All Forum Posts by: Albert Blair

Marc, if your tenants aren't causing you any issues maybe you should consider renewing a long a long-term lease with them. Sometimes it is difficult to find good tenants. One consideration is to do a long-term lease no more than two years. Explain to them the rent rates in the area after due diligence. Maybe offer a small discount of the market rate for the locked in long-term lease. 

Has anyone got their real business started with a small business loan (SBA)? If so, how did your business plan look like? I’m not sure if I want to go that route. However, I do want to incorporate my properties into a business but just having a hard time trying to get started with the business concept, as well as how a website might look like. I only have one LTR but planning on scaling  in the near future with more LTRs as well as MTRs and STRs. Any help or examples would be really appreciate it. Thank you.

Thank you all for the advice.

I'm looking to purchase my first STR in the Smoky Mountain area. I understand that most visitors seek the cabin style vacation experience. However, is purchasing a condo in the area a good option as well. My family went there earlier this year for the first time and really enjoyed ourselves. We did stay as a condo that was a block from the main strip, which was just two blocks from the main strip. I understand the HOA fees will apply, as well as other fees will apply. Does anyone own a condo STR in that area, and what are your experiences?

Thank you. 

Looks great!!! Good luck with it.

Kristina,

Is the Tampa market facing any regulations for STRs? I'm asking because that is more of city area than a vacation area. Are there any push backs from hotel lobbyists that you see might be coming in the future?

Jack, I am tracking this thread. I have the same question that you have. However, I am leaning towards the side of getting a CPA as soon as possible. I believe if your team members grow with your business from stage one, it will be better off in the long run. I'm not exactly sure if this is true, that's why I want to see the responses also.

Wyatt, I believe the FHA loan would be your best choice with low money down as you suggest. House hacking a multiplex will save you money also, as you know your tenants will pay either most or all of your mortgage. Good luck to you.

Eric, even though your credit isn't stellar, can you do a HELOC or a cash out refinance to get some cash out to go toward another rental. If not, you might have to wait until your credit score increases to do what you want to do.

Kody, I'm still not certain in putting my own property in a LLC because of the due on sale clause. I understand that it is rarely enforced, but it still can happen. I would be more apprehensive if the property wasn't in my name. I would definitely get legal advice.