All Forum Posts by: Gerald Pitts

I would look into a cohost or virtual assistant. It's the same job essentially. But you can train them to use modern tech and mindset to optimize your listing, monitor pricing software, answer calls. Maybe handle FB ads or social media. You’ll be able to make a lot more money than if you just hire the company who has been around 50 years. They will have lots of experience, but won’t make you near the amount of money that someone who understands pricing software, listing optimization, marketing will. Good luck!

Pricelabs is miles above the competition with the configurations.  Speaker at a conference recently said by not using it for 5 years, she literally left a million dollars on the table.  Great tool for viewing your competition as well.  

DSCR loans should work. Or is this what you're having trouble with?

I think Rabbu is better.  Also free.  

I do a max of 14 days. There's a balance of too few nights (one), and too many (20-30). For STR. If you're doing mid term rentals out of necessity in the market, that's one thing. But in STR, I like that a guest is gone fairly soon. I got lucky in early COVID hosting a month long stay while a couple worked from home. THey were cool, but the more I thought about it, the more I realzied I could have been unlucky and gotten problem guests that aren't out in a week or two. Your mileage may vary. That's the beauty of STR. The ability to experiment.

Agree with all of the above on timeshares.  If capital is an issue, maybe research cohosting, and you can learn the business while saving up cash.

Try to get the lowest down payment.  5 or 10 percent for a 2nd Home loan.  Or 15% for an investor loan.  
If you do a cashout refi or HELOC or HELOAN on primary to pay the DP, just make sure the higher interest rates don't increase your current mortg payment higher than you are comfortable with. As long as you can still cashflow a number that you are comfortable with, go for it. I am working on doing a HELOC, and just paying it off as quickly as possible.

 Short Term Show

Short term rental secrets

Get Paid for Your Pad

Bigger Pockets

Bigger Pockets Rookie.

There are a few good Facebook groups out there as well. You may find one for your area as a bonus, but there's plenty with good info that applies anywhere.  

I would research what are the best up and coming markets. You can self manage STRs from anywhere, it doesn't have to be nearby. I also prefer vacation markets (like the smokies) to metro markets. Places that already have STR regs in place, and not restrictive. Near National Parks is also a decent rule of thumb for STRs. 12 million folks go to the Smoky Mtns Nat'l park every year. Just make sure your cash on cash return is satisfactory to you.