Using BRRR method to acquire AIR BnB property

[Burt Gourley]

Hello guys, 

I have had such great input here on BP. I just have to keep bugging. I am thinking of using the BRRR method to acquire an AIR BnB property . I was hoping to get some input. I have a rental in Roswell NM that I bought cheap, put all my money into it and rented it out. Its producing right now. I acquired the property for 25,000 and I am all in around 70,000. I think I can get it appraised around 129-137k.

Here is my question, how can I analyze the air b n b properties near me ? I was hoping to borrow against my Roswell house and maybe find me something I can get in the historical district to use as a turn key AIR B n B property. 

I have considered also Albuquerque as I have a rental there as well, and Amarillo is also an option. 

I really need help pulling the trigger using this BRRR method whether its an Air BnB or just a rental.

Last question - Has anyone borrowed against a property they own to fix that particular property up?

thanks for any input guys !

[James Carlson]

I'll just reiterate what @Craig Curelop said. Technically, lenders can't count Airbnb or short-term rental income, but when it shows up on your tax returns,  it shows up simply as rental income. Our lender said the same thing. If he sees rental income, he counts it and doesn't go asking questions about whether it's Airbnb rental income.