ISO recommendation for lenders/agents (STR)

[Elyse Lonberger]

Hello. I'm looking to get into my first airbnb just outside of Asheville. I've done one long term rental so far. It is now on the market and I'll be doing a 1031. I should add that I currently live in Colorado. Please send lender recommendations along with terms. As well as agent recommendations. Tia!

[Mark Munson]

Quote from @Elyse Lonberger:

Hello. I'm looking to get into my first airbnb just outside of Asheville. I've done one long term rental so far. It is now on the market and I'll be doing a 1031. I should add that I currently live in Colorado. Please send lender recommendations along with terms. As well as agent recommendations. Tia

Are you looking to buy a turnkey property? If so, just make sure you ask the lender how the underwrite the Debt Service Coverage Ratio. Many lenders will still base the figures off of a long-term tenants rent, which isn't always ideal when buying an STR. This can cause you to have to put more money down. You want a lender that uses AirDNA projections or something similar. Alternatively, if the current owner uses it as an STR already, I would get their AirBnB statements if you can, this will help with underwriting. There are other alternatives to this too, so make sure you work with a lender that has options for STRs. Also, make sure they rate lock you for 45 days from the beginning of the loan process and avoid any lenders charging up front fees. Feel free to reach out if you need advice. Best of luck!