All Forum Posts by: Joseph Bafia

As @Jeff Langley mentions, location is important with lenders as not all can go to every state.  We used the same bank and lender that financed our primary home (First Citizens) to purchase several STRs.  You can test several banks, but we chose one where we felt the lender knew us and our situation.  These were bought as 10% down 2nd home loans.  We've also bought other STRs through asset based lenders, but those were 20% down.

...And also very possible to get 10 properties in 7 years.  We're up to 8 in just about 2.5 years.  Various strategies, partnerships, creative financing and some grinding!

We notify our housekeeper as soon as we get a booking.  AT that point, any guest issues or concerns get communicated to us directly through the messaging platform during their stay.  If it's something we can address using our housekeeper, we will call her and she can head over.  IF it's something like that would require a handyman, then we can contact ours and he heads over.  Fairly simple process, but we don't give the guest our housekeeper or handyman's number.

We've really had no issues managing it this way.

Greetings!  I’m also in Raleigh and connected to several groups that share stories, meet and invest not only in Raleigh but also surrounding communities. 

@Shane Lafleur is an investor and agent and may be able to assist. 

Feel free to reach out and happy to share any connections.  

I think it all depends on how you are wired.  Some like reading books to learn while others may need a course.  I think all of it has value depending on what you are looking to get out of it and what you personally need.  I am part of a group that I pay to belong to for accountability in certain areas of my life.  I have also paid and learned from courses, but also paid for topic specific coaching.  Yes you can learn on your own which I've done, but if someone can show me very quickly the steps and process instead of me wasting hours learning, then why not do it?  Worth every penny paying for anything that helps you move along faster.

there are a couple of ways to get a loan for an STR. One is more traditional and requires a solid DTI and most banks won't count projected income on an STR. Other lenders will as they are more concerned with the income you're going to make and not your DTI. Once your STR income hits your tax return , you can use it with traditional banks.

Happy to help give more details if you need!

We had a good web call and we're trying to upload the recorded version to our site. (check tomorrow)

Otherwise, feel free to reach out and connect and would love to chat and swap stories.

We've used Foremost, but maybe more importantly, just find an agent who knows their stuff when it comes to STR insurance. Ask/interview the agent, get referrals from other BP members in your area, etc on who knows this line well.

we're in a gated community as well.  Our community requires us to notify Security of any guests coming and they have an electronic platform for us to enter this info.  As far as housekeepers and handyperson, we have an opportunity to add "regular" guests so they have access whenever needed.  If we do have that occasional situation where a specialist (like a chimney cleaner) is coming, we submit their name to security.  Its worked well for us, but I don't know how your system is set up.

I live in Raleigh, but have STRs in Western NC, so you're right in the middle of where I'm at.

Congrats on jumping into the STR game. Join our webinar this Wednesday to hear some stories of other STR owners who recently got started. Happy to answer any questions!

https://www.biggerpockets.com/...

Numbers don't appear to be out of whack.  Assuming you are self-managing?  Many will typically underestimate monthly expenses like utilities, supplies needed, repairs, etc. so just make sure you vet those numbers.  Does the property have rental history already? If so, sellers may share.  Although AirDNA is a good place to start, do some of your own investigating as to what others get.  If it's a condo, there are likely others in your building doing it too, so finding them on AIrbnb or VRBO should be easy.  

You just need to decide if $500/mo is worth the efforts you will have to put into it since it won't be as passive as a LTR.