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Updated over 5 years ago on . Most recent reply
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Tough time underwriting a 12 unit with year round and short-terms
We have a 12 unit under contract and the property is beachfront in a section of Atlantic City that will do well for Air Bnb. We ran a couple test ads and have spoke with other local operators that do not have the supply for the demand. Currently, it's rented to year-round residents, but some are month-to-month. If the theory is correct we can increase annual incomes by AirBnB'ing a couple of the units as they turnover....especially May through Sept.
We are buying the property regardless and like the current numbers as the current rents are below market. But we like trying new things, and if we plan on refinancing after 24-36 months, I wonder how a bank would looked at this type of hybrid use. Appreciate any thoughts.
Best
Mike Parlante
MDM Holdings Co
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