All Forum Posts by: Steve Smith

I have a Airbnb with a 30 day stay min. due to HOA restrictions. I have been renting out since January of this year with an average stay of 85 days. My current tenant checks out in August 15th.

I just received a request for November 1st through December 4th. I’m hesitant to accept it because I’m concerned that it will not rent in December and may limit rentals from August 15th - October 31st.

I have a feeling I’m over thinking this and want this awesome community input.

Thanks!

@Anastasia Lozhkina & @Zach Gring & @Crystel Garcia There is several groups already.  Check out Lake County Property investors Association https://www.LCPIA.Org might be a little to far north for you and Chicago Creative Investors Association https://ccia-info.com/  Both great organizations.   

@Ali 

@Ali Khan I'll PM you to find out what your criteria is and area's you are looking at.  

@Daniel Nevarez welcome! I’m a realtor in Lake and McHenry counties and in the middle of my own live-n-flip. If you need help locating properties, have questions, or want to connect shoot me a PM.

@William Huston it’s a great rate and will help your bottom line.

The HELOC tax advantages you'll Have to talk to your accountant about. I was referring to it strictly as capital to buy your next deal to get you what you're looking for which is passive income.

If your goal is passive income then this is a no brainer.  @Kevin Hunter numbers are close with the info you provided above so you're looking at ~$400/mo. With the town home being brand new seems like it is pretty easy passive money. I consider anything below 5% good money, I would not suggest a refi. I would suggest looking into a HELOC with a low rate & use the funds to buy your next rental property. You can you use your savings for investing and any rehab costs you have.

Join us Saturday September 19th at 9am CST at our inaugural event online Click the following link to join the meeting:
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@Stephanie Simmons short sales uncensored by Nicole Espinosa is a quick read and can help get you started.

Thank you Neil.  Yes the damage was there, and the mold will only get worse as it sits.  Your information was extremely helpful, thank you for your time.  If we get further along in the process I will reach out again.  

@Ron S. Like I said short sale newbie. How do you fund short sales? Should I be looking at a hard money loan?