All Forum Posts by: Veronica Haniger

@Allen Wu do you still have a referral? Looking for someone that specializes in short term rentals(both personal and one that I’m

managing) in CA.

@Cody Zucker hi! I know this is an older post but I’d love this contact info. I’m looking for someone to start planning out the next couple of years with. I’m a W2 employee that likes to buy and fix up short term rentals. I also am starting to manage a couple of other short term rentals so want to make sure I’m keeping as much of this income as possible.

@Mark Frattini would love their contact info. I’m looking for someone to start planning out the next couple of years with. I’m a W2 employee that likes to buy and fix up short term rentals. I also am starting to manage a couple of other short term rentals so want to make sure I’m keeping as much of this income as possible.

Hi @Matthew Brown.  Did you find someone?  I'm also looking 

Hello BP!

I recently bought a fixer duplex in the Dallas area (Arlington, to be exact) and I live in CA. I’m looking to connect with a CPA and would like to know if there’s a benefit to working with someone in Dallas vs one near me. Thanks in advance for the input!

@Michael Kinsella @Kerry Baird

Thank you both! This is very helpful

Hello BP!  

Question for all you mortgage smarties.  I just came across a 4 home bundle.  The numbers make sense and I'd use a hard money loan to get into the property.  

I'm wondering what it would look like to refi in 6 months if all homes are on the same title.  Would a lender be able to bundle all 4 homes into 1 mortgage?

@Matt Mainini Total rehab was just over $20k as we did the work ourselves (not that I recommend it!).  Will update on average rent after we complete a full year but so far we've had very little occupancy.  Note that we're working with traveling nurses who get a housing stipend from the hospitals that they have contracts with and are connected to incoming nurses so occupancy might be different than more standard circumstances.  

This house was on the MLS but it just so happened that a cash buyer had to pull out last minute and the sellers were already in escrow on another property so they dropped the price by a significant amount and we moved FAST. We were moving in to the house within 18 days of seeing it. Definitely got lucky with the timing!

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Santa Cruz.

Purchase price: $799,900
Cash invested: $130,000

We currently live in one of the units and rent out the other. We rehabbed the apartment ourselves and listed it for premium rent. For us, this was the best move as rent in the CA Bay Area is astronomical. While we're not cash flowing like crazy, our living expenses are lower than they would be if we were renting a smaller space and are benefiting from Bay Area appreciation.

How did you finance this deal?

Conventional Loan

How did you add value to the deal?

SWEAT (lots of it..and tears.) equity

What was the outcome?

We purchased our first home in one of the craziest places to buy a home and are paying less to live in it than we would to rent a smaller and older space.

Lessons learned? Challenges?

DIY is not for the faint of heart. We spent a good 6 months on this project and did all of it ourselves in the few hours after work each day. LOTS of Youtube. Next time, I'll find a contractor to do most of the heavy lifting.

One good thing I learned was that this type of thing is possible for us. That if the numbers make sense then just get into it and do the work to get it done. Don't stop in the fog of the unknown, just keep stepping towards it and eventually you'll make it out.