All Forum Posts by: Luke Carl

I have 5 STRs. All of the neighbors of my STRs are also STRs. We live in harmony from different parts of the world and we’ll never meet each other. The beauty of a vacation rental market. 

You don't need an LLC right now. You can't get a loan with the LLC at all. The LLC will need to show profits and have tax returns just like you do as an individual.

The only way to get 10% down is on a “second home loan” which you could Airbnb but you can not put a tenant in there. 

You’ll need 5 grand give or take for closing costs so really you currently only have a 5k down payment. A 50k property is not going to get you the reviews you’d need to survive on Airbnb. 

Here’s my advice. Find a duplex for 100k, live in half of it (which you must do for a year minimum) and reevaluate after that year is up. 

I think your best bet would be a virtual assistant. You could probably get one fairly inexpensive for just Saturdays. Try Upwork. Training them might take some time. In the early days while you’re leaning how to do things I wouldn’t be too too concerned with unplugging one day a week. 

You’re asking excellent questions and I’m happy you’re coming around to doing it yourself. Can’t wait to hear about what new systems you put in place! 

@Mark Miles you missed the part that says “including short term rentals.” 

@Mark Miles read the link I posted. As if April 2019 Airbnb is allowed the first year. A lease? Not so much. 

We could spend hours on this topic its a bit vague! Dive deeper into  your story. Specifically your goals. Happy to help if I can! 

Brian Page 

Truth be told I stumbled upon this because i'm about to get an appraisal to drop the MI on a second home I purchased a few years ago that I have been Airbnb-ing since day one. 

While it used to be unspoken, The Fannie "Second Home Rider" now allows 10% down second home loans to allow homeowners to Airbnb (VRBO) their property. 

Check Out This Article

First and foremost.... make sure the numbers work before you opt for a small down payment. 

Also... The home would need to be a minimum of 65 miles from your primary residence - which you do not have to own. 

From what I understand Miami is one of the top 6 "red zones" as in do not do it. Brian Page was on Grant Cardone's podcast recently and this was talked about. Obviously Brian Page is doing what he does and that's a whole different thing. 

In my market it's all over the place. Anywhere from 10-40% the 10%ers have much lower occupancy so the numbers average out for the most part.