All Forum Posts by: Gerald Pitts
Gerald Pitts has started 11 posts and replied 460 times.
Post: Gatlinburg Investing - Let’s look at this “deal”
- Lender
- Asheville NC
- Posts 466
- Votes 317
Self management with STRs is not at all the time investment LTRs are. You can dial it into a few minutes a day or less with the right technology. Also, are the taxes correct on this? What is the ADR?
Post: Wait now to invest in Austin or Raleigh
- Lender
- Asheville NC
- Posts 466
- Votes 317
A lot of jobs are remote now after testing it out during covid. I would still invest where I will get the highest and best use of my money. To me, STRs in vacation rental markets make more sense. Not sure if you meant to post in STR, but there you go.
Life's too short to hate. I would find another way. Join a local / virtual mastermind and / or local REIA.
Post: Shall I invest or shall I buy a primary residence
- Lender
- Asheville NC
- Posts 466
- Votes 317
Don't hate your life haha. You only get one. Invest where the numbers and regulations make sense.
Post: Home Loans for Short Term Rental Purchase w/ High DTI
- Lender
- Asheville NC
- Posts 466
- Votes 317
Originally posted by @Wilson Vanhook:
Originally posted by @Gerald Pitts:
Mortgage Shop, Host Financial can possibly help with a DSCR loan.
Great stuff looks like these might be helpful. For others viewing this thread in the future I also found Visio Lending.
Yes, heard good things about Visio too.
Post: Home Loans for Short Term Rental Purchase w/ High DTI
- Lender
- Asheville NC
- Posts 466
- Votes 317
Mortgage Shop, Host Financial can possibly help with a DSCR loan.
Post: STR Markets with a max ~$550K range
- Lender
- Asheville NC
- Posts 466
- Votes 317
Agree with Florida panhandle condo. Also gulf shores condo.
Post: STR PM Long-distance
- Lender
- Asheville NC
- Posts 466
- Votes 317
Definitely use the pricing tool. Pricelabs is great and is a flat fee. Also use a channel manager like Guesty for auto messaging and income reports. Self managing STRs is easy with tech.
Post: Where are the best and friendliest Airbnb cities?
- Lender
- Asheville NC
- Posts 466
- Votes 317
Originally posted by @Marcus Johnson:
@Andres Triveno
Southwest Minnesota 54 lakes region. Le Suerer county is all for short term rentals and the money is good, especially if you live close by and own several at 250k a piece. Rents per night can easily reach $125 a night for a 2 bedroom one bath on the lake.
Hi Marcus, what is the average yearly occupancy? Is it pretty seasonal there?
Post: Smoky Mountains Short Term Rentals
- Lender
- Asheville NC
- Posts 466
- Votes 317
Originally posted by @Vivian Zhang:
@Jerry Calhoun @John Underwood @Justin Beasley @Diana T. Hey all, thanks for the helpful insights. Does anyone have a exceptional realtor in the area you'd recommend working with?
Check out the Short term shop. Avery and Luke Carl will help you find a property, teach you to self manage, and connect you with vendors and other owners in the area. You can join their FB group on the STS website.
Post: LLC or Personal Loan - Shirt Term Rental
- Lender
- Asheville NC
- Posts 466
- Votes 317
Originally posted by @John Underwood:
Don't buy in an LLC unless you are paying all cash.
Buy in you name with a mortgage, maybe a 10% down second home loan if you will use the property some.
The mortgage and insurance are your first 2 lines of defense. If you need more get an umbrella policy.
Thanks for the advice John. Any idea what lenders are looking for as a down payment? I've read 30% in a couple of articles which led me to believe I would need more upfront to get started.