All Forum Posts by: Leslie Anne Morris

We screen guests through ID, rental agreement, security deposit via Ownerrez our PMS.

Yeah this a no go. I own 11 STR and manage several others professionally and you'd be very lucky to do $55k. I do own 1 bedrooms that perform quite well but they are large and have multiple bathrooms. My 1 bed/1 bath right off parkway does pretty well but still much larger than that with all amenities including a hot tub.

It is possible, but not the easy route.  I do targeted Google ads and PPC.  I direct the traffic to my own booking site.

Yes, I did a cost segregation study on a property after the first year.  Consult with my CPA, his website is learnlikeacpa.com

Yes you can do it. I’ve done it a few times in multiple states. Your idea sounds like a perfect fit for the program from the way I understand the rules. 

See if anyone else in investing in the area and network with them on their prior performance.  Also loop in investor focused agents and property managers who should have knowledge and experience and can speak to the area and it's popularity, historical data, etc.  Most property managers have access to Key Data which may be helpful for you as well.

20% is the low and 45% is the high I have seen lately.

With my background in commercial lending, I can say without a shadow of a doubt it is really bank dependent.  I would circulate the idea to several local banks in your area.  In the Smoky Mountains we are heavily dependent on tourism, and yet only some local banks will lend on these construction projects.  It goes back to their appetite, prior losses/wins on similar projects, and overall asset size.

Another option would be market research using your agent, property management companies, etc. Finding someone who has eyes on the market. Keep in mind though that not all PMs are considered equal.