All Forum Posts by: James Palassis

Wow that is some great info @Chris Mason. Thank you everyone for your very informative responses. 

I would get testimonials from the guests that have witnessed things. Use it for marketing your property. Many people would stay just to get a chance to see something abnormal. BTW I agree with @Thomas S. about the "activity."

Zillow is showing a home in the neighborhood next to my primary residence (literally one tenth of a mile away) in "pre-foreclosure" status. It states the loan is in default and even gives the foreclosure attorney's name and number. However the home is well kept with the grass cut, no for sale sign in the yard, and it seems the owners take pride in the appearance (decorations on the front door). Does anyone have experience with the pre-foreclosure listing in Zillow? How reliable is it? Is this an opportunity for me to jump on a distressed property before it gets to market?

Thanks for the guidance guys. I conduct my business on the up and up, just wanted clarification if this is an common industry practice with 2nd home/ vacation rentals. Obviously it is not and the price disparity of paying investment loan rates is well worth the ability to sleep well at night. 

@John Underwood - winner winner chicken dinner. Lake Keowee it is!

@Kendall Luelf - we spend A LOT of time in Sevierville/ Pigeon Forge area. After the lake property, I'm interested in a rental cabin up your way. 

Got it. I appreciate the Intel @Blair Russell  

I am considering purchasing a short term rental in an area that would see traffic 10 months out of the year. My question involves the financing of the deal. I have the deed to my primary home. Am I able to finance the vacation rental as a primary residence? Are there rules stating I must live in the rental a minimum number of nights for it to be considered owner occupied or primary residence? This property will be less than an hour away from my primary residence, so if it is a matter of my having to stay at the vacation rental a certain number of nights per year, I have no problem doing that. Any advice would be greatly appreciated. 

@Deadrick Colbert - shout out from a local Easley guy. Appreciate the Smith and Shin suggestion. I have met with a couple of our local CPA's here, but need someone with a lot of real estate experience. I will be reaching out to them soon. 

Do you guys have any attendees showing up from upstate SC (Greenville/Easley/Clemson)?

@Jeff Greenberg, @Rene Remington, @Andrew Johnson - all great points! I appreciate the input. Sounds like I need to go in with clear expectations of my plan and make sure the CPA has the experience to help me legally minimize my exposure. 

Sounds like a great opportunity for house hacking. Look for a duplex, tri or even quad, and live in one of the units. Let the other tenants pay your mortgage for you while you gain land lording experience. You can get into an FHA with little money down, or your $30K would come in handy for a down-payment. I'm sure many in the BP community wishes they had started out that way, I know I do. Good luck!