All Forum Posts by: Leslie Anne Morris

What does your agent say?  It's largely market dependent.  Properties are sitting longer on the market these days, particularly if they are not turnkey.  The sellers credit would help offset your closing costs typically, so it is helpful for your year one cash in the deal (if you are looking to achieve a particular cash on cash ratio).

learnlikeacpa.com you can do a consult with him and cover a lot of what you're asking.

It seems like it could work since Airbnb offers the ability to rent a room only.  There is a section where it indicates shared spaces.  There could be liability / risk to have guests co-mingling together in the kitchen / living room etc.  I personally would not rent a space like that unless it was with people I know, but I do know that some people prefer the hostel / bed and breakfast style environment.

Yes, there are DSCR lenders that can use your Airbnb/VRBO/direct booking site financial reports to qualify you for their loans. Rates probably upwards of 8% now in most cases.

Before going the full syndicate route you might consider bringing in partners with experience.  Less upfront cost/structure that way.  I have clients who have created LLCs for this purpose.

I have 11 properties there, none have generators of any sort.  We just deal with it as it comes up.  I had a guest tell me it enhances their cabin experience (insert favorite emoji here).

 HER Photography hands down!  Hollie Reid is amazing.  She just took photos and made some social media posts for my house that I remodeled/rebranded.  It went from a crappy house with bear decor to Dolly Parton Paradise!  Check it out:

https://www.instagram.com/reel/CqdUobgreDN/?igshid=YmMyMTA2M2Y=

The best thing to do is to find a property that seriously interests you and work to get actual numbers (or as close to actual as possible).  I analyze every deal individually because they are all slightly different.  In the Smoky Mountains I have 2 bed / 2 bath that average around $550 for utilities - that's a monthly figure for everything annualized and then divided by 12.  The other numbers insurance, tax, etc can come from your lender/agent(s). Supplies are provided by my cleaners and rolled into the cost the guest pays on the cleaning fee side.

 Agree to disagree is the spice of life!  Disagree away.  Multiple opinions on the topic are justified.  In my market, that would be the kiss of death, as I have experienced it firsthand when I was a newbie investor.  Your story is the perfect example though of a different side of the coin.

Definitely do not make your listing live with cell phone photos or photos from the listing when you bought it.  Do it right, wait for completion, list with pro photos.  Happy to recommend a photographer.  If you are planning to self manage you won't need Guesty until you scale.  I recommend setting up systems to my coaching clients once they scale to 5 units.