Real Estate Investor · Jerseyville, IL · Member since 2015 · 37 posts · 2 votes
Morning bigger pockets. I have a question or two about vacation rentals. I have a contract on one but i'm looking for the best way to present it to my banker as a good investment. My question is what is the best route or what all should i put on paper explaining my plans for the place hoe much it will rent for how many times a year etc. Any help is greatly appreciated as im new to the vacation part of rentals. Thanks-Pat
Real Estate Investor · Portland, OR · Member since 2015 · 18 posts · 12 votes
10y
Hey Pat,
To speak to your point about presenting to your banker as a good investment you can work with a property manager to get a projection or even a fixed rent offer to assist with financing of the property if you have a contract or letter of intent to rent. Fixed rent is a great way to get the property demonstrating you have guaranteed income then you can switch to commission down the road to get more upside on your investment.
Some rental graders are great but I would caution reliance on them as they are automated tools and cannot see everything. A vacation rental property management company can quickly look at the property build rates and model what the property can do for you. Many calculators screen scrape unsophisticated rates and just multiply across a band of occupancy estimates which can be pretty inaccurate. If your making a purchasing decision talk to an expert, does not take long and can save you from some big mistakes.
Shoot me a message if your interested I do analytics for a vacation PM with rate algorithms, guarantees and fixed payments. I can put you in touch with someone who specializes in working with investors and building their portfolios. We work internationally so can assist in US and yes Spain.
Real Estate Professional · Atlanta, GA · Member since 2015 · 279 posts · 109 votes
10y
@Christina Tom, would love to send it, but I'm having trouble messaging you on the platform. It's saying I already have a pending colleague request & can't send a message. Would you mind messaging me first? :)
Rental Property Investor · Prosper, TX · Member since 2021 · 11 posts · 8 votes
5y
Hello, first time poster here. I'm looking to purchase my first investment property in the north Dallas area. I'm really interested in purchasing a short term rental property. I'm okay with the extra work that comes with a STR. I would like the property to be local (north Dallas) so I can check on it since it will be my first property and self managed. Anyone have a suggestion on the best areas? I feel like there will be a huge draw to the Frisco area once the PGA head quarters is done. Id like to stay below 300k. Thank you in advance.