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Updated about 1 year ago on . Most recent reply

User Stats

7
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5
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Laura Winegardner
  • New to Real Estate
  • Nashville, TN
5
Votes |
7
Posts

Factoring potential STR income into budget for house hack?

Laura Winegardner
  • New to Real Estate
  • Nashville, TN
Posted

Hi all - I hope to start my REI journey with a house hack in Nashville (live in basement/smaller space with separate entrance, Airbnb primary living space). I've been told that it will be difficult to find a property in a good location and with the budget that I can afford without rental income. Would it be wise or unwise to factor income from the STR into my budget therefore affording me a higher purchase price?

I understand this is a personal risk decision and I'd love to hear pros/cons/things to consider from the Bigger Pockets community. Thank you!

Most Popular Reply

User Stats

7
Posts
5
Votes
Laura Winegardner
  • New to Real Estate
  • Nashville, TN
5
Votes |
7
Posts
Laura Winegardner
  • New to Real Estate
  • Nashville, TN
Replied

Thanks for the insights @Nicholas L. I've had mixed guidance on the topic so I appreciate your perspective. My lender approved the higher mortgage already. STR rules and regulations changing is definitely a risk factor. I think in that case I'd have to change to a MTR or LTR. Primary reason for wanting to do STR is because I'm interested in gaining hands-on experience with this strategy so I can apply it towards longer-term goals in more traditional vacation markets.

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