All Forum Posts by: Taylor Silker

Lloyd Stanton Could the bank switch this to a 30 year FHA where I'm only having to clear 3.5% equity instead of 20%? Does that make sense?

Lloyd Stanton yes that would be horrible if I kept it and then the city disallowed Airbnb. The house is actually outside city limits so I'm pretty sure we would be safe but you never know. Sounds like the Airbnb is gonna be to be a pretty high risk situation with possible high reward. What do you guys think about for sale by owner. That could save me a ton in realtor fees and allow me to drop the price to something more sellable. They could look at it in between guests. I have plenty of family and friends in the area that could help out cause I don't think my sister can do anything after she's listed it as the realtor. She told me we don't have the agreement that binds her to the sale either. Can't remember what that's called.

Lloyd Stanton what would my payments be for a hard money lender if I got the minimum 50k. What do the interest rates usually look like on those loans? I'm not very familiar with the hard money thing.

I'm at 68% occupancy sorry

Ralph R. If I knew what I know now before I started, there is no way I would've put myself in this position. The good thing is that I went into this knowing I was going to learn a life lesson weather succeed or fail. If I prepare for the worst on this wouldn't that be like saying prepare for 100% vacancy? For August I'm at 68% as of right now. Anyone out there have a good idea what I can expect for vacancy? So far everyone loves the house and it's great for large groups. I'm thinking about getting a portable ice house for the winter time too! Hopefully that drives more people up for the winter. There is also a very nice ski hill nearby.

Douglas Krofcheck do you think I don't know I'm responsible for this loan? I'm asking why would a bank give a construction loan to someone that can't afford the final product? What is the reasoning behind that? Doesn't it seem like the bank is setting itself up for failure? And yes I obviously would be putting my cleaning cost plus plenty extra in the property management expenses while evaluating. I am a newbie that got into my first deal not knowing anything, and figured I would learn my way through the process when I started. That's basically what is happening now. Its time to either get creative or give up and try to sell the house at a loss. But why give up when there is potential on the line? Isn't that our nature as creative real estate investors? To be creative by using our infinite intelligence? Or am I just being stubborn?! Haha

Ralph R. I think we can clear 4k a month. Especially if we get the couple to rent part of the lot. And I only put 7k down total. Honestly I'm not sure how I got such a big loan. I think it had something to do with he fact that got the land first and then applied for the loan. I only had to put 2.5 or so down on the land and 5 down on the modular house. We are charging 45$ for cleaning fees per stay which might reach 500$ a month but this is included in the Airbnb pricing when they book. My sister has hired someone to do the cleaning and she willl do it sometimes too. We won't have much property management issues cause it's all short term and there's a lock box so we don't have to meet anyone. Pm will consist of someone mowing the lawn. Once grass grows.

Oh yeah and there is a couple who is willing to rent out part of the lot for their tiny house. They would pay 500-600 a month and possibly manage the property for a rent discount.

Ralph R. I'm saying right now my total holding costs with with insurance and capex and all that good stuff is about 1500. Once i switch over to a conventional it will be more like 2300. Airbnb will bring in at least 4K. I may have found a consigner though!

It's on the market for 348k. I need at least 330k to break even. Any suggestions on where I should price this?