All Forum Posts by: John Mausteller

Hey Heather!  I usually just do STRs but I would look at your competition, what are they charging and what amenities they are offering, and if they are booked more.   I do also think to some degree, it is always the price - so if you are able to go down more, say $2500 and still make it work for you, maybe do that, get someone in there for a few months and then try for 2800 or 3000 for the next renter. 

I personally would go with a mortgage , with a locked in interest rate for the next 15 to 30 years.  If it is allowing some cash flow for you, while also guaranteeing that there will be no rate increases, it keeps you in a safer area.    If the rates do drop, you can refinance and increase your cash flow.  Most HELOCs are variable rates traditionally so your cash flow would always be changing - I know some lenders are starting to offer a fixed rate option though.  

Hey Jewel - 

Send me a message and I can connect you with someone.  He is also on Bigger Pockets, Tyler Solomon 

There are lots of options out there for DSCR loans!

Professional photography.  The very first thing people do when searching on airbnb or any other website like it, is look through photos.   Make sure those photos are professional and paint the picture you want to paint.  Showcase the house - make someone not only to WANT to be there, but make them start to envision themself there already!   A good photographer will cost some money up front but it is well worth it - especially if you are competing with numerous other short term rentals in your area which judging by your location, I would say you are.    

Second is response time, when renters are searching, its more than likely that they messaged the same message to multiple different hosts, be the first to respond... even if it is just "Hey I got your message and your questions - I will get back to you within the hour with the answers..." or something like that.   It is easier now than ever before on airbnb to automate messaging - so set yourself up for success!  

Third, furnish it nicely!  Make people want to choose your place over your competitors. 

Hey Cory -

I have bought a couple investment properties using DSCR loans. I have also bought a few using conventional financing. As others explained, DSCR used the rental income or potential rental income from a property to qualify you for the loan. They will also require a higher down payment , typically 25% - and they will want to see you have enough reserves in the bank for not only the down payment, but for the first 4 - 6 months of loan payments. Numerous companies issue these loans and more and more companies are coming out with a dscr product as they are becoming more popular. The interest rate is going to be higher as it is an investment loan / commercial loan but if you already have numerous homes and a conventional loan won't work anymore, or if you cannot qualify for conventional , they are a great resource to build your portfolio.

 Hey Everyone ,

Love seeing Black Mountain popping up on here.  I own a couple STRs in the Outer Banks of NC (and that is where I live as well) and I also own three out in Black Mountain.  Both areas have been great for me - living in the Outer Banks, its nice being just down the street.  Investing in Black Mountain was my first time managing from a far (I self manage all of them) and it has worked out great!  Of course, that is mostly because I have a great team and especially cleaners out in Black Mountain

Hello Jeet!

The Real Estate CPA is a good place to start for a CPA that is familiar with real estate investing and tax benefits to use. Of course, these specialty CPAs do cost more than your run of the mill CPA but well worth it if you have numerous investments.  

Also for a Cost Seg Study, I have used Aaron Stratman , at CSSI.  Feel free to direct message me or shoot me an email for the contact info!

Cost seg studys are a great way to save money on your taxes and the cost to perform them certainly is certainly outweighed by the benefits and savings you receive. Good luck! 

This is an interesting debate.  I think you cannot go wrong with either choice.  If you sell and invest in real estate to then rent short term, you are getting in the game and thats the first step.   On the other hand, depending on what this skoolie looks like, it is a very unique stay and sites such as Airbnb feature short term rentals like that more often than just your traditional single family home.  People going on vacation like an experience and if your bus provides that - it can become a popular rental.   If where you are parking it is not to expensive and you can pay it off in the next year and a half and then its all profit after that, it could be a source of financial income for many future investments instead of just a one time thing.  I will be interested to see the route you choose and would love to see the skoolie! 

I have only used Airbnb and been very pleased with it - but this forum post has made me decide to try out VRBO as well.  

I believe Caliber Home Loans has a product, Aloha, Visio, and I am sure many others as well.