I am looking to purchase a 1-2 bedroom apartment or condo near the Houston Medical Center. This will be an AirBnB property catering primarily to those visiting the medical facilities.
This will be my first real estate purchase, and I am looking for suggestions on how to find a great realtor and what type of loan I should pursue. As a veteran I could use my home loan benefit, however I don't know if this would be the best use for it.
Any help greatly appreciated,
Are you currently in the Houston area?
Have you done any research on property managment, assuming that you are going to stay in the Philly area?
I am from Houston Texas and wanted to inform you that the majority of properties in the area you are interested in are very expensive. However, there is a light rail that runs north/south through the Medical Center. Perhaps you could find less expensive properties along that route - even some SFH. The light rail runs straight through the med center. Good Luck!
@Tom MacDonald , hi Tom. I'm a Realtor/Insurance Agent in Houston. I do know of some properties that may fit what you are looking for.
@Tom MacDonald , I could be mistaken, but I think you can only use a VA loan on a home that will be your primary residence.
I have to back @Leigh Ann Smith regarding the use of a VA loan as needing owner occupancy. Additionally, I believe AirBnB has a maximum of 180 days that you can rent a property. Just something to consider when developing your strategy.
Agree with the comment regarding the use of VA loan. I'm not familiar with the max of 180 days re Airbnb. One other thing you do need to be aware of is the regulation side. The good thing with Austin is at least the regulation is determined and there is a public information about it and the processes to pursue.
Like the regulation or hate it, at least there is clarity here and this isn't the case in many, many locations.
The other thing that may make sense - but may not, based on the short-term needs of potential users - is to use a PM that is willing to guarantee income for the long term duration of the contract. That way, you would mitigate the risk of occupancy fluctuations.
Not sure what the condo laws are like in Houston, but some cities and/or HOA prohibit condo units from being used as short term rentals (i.e. AirBnB). Might be worth researching this and/or asking your agent before making commitments.
I am an AirBnB host in Houston and I have had a good experience, but I can tell you that condos are tricky because of HOA rules AND the city rules. The links below have details as to what is a short-term rental in the city vs an hotel.
I am looking to expand my AirBnB listing in Houston too.
I am also checking into AirBnB options in Houston. I would be interested to know your strategy @Henry Kernan . My initial thinking were town homes in the Heights/ Rice Military area would be ideal AirBnB candidates. Are there certain areas or home types that you have seen most success?
I am looking for someone that does AirBnB property management. Suggestions?
@Yvette Owo I am an Airbnb host and if I were to decide to use a property management company, I would use Evolve. They are top notch. You might also be able to find a local management company or a current host interested in taking on management of another listing. However, I have had an easy time managing mine on my own - even though I travel a lot and therefore am mostly hosting remotely. I maintain all of the reservations, guest relations and communication and mange the turnovers and cleaning with an app. I get 5 star ratings so it can be done, and relatively effortlessly. Good luck!
@Tammi Sims - what app do you use to manage remotely? Thanks!
Thanks everyone for your replies, good info!
My mom and I are being hired by some investors to manage their vacation rentals all around houston. :)
@Tammi Sims What was the app to manage the property remotely? What kind of services does it include?
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