All Forum Posts by: Ruth Blue

There are a few Netflix shows that are full of information and are entertaining about owning and running a short term rental property, Like "Cash Pad" and  "Instant Hotel" that takes place in Australia.  I listen to Bigger Pockets Podcast of course but what others do you recommend. Have you listened to getpaidforyourpad.

Definitely everyone would have a different opinion. Here is an interesting article talking about just this for 2019. Personally Mammoth for Sking, Hawaii or Florida for Sun. Smokies for everything else! 
https://www.realtor.com/news/trends/10-best-cities-to-own-an-airbnb-rental-property/

@Adam Tafel We had a not fun time last year because some cleaners are not always into technology so google calendars confused them. We have found success using Your Porter. It has a feature where each cleaner can be assigned a shared calendar especially helpful if cleaning more then one location because you can color code them also. They receive a link that they can click on and it loads a web-page that is automatically updated with information you specify. We only share number of guests for each reservation. It has many more features for scheduling that we have not even utilized but so far sharing calendar has worked wonders. Here's a snap shot from online. 

@John Porter For long term A friend just purchased a home in Concord with so many homes on or near lake front is a bonus. Farragut and also Turkey Creek seems to be where the younger Knoxville crowd seems to be compared to further out in the county, that and also downtown Knoxville. With the plans to revitalize the downtown area that plus the UT campus hopefully means continued growth. In Knoxville for STR you are supposed apply for a permit.
http://knoxvilletn.gov/government/city_departments_offices/Finance/business_license_tax_office/short_term_rentals

My mom just did a BRRRR cash out refinance on a STR. She held the property for 6 months and they used bank statements. She said the lender was easy and no issues. I believe the rate was 6.25. Agree with what @Bret Gillespie said "

It's a matter of finding the best lender or loan option that allows us to do what we want to do. I'm not going to sacrifice revenue and change my investment strategy due to financing or getting a slightly better interest rate. The deal still works with portfolio lending options, I am just looking for the best lending strategy at this point; Not to change my entire game plan.

@Bret Gillespie

@John Taylor

You asked for advice for finding a property to rent out? Are you looking for a STR as your first rental property? That wouldn't actually surprise me because just last week a lender said that for self employed individuals just starting out in the work force need to show 2 years of tax returns with steady income to qualify for Primary home. Where for investment properties especially STR lenders are qualifying with just one year bank statements.

Could be interesting! 

We just transitioned over to Schlage Connect this year from the standard keyless entry. It runs smooth and you can have I believe up to 5 locks on one account. Hopefully in the future they will increase that number. When we bought the first ones the Smart hub was a separate device to plug in and sync. Now the new ones are all inclusive. If your ordering off Amazon be sure to use Camel to purchase when the prices are discounted. 

@Alipate Moleni

She said that it did not because her credit was above the minimum amount where they start to up the rates. The "Shop around" issue used to be harder but this year for refinance I got a 30 day window where any credit checked for a mortgage was supposed to count as only 1 inquiry. I have not tested that yet because I have a solid relationship with my lender and knew I wanted to use her. Everyone's experience does seem to be different depending on area and lenders. 

Hope that helps some.

@Leora Merrell

My family did a very similar transition starting in 2017. We sold our 2 single family rental properties that were located in St George Utah and used @Dave Foster to do a 1031 exchange and moved our investments into short term rentals.