All Forum Posts by: Tyler Solomon

Ohio is a market I personally have my eye on for small MF properties. I think that market is poised for a lot of overall growth in the coming years. Rents are typically strong relative to home values compared to other markets as well. Just my personal take.

Full Disclosure - I am a lender myself, however I am curious -

What do you all look for in a lender when going to finance an STR?
What attributes are most important to you?
What have been your biggest pain points while trying to finance STR's? 

Specializes in STR PM is an easy first, as @Luke Carl mentioned. Second, and may seem simple, look at their reviews. Amazing what a simple look at google/yelp reviews can tell you about a company. Third - contact/find operators in your area that have had experiences with property managers, especially local ones. Their first hand experience is my opinion of the best indicator. 

These are just a few, however @Andrew Steffens is a Florida based STR PM and great at what he does, I would pick his brain on this further as well. 

Not necessarily specific to STR's, however I think it is more applicable as people often get wide eyed by projected revenues.

1. Underwrite Conservatively

2. Refer to rule 1. 

Do not assume top end revenue when running numbers/underwriting deals on your own, as this only sets you up for potential failure. Make sure the numbers make sense on a STR EVEN if you were to see a 10% or greater decline in overall bookings. This gives you room to breath if the market decides to contract.

An attorney is going to be your best bet here

Interesting new article put out by Forbes today on Short Term Rental investing, what are yall's thoughts? Any critiques?

"“The property types expected to provide the strongest inflation protection are the ones characterized by short-duration leases, or by rents linked to revenues.” Simply put, short-term rentals are some of the best investments you could make today."

What are yall's thoughts?
https://www.forbes.com/sites/f...

Great synopsis Jared! Love boots on the ground analysis like this!

This would be an easy deal breaker for me from a personal standpoint. Do not want to limit potential rentals/ people getting stuck/ potential problems accessing the property 

Can always look into cash out refinances to pull the equity out of your home 

 Congrats on your cash flowing Invesmtnet property! Plans to expand in the future?