All Forum Posts by: Luke Carl

@Klint Ruud Covid is not his problem. Nashville is his problem.

My STRs are packed every night with higher than average rates.

I don't see any of this as a bad idea. I bet you will get plenty of groups that want the whole house though. @Julie McCoy has experience with separate entrances and multiple groups. She will be along soon. 

@Shannon Ilas. I’m married to the #83 real estate agent in the nation. Perhaps if you tell us why you ask this question we can give a better answer.

@Heather Carrow This would be no different than doing it for a LTR or a primary. Certainly not STR specific. We do direct mail to get leads. I think you'll find it'll cost around 10 grand to start to get anything worth while. I wouldn't do this unless you're experienced.

@John Underwood used to be a lot more lenient. I’ve even done more than one second home in the same market. Can’t do that now.

As long as they are more than 65 miles from where you live and from each other -you can have multiple 10% down “second homes” or “vacation homes” and Airbnb is allowed -as per the Second Home Rider. Assuming your tax returns can support such purchases.

@Reese Newell. I think you’re pretty smart and can make your own decision.

I don’t believe I would buy tenant occupied in such a price range so whichever pill that is would be out for me.

There’s got to be someone here that knows all about little blue pills. I have yet to partake. Although I am turning 40.

@Juan Correia. You are the host. They are the “guest”

I would do nothing.

Make sure it’s very obvious in your listing and check in instructions that this is a non smoking property. Do nothing about this guest and move on.

You can TRY to hit the guest for this but the only thing that’s going to happen is wasting your time to get yourself a bad review. Don’t shoot yourselves in the foot. Move on and forget it.

Others will disagree with me. My 2000+ 5 star reviews speak for themselves. 

@Josh Madigan

The way you have it is fine. Could also do the following... 

Default.

Ad 3% “management fee”

Pricing Settings/Standard Fees and Charges/Other Standard Fees/Management Fee

I charge 4.5% no one has ever said a word. 

I also charge a $50 linen fee on one of my properties. Again. No one has said a word. 

There’s no wrong way to do what you’re asking. Just need to educate yourself so you know whose paying what. 

You could theoretically not bother with any of this junk and charge 3-4% per night more than what you think your house is worth and do it that way. 

This Will Teach You

@Chris Politylo. doesn't work like that. It's a single family home. It's subject to appraisal. Bank doesn't care about what it will rent for. Unless you need a DTI boost. Then can use projected rent which will be calculated as if it were a LTR at which point you'd be doing an investment loan with 20% down.

Coolest part of STR is 10% second home loan.

UNLESS of course you’re talking 5+ doors on the building. Then its called a hotel and that’s a different conversation.

Where besides bigger pockets can you get an answer like that? Vote button please.