All Forum Posts by: Adam Gonzalez

I was wondering what type of smart lock system do most people use or recommend be installed at a short term rental. Is there a smart lock that syncs with an auto messenger and changes/sends a new code each turn over? Thanks for the feedback and hope everyone is have an awesome week!

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Has a list of the available workshops been released by any chance?

6 Votes

Morning BiggerPockets Community!

Have a quick question. Is there a formula you can utilize to calculate the average number of turnovers you would have a month? For example if Airdna indicates the area has a 70% occupancy rate, could you utilize that percentage to get an average turn over rate? I am not the greatest with math so have mercy lol.

1 Vote

Quote from @Nathan Gesner:

It is widely varied around the country. In my city, there's a $100 registration fee and 8% lodging tax. In other places, the registration fee is significantly higher, taxes are higher, annual inspections and requirements are more stringent, etc.

Great to know! Thanks for sharing your personal experience.

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@Dan Maciejewski thank you for your feedback! It is greatly appreciated.

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Hey Everyone!

Newbie here. I am currently doing some Airbnb market research. I have found a few towns that have some regulations but as newbie, I have little insight as to what is reasonable or unreasonable. For example, one town requires that you:

1. Tax Department Business Registration Certificate

2. Get the Town Business License - Must be renewed once a year

3. Complete a Vacation Rental Permit Application

4. Every month submit a 6% local tax to the Town of your gross

5. Every quarter submit a 1% tax of your gross (Business and Tax Registration)

Not sure if this is common or uncommon? Thanks so much for your feedback!

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Quote from @Scott E.:

Yes you can. Sounds like you are looking to buy a rental property or a vacation home?

You do not need to own your primary residence in order to be qualified for a loan on a rental property or a vacation home.

Thanks Scott. Really appreciate you sharing your experience with me!

1 Vote

Good Morning Everyone!

I was wondering if anyone could provide an answer to my question. Can you be approved for a 2nd home loan if you do not currently have a mortgage on a 1st home, or, are not currently on a deed (a/k/a renting atm)? If having a 1st mortgage, or, your name on a deed is a requirement, could your name be added to a deed to accommodate that requirement? I am having trouble finding any answers to this online so I figured I should go straight to the experts. Thanks so much for your time! It is always appreciated.

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Quote from @Avery Carl:

I am not a licensed loan officer but here is my opinion:

You can get a second home loan and still short term rent it, but you do have to truly intend to use it as a second home. Right now, there is nothing in the guidelines saying that you can't rent it out when you aren't using it. But I would definitely make sure that you are using it and only renting it out when you aren't using it if you go 2nd home route. If you don't plan to use it at all and just use it as an investment, then there are 15% down investment options that you can go with to avoid potential mortgage fraud.

It's always best practice to play by the rules.

Thank you for your feedback! Ironically, I just purchased your book and put 2 and 2 together that you replied to my inquiry. So awesome! Great book by the way. You don't happen to service West Virginia do you?

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Quote from @Mel Adams:

Hey Adam - I used a second home loan for my short term rental. I told my lender that was my intention, she told me the can’s and cannot’s, and I was good to go.

The amount of days you’d need to stay in the property during the year really depends on the lender. I’ve heard 14 days, 10% of booked days, and my lender said “some time.” This part seems to be the most varied.

Definitely reach out to several different lenders and see what info you get back. Feel free to message me if you have any other specific questions on it. Hope this helps!

Thanks for sharing your first hand account! :)

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All Forum Posts by: Adam Gonzalez

Adam Gonzalez has started 18 posts and replied 46 times.

Post: What Smart Lock System Do You Recommend?

Post: BPCON 2022 Tickets are now available!

Post: Calculate Average Turn Over Rate

Post: Are These Standard Airbnb Regulations?

Post: Are These Standard Airbnb Regulations?

Post: Are These Standard Airbnb Regulations?

Post: 2nd Home Loan With No 1st Home Loan?

Post: 2nd Home Loan With No 1st Home Loan?

Post: 2nd Home Mortgage & Occupancy Fraud?

Post: 2nd Home Mortgage & Occupancy Fraud?