All Forum Posts by: Tamera Muniz

@Tamera Muniz so sorry to hear about the HELOC. Keep in mind that this is a long term investment and we are in the slower months. Since 12/31 have you done anything different with your listing? Move some photos around, change listing name, adjust pricing (not undercut competition, just drop it down a few), offer any "new listing discounts"?
Doing some of these things could help trigger some of Airbnb's algorithm and push you listing up to the top to get some more view.

On the other hand, I have heard from many newer guests that their first month or 2 was slammed then dead which makes me to believe that airbnb will favor you for a month or two to hook you and get your bough it. After that time period, you are on your own. I could be off in left field though.Best of luck.

Hey @Tamera Muniz. Like everyone else, Jan is a slow month for us. Like zero bookings, but that is normal for us as we are a May-Oct lake house.

This is your first year? They are always thin. You need time to build up the rep and reviews. Then bookings should come fast and furious.

Post a link to the listing so we can take a look. Maybe there are some things that can be done to improve the look.

Greeley is too far from skiing right? What other winter activities are there?

I don't see a way to lower the payments without something drastic that wouldn't do anything anyways.

If you were well booked in December, then I doubt that there was some sudden flood of new units or other market changing event that would be to blame for the slow January. Seems that this is quite common in most markets where winter is the slow season. There is always a collective "belt tightening" in January as people come out of the holidays, check their credit card statements, and promise to spend less, only to go back to their old behaviors a few months later. Plus, most people take time off in the Thanksgiving through New Years stretch because that is what we are accustomed to culturally and we already have some free days off to combine.  Plus employers expect us to return to work raring to go in January, so people tend to travel less now anyway. 

Either way I would recommend squirreling away money into a separate reserve account and be sure to put at least some of the profits during the better months into this as well. Even better, consider using any extra cash to pay down your principal so that you can chip away at your monthly. Every bit helps, good luck. 

I think the bigger problem is not knowing the seasonality of the market, my guess is this is just a dead month as it is for most of us. This could very well be a “dang I wish I would have taken a breather in January when I had the chance because now I’m busy again” 

check your enemies for march and April prices. I bet they’re much higher than they are right now. although I don’t like hearing the over leverage 21/22 stories they are all too common. 

I wish you the best! 

@Tamera Muniz

Most large banks can't handle investors. Most of them have the 1 year before you can move. If you're worried about Liability you can get an umbrella policy. Call an Real Estate INVESTOR friendly agent. If you're doing it for taxes, call an Real Estate INVESTOR friendly CPA.

You could also look at a refi with a smaller bank or credit union. Find a bank/credit union that is Real Estate INVESTOR friendly.

Are you guys noticing a theme HERE? 

If you're living in the property and it has a loan for a primary residence it makes sense that you have to live in it for a year. That's what the requirement is for if you wish to move out and make it a rental too. Is this a pure investment property? or did you use a loan for it as a primary residence?

Hi Tamera,

You could also utilize a trust in order to transfer the property. You would transfer into a trust that was created for the benefit of the LLC.

Do you know if the loan is backed by either Fannie Mae or Freddie Mac? You can lookup here: https://www.knowyouroptions.co... and https://myhome.freddiemac.com/...

If the loans are backed by either of these, you may need to reference their servicing guides to explain to Chase that they are required to allow you to transfer the property to an LLC per the terms of the respective servicing guide. You can find Fannie Mae's here: https://servicing-guide.fannie... and Freddie Mac’s : https://guide.freddiemac.com/a...

It actually looks like Freddie Mac requires you to have the loan for 12 months prior to requesting transfer, so you might just have to wait out that time period before requesting. 

Hope this helps.