All Forum Posts by: Randy Dubiskas

I too looked at HELOC for STR, but not for the down payment. I was thinking our 1,800 ft sq 3/2 with lots of outdoor patio space would need a lot of furniture - indoor and outdoor. I was told that even if I didn't draw any funds, the HELOC would count against my DTI at 50% of the ceiling. I think I am going to be okay with that, but it might be problematic for some borrowers. So if you go this route, make sure it won't negatively impact your numbers to get the primary mortgage to purchase the property.

@Patricia Steiner - Thanks for the Kiplinger link.  Very concise list of simple rules that helped immensely.

@Melissa Bovee Wouldn't the type of loan being "vacation home" prevent you from treating it like an investment property?  Seems like a disconnect on a personal loan for enjoyment to taking expenses against it as a business?  I guess the lender has rules and the IRS has rules.  I am on a steep learning curve on this as I had made an offer on a property in New Mexico with this arrangement.  Any info is helpful.

Fire starter materials 

@Bruce Woodruff 

At least they didn't slam the door shut. It's a bit more challenging to acquire STRs there. I looked at Santa Fe and it's a lot more difficult there. They capped the number of STR permits in addition to the spacing requirements.

@Robin Searle and @Jeremy Gaal

thank you both for the response. I have seen the zoning maps online so the R2 designation should be relatively easily determined. I guess after that step I will call the City to find out how far away the nearest STR is located. I could see this as a way to limit competition for STRs.

I have looked at Colorado Springs STR regulations. They have a minimum spacing of 500 ft to the nearest STR. For a property listed on the MLS, how would you find out if you are within this radius?

@Paul Sandhu  I have a friend that has replicated the Paul Sandhu business model in Borger.  Smaller scale, though. My wife served on a Grand Jury and she might disagree with your characterization.  She says nothing good happens at 3 am.  Best to stay home or in your AirBNB.

@Billy Daniel Asbestos was fairly commonly used in spray on popcorn ceilings up until the late 1970's.  It should be removed with care.  You don't want to take chances with your long-term health.  

Here's an article on it: https://www.asbestos.com/blog/...

The Las Vegas rules are very similar to a proposed law that did not pass the State House to regulate STRs in entire State of Arizona.