All Forum Posts by: Zachary Koran
Zachary Koran has started 3 posts and replied 18 times.
Post: STR Virtual Assistant Cost
- Real Estate Broker
- Chicago, IL
- Posts 18
- Votes 5
@Joseph Sauer very helpful! I think we just need to decide if want to go directly through an agency for a premium pricing ( possibly more efficient short term) or if we want to build a team which would take more time but might be a better long term play. Thanks again! - Zach
Post: STR Virtual Assistant Cost
- Real Estate Broker
- Chicago, IL
- Posts 18
- Votes 5
@Jeff Langley thanks for the heads up re going direct. Can you suggest some sites / platforms to help source this team? ps I'm not paying that - that's what I was qouted hence my question here. Thanks!
Post: STR Virtual Assistant Cost
- Real Estate Broker
- Chicago, IL
- Posts 18
- Votes 5
Hello all! We've grown our STR portfolio from 10 to 15 units (own, co-host, and arbitrage) across Chicago and Nashville. We recently parted ways with a part-time Virtual Assistant (VA) and are looking for a full time VA Company or VA's to handle: guest communications, cleaner coordination/QC, supply ordering, basic maintenance dispatch, and pricing/revenue management. We’ve been quoted $250–$300 per property per month—does that feel in line with market for this scope? Seems a bit expensive but curious your thoughts? Any suggestions or recommendations for additional companies would be really helpful! Thank you.
Post: Looking to BRRR then Airbnb. Are there lenders?
- Real Estate Broker
- Chicago, IL
- Posts 18
- Votes 5
Quote from @Zach Edelman:
Yes, there are lenders that do do this. You'll want to find one that can use AirDNA projections to qualify the loan and doesn't require a full 12 months of bookings.
Awesome! I manage 6 Airbnb's currently ( management business ) so I know AirDNA well and this makes sense.
Post: Looking to BRRR then Airbnb. Are there lenders?
- Real Estate Broker
- Chicago, IL
- Posts 18
- Votes 5
Quote from @Chris Seveney:
Quote from @Zachary Koran:
Hey experts! Im looking to BRRR my next investment but want to Airbnb vs Long Term Tenant. Are there lenders that will work with this?
What you are looking to do is go from a RTL (bridge loan) to a DSCR or other type of loan. What I STRONGLY recommend is you go with someone who provides both of these products. What we have done with our borrowers in this situation is we have given them a nice discount on the bridge (BRRR) loan if they go with us for the long term financing as well.
Thanks Chris! I'll shoot you a note.
Post: Looking to BRRR then Airbnb. Are there lenders?
- Real Estate Broker
- Chicago, IL
- Posts 18
- Votes 5
Quote from @Chris Seveney:
Quote from @Zachary Koran:
Hey experts! Im looking to BRRR my next investment but want to Airbnb vs Long Term Tenant. Are there lenders that will work with this?
What you are looking to do is go from a RTL (bridge loan) to a DSCR or other type of loan. What I STRONGLY recommend is you go with someone who provides both of these products. What we have done with our borrowers in this situation is we have given them a nice discount on the bridge (BRRR) loan if they go with us for the long term financing as well.
Chris, this makes sense to me. I'll shoot you a note on the side.
Post: Looking to BRRR then Airbnb. Are there lenders?
- Real Estate Broker
- Chicago, IL
- Posts 18
- Votes 5
Quote from @Nicholas L.:
i think what you may be asking is - are there lenders who will loan on a property post rehab based on short term rental income? and i think the answer to that is either totally no, or in general no. (if anyone knows of an exception to this chime in).
with that said, many lenders will happily lend on a rehabbed property - it's just going to be based on comps / ARV, not potential short term rental income.
but if that is not your question, let us know.
Correct but when you refinance out is a DSCR Loan possible based on Short Term Rental Income vs Long Term Tenant?
Post: Looking to BRRR then Airbnb. Are there lenders?
- Real Estate Broker
- Chicago, IL
- Posts 18
- Votes 5
Quote from @Zachary Koran:
Quote from @Katie Smith:
Hi Zachary!
You can utilize a hard money bridge loan to kickstart a BRRR strategy with a short-term rental. HML's can finance up to 90% of the purchase price and 100% of the rehab costs, allowing you to complete the renovation with minimal capital out of pocket. Once the rehab is complete and the property is stabilized, you can refinance into a DSCR loan that allows short-term rentals (Airbnb/VRBO, etc.), depending on the location and zoning.
Keep in mind, most lenders will require a seasoning period—typically around 3 months—before you can do a full cash-out refinance, so that’s something to plan for as you run your numbers.
Do you have any experience with STRs? And where is the property located? I’d be happy to see how I could assist.
Hi Katie,
Thanks so much for the reply!
I currently run a short-term rental (STR) management business but we don't own any of the properties we manage—yet! I'm now looking to start personally investing in STRs myself.
We recently finished renovating our primary residence and are exploring the option of pulling cash out to do a BRRR strategy, ultimately landing in a short-term rental investment.
Before I do that refinance I want to look at future projects and work our way backwards to make sure we are doing this right. Does that make sense?
Post: Looking to BRRR then Airbnb. Are there lenders?
- Real Estate Broker
- Chicago, IL
- Posts 18
- Votes 5
Quote from @Andrew Zamboroski:
Quote from @Zachary Koran:
Hey experts! Im looking to BRRR my next investment but want to Airbnb vs Long Term Tenant. Are there lenders that will work with this?
we can help with both the short term and long term financing on both sides of the BRRRR. Happy to connect and go through any questions!
Thanks so much—I’d absolutely love to connect regarding STRs!
It's great to hear that you can assist with both short-term and long-term financing for the BRRRR strategy. I'd be happy to set up a time to chat and go over everything in more detail.
Let me know the best way to connect
Post: Looking to BRRR then Airbnb. Are there lenders?
- Real Estate Broker
- Chicago, IL
- Posts 18
- Votes 5
Quote from @Katie Smith:
Hi Zachary!
You can utilize a hard money bridge loan to kickstart a BRRR strategy with a short-term rental. HML's can finance up to 90% of the purchase price and 100% of the rehab costs, allowing you to complete the renovation with minimal capital out of pocket. Once the rehab is complete and the property is stabilized, you can refinance into a DSCR loan that allows short-term rentals (Airbnb/VRBO, etc.), depending on the location and zoning.
Keep in mind, most lenders will require a seasoning period—typically around 3 months—before you can do a full cash-out refinance, so that’s something to plan for as you run your numbers.
Do you have any experience with STRs? And where is the property located? I’d be happy to see how I could assist.
Hi Katie,
Thanks so much for the reply!
I currently run a short-term rental (STR) management business but we don't own any of the properties we manage—yet! I'm now looking to start personally investing in STRs myself.
We recently finished renovating our primary residence and are exploring the option of pulling cash out to do a BRRR strategy, ultimately landing in a short-term rental investment.
Before I do that refinance I want to look at future projects and work our way backwards to make sure we are doing this right. Does that make sense?