Updated about 1 year ago on . Most recent reply
Grand House Hack
I recently found a house hacking opportunity that is a different approach than I'm used to. The property has a resort feel and would be a great STR. It's big enough that I could also add camping/RV/tiny home STR options in different areas (20+ acres with a lake and a pool). It's outside of the city limits and already zoned multi-use (previously used for a business and a home). The local area has a few attractions and similar STRs have done well based on what I see online)
The plan is simple. Offer the main house as a STR (we would stay in other parts of the property at times if needed). Over time I will build and rent improved camp sites. (I have a background in engineering and experience with rehabs.)
It's right at the top of what I can qualify for on a personal mortgage but when I add in other revenue generating opportunities things quickly change.
Before my wife and I jump into this I'd like to reach out to the experts. We love the property and are willing to make some near/mid term sacrifices to see it reach it's potential. I have been an LTR investor for several years. This would be our first STR. What warnings or encouragements would you offer us.
