Washington, DC/Salisbury MD · Member since 2017 · 35 posts · 8 votes
Hello BP Family,
Im looking to connect with short term rental owners in McGaheysville and Harrisonburg area. I’m in the process of buying a house for short term rental. Antibody out there who can share their experience in that area? Thank you all.
Im looking to connect with short term rental owners in McGaheysville and Harrisonburg area. I’m in the process of buying a house for short term rental. Antibody out there who can share their experience in that area? Thank you all.
Try searching market specific fb groups for hosts.
Are you doing financing or buying with all cash? I know many lenders would likely consider this area to be "rural," so I am curious how your financing looks, in the event that you are obtaining financing for this acquisition.
@Alvaro Arango I have been watching that area for 2 years and still haven't pulled the trigger. There are many houses for sale right now, but the prices are still inflated. If you plan to self manage and are experienced at marketing, you can still do well, but if you need to rely on PMs, the current STR market supply and demand equilibrium is not favorable, especially at today's the mortgage rate.
@Lisa Marie Thank you for your input. Yes, using a property manager is going to cut into the income during this time. I will be self managing the property. I was able to get a good a rate with a local bank where the numbers still work.
@Zach Edelman I will be financing with a local bank. As you know, current interest rates are high so we have to be creative. We are looking as a second home loan putting 10 to 15% down with an arm at a 6.2%. Looking at other options as well