheaper than Wells Fargo and the loan paid off in half the time! This makes my decision and numbers look far better! Just when I feel like hating on BP , they come through and potentially save me thousands of $$$!! Love this site! Thx y'all!

Cody L. Good thing I made this post! I'll definitely shop the loan around now! Inbox me your info!!

Andrew Johnson the bank is Wells Fargo. The say Interest rate is over 6% due to it being a vacation rental, 22k includes all the fees and closing costs. The mortgage includes taxes. I've got my other 2 houses w them and they've treated me good but you're right, I should shop around. Good tip on letting them run it for me initially. Thx for the tips. Maybe I can get pre approved through lending tree or other online banks? Thoughts?

Thanks Jeremy Baker , great advice! Yes, we plan on using it quite often. I work for American Airlines and it's a quick trip from dallas Fort Worth airport to McAllen or Brownsville airport. I hope to Airbnb it and manage it myself to save some money. Management companies charge 20-25% ... ouch! Yeah, I definitely need to take into account sheets and stuff. We'd love to have it and hopefully we get a lot of feedback in this thread to help us make this decision. You invest in Texas?

Sam White Love the title! You should work for a click bait maker! Lol. Taxes, fun topic. I see it like squeezing a long balloon. If they cut property taxes they'll just raise them somewhere else. Be it gas, cellphone taxes, toll roads etc.. Once burocracias are accustomed to receiving set amounts of income, there's no turning back. They'll just grow and grow with longer and longer tentacles. Just gotta deal with it and vote libertarian ;)

Ryan Cooper did you go to this one man?

Hi BPers! I'm looking to buy a condo in South Padre Island, TX. There are plenty for sale down there at what appears to be good prices. But that's part of my hang-up. Why would so many people be trying to get rid of there's at lower prices than purchased? I'd like to have one to use and rent out on Airbnb and make profit each year if possible. There's plenty of variables involved, the biggest one being my wife is about to have our 1st baby any day now! Condo details: approx 1,000sf, 2b2b 3rd floor walk up, fully furnished. Negotiated price 107,800. Has a pool, no ocean view though. Mortgage 900/month, HOA 267/month (pays for cable, internet, water, trash, exterior.) insurance 87/month, electricity est. 100/month. In all I'm looking at paying about 22k down, 1350/month. Oh and they just built a new roof and has new a/c. Breaking even each year would be ideal, but conservative estimates I'd probably be losing money on it each year. Now an old saying that has stuck with me from coach Bill Parcels on horse betting. Bet a little, to win a lot. Don't bet a lot to win a little. This keeps ringing in my head. So BPers, what do you think? We do love it down there. We're not rich by any means, so would this be a sound investment? Or a luxurious burden on our finances? Thx! Stevo from Hurst