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All Forum Posts by: Xiang J.

Xiang J. has started 5 posts and replied 17 times.

Post: Heloc or cash out/ HEL in FL

Xiang J.Posted
  • Rental Property Investor
  • Berwyn PA
  • Posts 17
  • Votes 7
Quote from @Erik Estrada:
Quote from @Xiang J.:

Prefer Heloc but open to cash out/HEL. It's a rental SFH in orlando area . Deeded in the LLC owned by me. Please let me know any local lenders that work with this and roughly the range for rates. Thanks.


Are you open to a standalone second mortgage? There are DSCR 2nd mortgages that allow closing in an LLC

There is no loan. So i guess it works? Any contact feel free to DM

Post: Heloc or cash out/ HEL in FL

Xiang J.Posted
  • Rental Property Investor
  • Berwyn PA
  • Posts 17
  • Votes 7
Quote from @Aristotle Kumpis:

There are some lenders that will do a HELOC on a rental, but they only offer it if there is no loan/debt on it.

Thanks there is no loan for this one.

Post: Heloc or cash out/ HEL in FL

Xiang J.Posted
  • Rental Property Investor
  • Berwyn PA
  • Posts 17
  • Votes 7

Prefer Heloc but open to cash out/HEL. It's a rental SFH in orlando area . Deeded in the LLC owned by me. Please let me know any local lenders that work with this and roughly the range for rates. Thanks.

Post: Heloc or Cash out needed in GA

Xiang J.Posted
  • Rental Property Investor
  • Berwyn PA
  • Posts 17
  • Votes 7

Prefer Heloc but open to cash out/HEL. It's a rental SFH in metro Atlanta area . Deeded in the LLC owned by me. Please let me know any local lenders that work with this and roughly the range for rates. Thanks.

Post: MTR beginner Qs thanks!

Xiang J.Posted
  • Rental Property Investor
  • Berwyn PA
  • Posts 17
  • Votes 7
excellent points. Thanks!
Quote from @Allen Duan:

Screen whenever you can, there's no reason not to. How much screening you do is the better question. Since these stays are shorter than LTR, it makes sense that tenants expect a less burdensome application process. For example, we do background checks but no proof of income/employment check. It's a business decision for you to make, everything has pros and cons.

Yes, just list on STR sites with 30 day minimum, simple and done. STR dynamic pricing tools aren't optimal for MTRs. You need to figure out our pricing strategy and use available tools to do what you want. Don't try to set it and forget it. This is a bad practice for STRs and even worse for MTRs.


Post: MTR beginner Qs thanks!

Xiang J.Posted
  • Rental Property Investor
  • Berwyn PA
  • Posts 17
  • Votes 7
this is wonderful. Thank you so much for the detailed explanation. I will reach out for more technical advice for Airbnb when up and running
Quote from @Miguel Del Mazo:
Quote from @Xiang J.:

Just about to start monthly MTRs, A few quick questions:

1. Do you usually screen tenant (credit score, income etc) just like the LTRs? Or do you look at corporate letters and collect whole rent (1-3 months?) and let it go?

2. How to post on VRBO or Airbnb for MTRs? Do you set min stay as 30 days and that’s it? What about their dynamic pricing that could result in difference vs FurnishedFinding?

3. Any other good platforms to post ads or insurance relocation etc websites?


thanks a lot!


 1. We absolutely background, credit and eviction check every prospective resident that does not book through an Airbnb-type platform ("OTA"). We use Avail.co to manage our rentals' leases, rent collection and checks. We let prospective renters know what our criteria are prior to them paying $55 to be checked. That way, they don't waste their money if they know they will fail. We have a modest security deposit collected up front along with 1st month's rent and the cleaning fee. As soon as we can, we'll prorate rent to the end of the month with the residents permission, so that now they are synced up with all of the other payments depositing near the 1st of a month. 

2. The dynamic pricing for the OTAs has been hit or miss for us. I would suggest setting "instabook" to "off", allowing one of the more flexible cancelation options, and having a minimum stay in line with your local ordinances. Offer a significant discount for 1 week and 30 day stays (after setting your daily rate to accommodate the price drop with discount). To increase views, go into your listing periodically and lower the daily rate for the week or two after you have an expected vacancy, but increase the nightly rate after those two weeks so that you are still getting your target monthly rent. This encourages guests that will best fill your units back to back without sacrificing your over all monthly rent. 

3. Definitely learn about and post to furnishedfinder.com. It's not a booking site. It's a matchmaking site where you will have to reach out to prospective residents, background check them and create leases. ALE solutions, united corporate housing and alacrity are large companies in the insurance relocation space, and it is useful to go to their site and let them know you exist. Each site works a little differently. 

Best wishes


Post: Is Furnished Finder worth it in Urban areas?

Xiang J.Posted
  • Rental Property Investor
  • Berwyn PA
  • Posts 17
  • Votes 7
Nice. Do you still post on FF or Airbnb? Do you limit the term to 6 months to begin with, or 30 days minimum stay and negotiate an option later on?

Quote from @Don Konipol:
Quote from @Nicole Gauthier:

@Don Konipol This is a wonderful contribution as well! I contacted ALE solutions on Friday through their housing request form and just resubmitted with a longer term minimum based on what you stated here. That would be glorious...lol quite honestly to get a longer contract and have them turn into longer term tenants provided they are good of course. Do you have any advice on particular sites to look into to find tenants like this needing placement? Besides ALE Solutions I did Express Corporate Housing and will be signing up for Furnished Finder. Would you think changing my minimum stay on Airbnb would be worth it? I'm currently listed for short term rentals and am starting to get a few bookings into April and May...would hate to cancel BUT would take MTR as preference. Debating closing off my calendar but fear on missing out on bookings while I try to transition to MTR. Thank you again for your response and insight.

I have most luck utilizing the local MLS for minimum 6 month leases under furnished rentals 

Post: MTR beginner Qs thanks!

Xiang J.Posted
  • Rental Property Investor
  • Berwyn PA
  • Posts 17
  • Votes 7

Just about to start monthly MTRs, A few quick questions:

1. Do you usually screen tenant (credit score, income etc) just like the LTRs? Or do you look at corporate letters and collect whole rent (1-3 months?) and let it go?

2. How to post on VRBO or Airbnb for MTRs? Do you set min stay as 30 days and that’s it? What about their dynamic pricing that could result in difference vs FurnishedFinding?

3. Any other good platforms to post ads or insurance relocation etc websites?


thanks a lot!

Post: Brrrr small multi family

Xiang J.Posted
  • Rental Property Investor
  • Berwyn PA
  • Posts 17
  • Votes 7

Philly is not bad at all for MFH. At least more cost effective than SFH. Fixer upper MFH could be low in inventory but normal ones are still there

Post: Do you estimate ARV and check with cash out lender first?

Xiang J.Posted
  • Rental Property Investor
  • Berwyn PA
  • Posts 17
  • Votes 7
Quote from @Greg Kasmer:
Quote from @Xiang J.:

When making offer based on ARV, is it good practice to have future cash refi lender get involved as early as possible (have their appraiser connected?) so that it won't surprise you a last minute overestimate of ARV? Or do you also do this to HML at the very beginning? Thanks

Xiang - Estimating the ARV before purchase can be difficult. I've typically asked my agent to pull comps in the area and then look VERY closely at their condition and sales price. You'll likely see variation (even within a zip code) based on condition even though all might be 3 bedroom 1 bath homes (as an example). From that information I would think the best you can do is get a range of the ARV (say $150-$170k) and I would make sure you numbers work no matter whether the actual value falls within the range. If you do enough BRRRs over time you'll see a few values come in lower than expected and a few come in higher than expected. Good Luck!

Makes a lot of sense. Thanks!