All Forum Posts by: Mike V.

@Dusty Hulet, he must be dealing with the wrong banks.

I own vacation rental property that's exclusively rented on airbnb / vrbo and the banks only care about the last 24 months of rent that I can prove on my federal tax returns.  I've refinanced my primary residence 3 times in the last 2 years (Bay Area, crazy appreciation) through major banks like Wells Fargo and Quicken Loans.  

I've purchased additional properties and the same rule has applied and every time they consider the income.   It goes something's like this...  provide last two years of tax returns, they check schedule E (I think- going from memory) for total rent collected.  They divide it by 12 (months) and add it to my monthly income. 

All I can think of is he's not paying taxes on it or reporting it properly. Without it being on the returns, they won't consider it regardless of printouts.

Amazon.  Almost everything via Amazon.

Most people who invest in real estate fail either due to lack of due diligence or a lack of attention.  My CPA told me it was a horrible idea to invest in my first rental property.  When I prodded why, he simply said because he's seen so many people fail at it and lose a ton of money.

I'm certainly glad I didn't listen to him.

 If they enable book now then the calender's should be updated.  I just did a quick search of my target market and did notice that they don't generally have the book now enabled.  I searched 3 bedrooms in a very tight area and it went from 65 to 33 when I filtered by 'Instant confirmation' Very good observation!  You can probably select the instant confirmation to filter out the property managers.  

Side note:  I did the same search but filtered by "owner managed" and it only dropped to 54.  Found several tagged owner managed that are actually property managers.

I also went back through my airdna stats and tried to backdoor into the numbers and still for the life of me cant even get close to what theyre telling me my unit is.  

Thats going to be a tough sell...  but you never know unless you try.

What have you got to lose?

You put one foot in front of the other and learn to walk.  Everyone starts somewhere and with one.  Very sad that you have so much knowledge at your disposal here and rather than use it as a learning vehicle you decide its too hard.  Perhaps you're more apt for a traditional 9-5 job.

Its hard to say without knowing what %  of a discount that represents or the properties days on the market.  I would ask my realtor to send a note with the offer saying this is your absolute max and try an emotional appeal with the sellers.   

i.e. you LOVE the property but only have the funds for xxx and hope they're willing to work with you... etc 

It also depends on the area.  In Hawaii, they require 30% down for investment properties.

One thing to add to @Alan Da Costa, when looking at calendars you're limited to owner managed.  Property managers frequently leave calenders empty even when they're in fact, full.  That way they field the inquiries for the property and try to sell them on another unit.  Its really annoying but I understand why they do it.

Financially it doesn't make sense.  Emotionally, do what makes you and your family sleep best at night. 

I personally don't see the point... My rentals cover all the expenses and then some so i'm not in a hurry... I save the extra $ and when you have enough for the next property add to the portfolio.  Let the power of compounding kick in.