Scenario 1: 5/1 ARMRate: 5.675%Monthly Payment: $5100Prepayment Penalty: 3/2/1Closing Cost: Broker Fees: $11,016 (1.25%)Lender Fees: ~$2,000Loan Fees: $600Plus standard title and other feesScenario 2: 30 year fixedRate: 7.375%Monthly Payment: $6086Prepayment Penalty: 5/4/3/2/1Closing Cost: Broker Fees: $11,016 (1.25%)Lender Fees: ~$2,000Loan Fees: $0Plus standard title and other fees5/1 ARM looks attractive but not sure if that's what other people opt for that for a STR property? 

@Lucas Schlund what's attracting you to the City of Detroit now?

Since we have gotten momentum with the new listing on Airbnb, I am booking out well into Sep/Oct/Nov at the time of writing this post and I anticipate that the next few months will produce some positive cashflow.

repost from earlier post...Hello everyone, in my first 90 days, I took the challenge and found my first investment property with incoming money producing tenants.

@Harish PasupuletiTurnkey properties are attractive due to their low barrier to entry, especially for new investors, but they also have the extreme negative of eliminating your ability to build immediate equity through reno.

@Enrique Roth, I am in the @Derrick E. camp where I would look at the non-tangible benefits of attracting and keeping better tenants.

There is an old joke: you don't have to run faster than the bear, just faster than your friend.There are hundreds of leases signed every week, your apartment needs to be more attractive than 50% of what's out there and it will be rented quickly.So you'll have to do some mystery shopping and (ideally) physically look at your competition.

Hi Carlos - is a cash out refi doable with a property that is not yet producing income?

If it's killing you right now, I think your sanity is more important than holding on to something that is causing stress and not producing a good return.Sell them and invest the money in a syndication that pays a return without any effort/stress on your part.

CrestCore has produced an awesome interactive website ranking the zip codes in Memphis.