All Forum Posts by: John Mausteller

I will echo what Christian Ehlers said - if you are going to invest out of state or out of your area, make it drivable.   That way, if something comes up, atleast you are not a flight away.   Definitely get a realtor with local knowledge of best areas, and of short term rentals.   I have a couple of them that are about 7 hour drive away, so if needed, it is not the end of the world to drive out to them.    Also when looking to invest out of state or area, see what the population is and whether it will be easy to find different trades such as cleaners, handymen, etc.   For my out of area investments, I messaged other Airbnb owners for cleaner recommendations etc - while some did not respond with any help, others were very helpful and I ended up getting multiple peoples information and was able to put together a good team.  If the area you are investing in has many short term rentals, perhaps you can even find an agent in that area that owns a few and can help build a team for you.   I sell real estate in the Outer Banks of NC - and also own STRs here - most of my clients are investors looking for the same and choose me because of that expertise.  Good luck!!  Keep us posted!

Very true - I self manage a number of my own short term rentals and they are 7+ hour drive away.  

Hey Jake -

I am a Realtor in the Outer Banks of North Carolina.  I primarily work with investors who plan to purchase an investment property and utilize it as a short term rental (usually on a site like Airbnb/VRBO).  There are still lots of buyers out there right now purchasing and obviously each market varies, but the market has a long history of being a tourist destination and the investor is providing a quality product to the renter, in our market they are still seeing great returns.   Reach out if you want to connect further! 

I use Airdna all the time for my properties in Coastal NC / Outer Banks.   I find that it is pretty accurate and sometimes even low.  If you called a local rental company, they are always going to give you a lower number because they are not charging the rates they could be.  It is an on going issue with money being left on the table.  If you are going to be using airbnb or vrbo, then airdna is usually pretty accurate.   I have had clients buy a home that was being managed by a traditional rental company like the one you got a projection from and then the very next year they almost doubled the rental income just by listing it on a platform such as Airbnb or VRBO. 

Hey James - I would suggest getting in touch with local lenders here on the Outer Banks.  I know one who is still doing 10% down vacation home loans but alot of them did away with them as rates began to rise because they were not meeting the threshold needed for mortgage backed securities.  Feel free to reach out with any other questions or if you want me to connect you with a local lender. 

 I have been able to cover my entire mortgage.   I would look for a single family home that has the ability to be set up like a duplex - large bedroom with seperate outside entrance that you could convert to a studio with a small kitchenette..   The first one I did was two levels and there was an interior staircase that led to both levels but had doors to each level - I was able to lock door to first level because there was also an exterior stair case that led just to the first level.   I lived on first level and used exterior stair case - and renters used interior staircase to reach top level but did not have access to my area.  I would look for something you can create a unique set up so that it basically functions as its own apartment so you could get more in monthly rent than just renting a room. 

if you want to move that often then yes for sure!  I did that prior to having a family - now we live in a house that has a detached accessory dwelling unit out back so we are still house hacking but staying put for now 

I would persue house hack route for sure - depending on your market, you could possibly even house hack using airbnb.  That is what I did - I lived in half my house and rented the other half on airbnb but I live in a vacation market.    If you can find something to purchase that has somewhat of a seperate area (think studio apartment / lower level basement with private access) then you could house hack, and still feel as if you are living in your own space and not renting out individual rooms in your home - or do both and make even more money! 

I have a few rentals in Black Mountain and I self manage from a far (7 hour drive) and I have had great luck going that route.  There are lots of vendors around Asheville so its been easy to find any one I need if something needs fixing.  Of course, good cleaners make all the difference.  Reach out if you have any questions.