Appraised Rent for Cabin

9 Replies

Does anyone finance the cabin at Smoky Mountain using the future rent income to offset the debt? How much is your appraised market rent for the cabin? Can you leave the comments with the area name, how many bedroom and size?

Originally posted by @Xumin(Cassie) Ma :

@Luke Carl

Yes!

 Meaning what exactly? We need to get to the bottom if what you’re actually trying to accomplish. Because if you’re looking for someone to give you money to buy a cabin in the mountains but you don’t know the first thing about it this idea probably isn’t going to work out. So how can we actually help you? 

So the short answer is no.

Anything that I finance I don't need to try and show projected income to qualify. I can qualify with out that income.

@Luke Carl

I just looked into your profile. I actually contacted your company to connect with an agent but haven’t got back anything yet.

Right now I have contacted couple lenders to see what kind of finance works for me. It would be either investment property or a commercial loan. Both will be 20% down. However I would need to know how much estimated the appraised market rent could be since I don’t find too much information on Zillow. And potential more down payment which is a little bit out of my range. So I’m just planning on the doable financing plan ahead while I’m looking for an experienced agent and potential capital partner who is in the same situation as me. (This will be the first vacation property I ever buy so I don’t have experienced to offer but I’m thinking there might be people who are in the same struggle situation on big down pay to start).

So I’m looking for an agent and potential par while waiting for a good deal.

Originally posted by @Xumin(Cassie) Ma :

@Luke Carl

I just looked into your profile. I actually contacted your company to connect with an agent but haven’t got back anything yet.

Right now I have contacted couple lenders to see what kind of finance works for me. It would be either investment property or a commercial loan. Both will be 20% down. However I would need to know how much estimated the appraised market rent could be since I don’t find too much information on Zillow. And potential more down payment which is a little bit out of my range. So I’m just planning on the doable financing plan ahead while I’m looking for an experienced agent and potential capital partner who is in the same situation as me. (This will be the first vacation property I ever buy so I don’t have experienced to offer but I’m thinking there might be people who are in the same struggle situation on big down pay to start).

So I’m looking for an agent and potential par while waiting for a good deal.

 Spend a massive amount of time reading through threads on this forum and listen to all 500 BP podcasts then come back and ask us questions. 

That’s exactly what I did and I went from a bartender to a multi-millionaire. 

You’re not even close to ready for partners yet. Put in your 10,000 hours. Get your feet wet. 

Originally posted by @Luke Carl :
Originally posted by @Xumin(Cassie) Ma:

@Luke Carl

I just looked into your profile. I actually contacted your company to connect with an agent but haven’t got back anything yet.

Right now I have contacted couple lenders to see what kind of finance works for me. It would be either investment property or a commercial loan. Both will be 20% down. However I would need to know how much estimated the appraised market rent could be since I don’t find too much information on Zillow. And potential more down payment which is a little bit out of my range. So I’m just planning on the doable financing plan ahead while I’m looking for an experienced agent and potential capital partner who is in the same situation as me. (This will be the first vacation property I ever buy so I don’t have experienced to offer but I’m thinking there might be people who are in the same struggle situation on big down pay to start).

So I’m looking for an agent and potential par while waiting for a good deal.

 Spend a massive amount of time reading through threads on this forum and listen to all 500 BP podcasts then come back and ask us questions. 

That’s exactly what I did and I went from a bartender to a multi-millionaire. 

You’re not even close to ready for partners yet. Put in your 10,000 hours. Get your feet wet. 

That's what I have been doing lately. I know I have more to learn. First of all is to know what I can afford before I go too far on the price.

Originally posted by @Xumin(Cassie) Ma :

I just looked into your profile. I actually contacted your company to connect with an agent but haven’t got back anything yet.

Right now I have contacted couple lenders to see what kind of finance works for me. It would be either investment property or a commercial loan. Both will be 20% down. However I would need to know how much estimated the appraised market rent could be since I don’t find too much information on Zillow. And potential more down payment which is a little bit out of my range. So I’m just planning on the doable financing plan ahead while I’m looking for an experienced agent and potential capital partner who is in the same situation as me. (This will be the first vacation property I ever buy so I don’t have experienced to offer but I’m thinking there might be people who are in the same struggle situation on big down pay to start).

So I’m looking for an agent and potential par while waiting for a good deal.

Look at competitors properties to get what market vacation rental nightly rates are .

Originally posted by @John Underwood :
Originally posted by @Xumin(Cassie) Ma:

I just looked into your profile. I actually contacted your company to connect with an agent but haven’t got back anything yet.

Right now I have contacted couple lenders to see what kind of finance works for me. It would be either investment property or a commercial loan. Both will be 20% down. However I would need to know how much estimated the appraised market rent could be since I don’t find too much information on Zillow. And potential more down payment which is a little bit out of my range. So I’m just planning on the doable financing plan ahead while I’m looking for an experienced agent and potential capital partner who is in the same situation as me. (This will be the first vacation property I ever buy so I don’t have experienced to offer but I’m thinking there might be people who are in the same struggle situation on big down pay to start).

So I’m looking for an agent and potential par while waiting for a good deal.

Look at competitors properties to get what market vacation rental nightly rates are .

 That was what I thought. However the lender said they only look at the market rent as a long term rental which can be a lot lower. 

I just came across a post two year ago, it looks like the appraiser know if it is in a hot STR market, they will intend to appraise the best and the highest based on STR market.