All Forum Posts by: Travis Rasmussen

@Kierna Mason

Hi Kierna,

Other good options to consider to get started is "house hacking" your home. Do you have an extra bedroom you can rent out? Airbnb? These are great options to get you started today in having your properties produce income.

@Chase Cline

Superhost here with 2 properties I own just for STR.

First off, congrats on doing so well! You are kicking butt and taking names. I love to see that if you wanted to, you could pay off the property in 12 months.

With that in mind, I would say everyone has their own "risk tolerance", mine is pretty low, but not at 0. I personally am leveraged as far as I want to be with the properties we have and plan to pay off a property before we purchase our next one.

How much are you making in extra income a month from this rental (you don't actually need to say, rhetorical question), because if you are making bank, it might be worth it to purchase one more, follow the same process you did with your first and make it a priority to see how fast you can pay off two of them with the extra income. Can you do it in 5? 2? 

Don't take this as "keep buying because it produces more income" though, even though I borrow from the bank, I still want a good buffer in case something were to go wrong. If your risk tolerance is saying "pay it off" I would say go with your gut feeling. Yeah, you can make more (and I would probably purchase another if I was in your position) but there is something about following your gut I will never deny. 

Good luck! I would love to hear what you decide to go with.

@Farhan Abbasi

We use the Arlo 2, you can get up to 2 months of cloud recording for 14.99/month

Hi @Jamal Norris

It sounds like it may be a commuter town? 

You can definitely try Airbnb but you will spend a bit of time turning the rooms (if you want to be top rated, it's important that not a hair in sight can be seen--I'm a Superhost myself and do it out of our extra bedrooms).

If that's not up your ally you may just want to find a couple of roommates.

Also don't forget to use the @ symbol to tag people or we may not know you replied :)

@Ransom Patterson

Loan wise, you might want to make some friends with a few different loan officers. They might be able to do something sooner. I'm not a loan officer but I have been surprised by the amount of loan programs out there for many different scenarios. 

@Jason Coleman

One concern is if you aren't using it as your primary residence, you aren't abiding to FHA guidelines.

@Mike Miller

@Tom Blake makes some great points, especially by the "Don't succumb to the pressure of other's successes or activity."

Don't be afraid to take the time to find your footing.

@Jamal Norris

Depends--What are you located by?

Venues? Colleges? Big City?

@Debbie Zimmer

Everyone is correct here.

Location/Demand in the area

How you maintain it

Your staff

I don't think it will work in every market but there are a LOT of markets it does and you can have good income from it. 

@Ashly B.

You make good points! These are big upfront costs my wife and I consider when getting an Airbnb.

Depending on the area you might be able to pass the cleaning fee off to the guest as they do pay a separate "cleaning fee"

The upfront costs of furnishing though...yup, that's a larger cost.