All Forum Posts by: Account Closed

@Vijay Chadalavada, a duplex may be a good option since it would take care of your living situation plus provide income which will offset your mortgage. Depending on what part of CA you're in, duplexes may not be common, and if there are some, I would be surprised to hear that "there is no demand at all." A quick search on Realtor or zillow would tell you if small multis are available in your area and recent sales to get an idea if they are common. 

@Brett Milde, that first STR has been a good experience, albeit with some hiccups. I've learned a lot already. I am co-managing. I was fortunate to get connected with a great partner. He already owned an STR in the area, so he's been showing me the ropes and I'll transition to running the day-to-day. I think it is very possible to self-manage but obviously requires a fair amount more effort on your part as well as having people like cleaners in place. Of course the upside is you keep much more of the revenue than using management.

@Brett Milde, let me first welcome you to BiggerPockets. I'll also start by saying, I am not an expert. I own one long term rental and then just got started in the STR space. Some general advice would be just to starting reading the Short Term rentals forum which you can find by going to Browse forums and then under Real Estate strategies. The three names you mention all regularly contribute. They're all investing in the Smokies.

If you're looking near Asheville, make sure to go outside the city limits. The city has very strict regulations on STRs. The other areas you mention could all work. Then it might be a matter of deciding what type of property you are trying to target: For example, Modern close to Asheville or rustic cabin. Something for big groups or couples, etc. 

@Nikki Jacob, I've had a s similar idea. I love the Utah national parks. My wife and I have been to all 5, and I've probably been to Zion seven+ times and Arches three or four. I ended up getting started in another state because things aligned for me there, but still have this idea that owning an STR near a UT park would be neat. That said, as @Ryan Moyer mentions, figuring out the regulations for an area may change or cause you to abandon plans, but much better to know exactly what you're getting into first. 

@Farheen Naveed, just start by reading the forum on Short term rentals. You'll find it under Real Estate Strategies. Read through some first and come up with some more specific questions (ones that haven't already been answered a ton) and there are a ton of helpful people on that forum who will chime in.

@Account Closed, I would recommend looking on rentometer, Craigslist, etc. to get a sense if there are 1 bedrooms in that size, and if so, what they rent for compared to a studio. My first thought would be that it would be worth converting to a 1 bedroom, but that would depend on the cost to get the wall in there compared to the increased rents. Depending on how long the breakeven would take, you might also consider if you had other places you could use that money, knowing you could always come back and convert to a 1BR later.

@Claudio Garcia Zuniga, it is difficult to give advice without knowing your complete situation, but some thoughts: Many people do what you are talking about- buy a house near the college they attend, live in it, and rent out rooms to pay for the mortgage. You mention student loan debt, but presumably, you wouldn't need to pay for housing, so in theory your debt would be significantly lowered. You would need to consider whether you would qualify for a loan to purchase a home and whether you'd be comfortable managing your roommates, but on the whole, it sounds like a very viable idea.

@Kolee Spink, First off, welcome.
I think you should call a few lenders and consider both options. If you went the refi route, would the goal be to get some cash out to also be able to pay your grandparents off?

You'll want to have an idea how much equity you have in your home and a realistic appraisal value because that will determine how much you may have access to. You'll then need to see what LTV you are finding for HELOCs and alternatively if you went the refi route, what LTV they would lend up to in order to take cash out. Another question to consider: If you took out some or all of the equity, and rented the home out, would the rents minus all expenses cover either the new refinanced mortgage payment or else the mortgage plus HELOC payment?

@Garrett Middleton, it seems like you have already started researching and @John Underwood's advice is right on. Asheville, within the city limits, has strict rules related to STRs and to my understanding, does enforce them. I started looking in that area about a year ago and quickly modified my plan to look at areas outside city limits. If you were looking to still be close to the city, it might be a matter of going just outside city limits, maybe north towards Woodfin/Weaverville or west towards Candler, north or south of the 40. There's also plenty of areas within a 45 minute drive you could consider.

As for managing remotely, I think it's totally possible. Read through the STR forums and there is all kinds of advice there which will convince you its possible and give you the info needed to make it happen.

@Meghan Reed, I'm new to the STR space also. For my first deal, I was fortunate to partner with someone who's already successfully running another STR. That said, I have some suggestions from the experience so far: First, besides getting the place furnished, are there other things you'll need done to the property prior to renting? If so, start coordinating those tings now so that you don't lose any time. With the cabin we bought, it needed a furnace which required coordinating with HVAC, propane, electrician, and county inspection. Your goal should be trying to make any needed repairs, cosmetic improvements, etc. happen right after taking title.

The other advice I might offer is to start familiarizing yourself with the platforms, Airbnb and VRBO at least, and building your listing in advance. Learn to navigate the sites. Get any template messages ready. Create guidebooks, attachments, etc. now. You can have your listing pretty much ready to go live, just waiting on staged photos.